There may be many controversial jags thrown at our Millennials and Gen Z youths, but you can’t deny their advocacy and passion about today’s discerning issues. Members of Millennials and Gen Z are often called lazy, entitled, and complexed, however during our national school shooting crisis, they were front and center ready to stand before congress. Just like their passion for change and social movements, their entrepreneurial spirits are also as zesty, filled with goals and their 360-degree point-of-view towards how they see their financial and overall life’s future.
Due to the economic failures caused by lack of available jobs, the inability to pay off the thousands of dollars’ worth of student loans, and now the groundbreaking COVID-19 factor, these in tune and fully aware generation are creatively shifting away from the directed life choices of their predecessors. No longer are they following the predefined structure outlined by the ones before them – the blanket journey of going to college, getting a job, marriage, kids, retirement, then enjoy happy freedom. Instead, the Millennials and Gen Z generations have recategorized what’s truly important to them, when it comes to their money, purpose, and quality of life.
Entrepreneurship is the name, crafting a “perfect” quality of life is the game.
We all know that life’s not perfect – not by a longshot. Nevertheless, you can’t blame folks for trying their best toward achieving the dream – their dreams. Today’s youth is all about the now and forever. Youth today don’t want to cheat but strive to discover strategic shortcuts that will get the results faster – in this lifetime. Although getting things sooner rather than allowing for natural accumulation to take its effect, takes much work, the youth is willing to put in the sweat in tears in a short season, to grow a lifetime garden in the next.
Here are the top 4 life goals today’s youth entrepreneurs are striving toward for their tomorrow.
1. Build a business doing what they love.
Around 2016, many news and academic channels began reporting the struggles of freshly graduated college students who were unable to find a job. Furthermore, these same students were responsible for thousands of dollars in repayment for federal government loans. Reporters from CNBC, and published work from Harvard Business Review, released the details on how students were in accumulated debt, equal to a home mortgage.
As disparity grew with very little impactful assistance from the economy, many students began to immerse themselves in discovering ways to create opportunities. Creating and growing a business was never a new concept. However, living in the digital age, building a business was, and continue to be, the best option for future monetary success.
Fast forward today, many Millennials and Gen Z members are building businesses like never before. These generations are discovering the value of informal, action-taking online training from other successful entrepreneurs. They are making an income to pay off debt, build investment portfolios, and create the life they choose on their own terms.
Since 2017, Millennial small businesses outnumbered Boomer small businesses, whereas Boomer small businesses held that title for many previous years.
2. Build generational wealth.
Building generational wealth not only ensures financial stability for you but also for your children and grandchildren. With the youth being so passionate about what they do and stand for, building a strong legacy is high on their priority list.
Individuals who inherit generational wealth have a significant financial advantage over those who do not. They likely can avoid student loans as well as other types of costly debt – a pain-point our youth know plenty about.
Our today’s youth also understand that knowledge is also wealth, which will, in turn, maintain their wealth across several generations. These fresh entrepreneurs know that it’s not just about building capital but utilizing that capital to purchase lifelong assets – which is a vital ingredient in the generational wealth formula.
3. Gain financial intelligence and become debt-free.
Knowledge is power, but financial intelligence is the wisdom of ages! Financial literacy is a topic that is not offered in abundance within formal training. As today’s youth learn how to navigate through society and its volatile economy, obtaining financial literacy always makes the top of the list.
Successful entrepreneurs like Robert Kiyosaki, have taught financial literacy through programs and books read primarily by today’s youth. Learning how to strategically build capital, gain assets, and keep your money rather than handing everything over to Uncle Sam, has direct correlation toward staying debt-free.
4. Redefine what it means to retire.
Although many youths say they are not too young to begin saving money towards their retirement, they are not waiting until retirement to live their best lives now. Although the typical retirement age is between 65-69, 43% of millennials say they expect to retire earlier. What does retirement look like for today’s youth? It appears to be what they are already doing because they’re working within their passion.
Finding life-work balance and transforming the lives of others are life goals to the youth of today. How so? It’s reflective in their business industry choices. According to a survey done by Guidant Financial, the top 5 small business industries are health-beauty-fitness, business services, food-restaurant, general retail, and home services.
As our today’s youth navigate with our society, it’s essential to uplift them mentally, physically, and emotionally. Despite our youth’s resilient exterior, care and attention must be given, as they grow and develop into our future.