Life’s Biggest Regret Solved by Millennials?

Have the millennials figured it out? Words of wisdom from the elderly says that their biggest regret in life was not taking action. Not doing what they wanted to because of fear. They say money does not matter at that point. What does matter are the memories of experiences you have had, your family, and your friends.

 

If we follow these truths, don’t the millennials have it figured out? They place experiences and happiness above all.

 

I used to be against this. I believed that investing for the long-term was the right way to live life. I used to think most millennials were idiots for focusing so much on the “now”. However, maybe they have it right. Not fully, of course. But maybe a balance of the two is important with it leaning a little more to the “now”. Maybe a 60%/40% split?

 

This brings me to several quotes that also follow this mindset:

• “If you are depressed, you are living in the past. If you are anxious, you are living in the future. If you are at peace, you are living in the present.” – Lao Tzu
• “Forget the past, forget the future, this moment is all. This moment has to become your prayer, your love, your life, your death, your everything. This is it. And live courageously, don’t be cowards. Don’t think of consequences; only cowards think of consequences.” – Osho
• The Dalai Lama, when asked what surprised him most about humanity, answer, “Man. Because he sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then he dies having never really lived.” – The Dalai Lama

 

For those who don’t know me, I have anxiety. It does not show most of the time, but it is always there. I am always worried or thinking about the future. Almost everything I do, every action I take, is an investment for the future. There is nothing wrong about investing towards the future, but I am in agreement that maybe I do it too much. It has me thinking, is this really the trick to happiness?

 

Maybe it is, maybe it isn’t. Only time will tell.

The American Dream vs The Millennial Dream Part 2

The Millennial Dream

The Millennial Dream changed the course of the future. It brought powers down and made others rise. Gone are the days where college is the only path you can take, where people only work traditional jobs, and individuals buy a home the first chance they get.

We changed all that.

Because tech, computer science, and coding are on the rise, companies are becoming more open to alternate forms of education and experience. They are accepting non-traditional schooling for those seeking to get into these fields. These companies are now more interested in “what you can do” compared to those in the past that focused on what school you came from. Talent and skills became the new name of the game. Schools are slowly coming under pressure to make a change to adapt with the times. In addition, industries that people never thought would happen are now multimillion dollar industries. These include being an influencer, vlogger, blogger, ecommerce, cryptocurrency traders, foreign exchange traders, and video gaming.

 

An example of this that came out recently is this article by CNBC about some of the most dominant companies in the world no longer requiring a college degree. (https://www.cnbc.com/2018/08/16/15-companies-that-no-longer-require-employees-to-have-a-college-degree.html)

Millennials are not content anymore with just a decent paying job. They want to be proud of where they work. They want their employer to do good and have missions that align with theirs. Employers need to do good for society. That was never a concern before. They want more vacations and they want to travel the world. They fight for their right in the workplace and outside of it. They are not afraid to be whistleblowers anymore. Companies that understand this are thriving. Those that do not or are afraid of these changes are losing traction. It comes back to the old saying in business, “Adapt and innovate or die.” The S&P500 will look very different 10 years from now. That is a fact.

Real estate, as we know it, is in danger. Millennials do not prioritize buying a home. They are more interested in finding a culture that they fit in with and working remotely from there. AKA, the digital nomad. In addition, it doesn’t help that at the moment real estate values are at all-time highs. They are finding more value in experiences than materialistic items and goods. The most sought-after lifestyle is that of a digital nomad. Where one can travel and live how they see fit and change the location on a dime. Individuals that have created careers or have careers that can afford this lifestyle are the new “Joneses”.

I think that this is a good thing overall. Schools need competition, companies need to change, and people need to experience more in life. There is only so much one can experience and learn while staying put. I used to believe that one can, but one trip overseas was all it took for me to understand how stupid that thinking and logic was.

Regardless of whether you like the change that is happening, the fact is that this is the new norm. At this point there is only so much that one can do. Coming full circle, “Adapt and innovate or die.”

The American Dream vs The Millennial Dream Part 1

Many have claimed that millennials have ruined “The American Dream”. As a millennial myself, I tried doing some research to see if that was true. Based on my finding, this is my opinion.

The American Dream is said to be the ethos for America. It is rooted in the Declaration of Independence where “all men are created equal”. It sets forth ideals which include the opportunity for prosperity and success for those willing to work hard enough for it. It promises social mobility and few barriers.

For the longest time, it was played out in the following scenario. A immigrant family would come to America with nothing to their name and no money. Through hard work, the parents would be able to create their own business or work their way up the corporate ladder. They would have a nice home, nice cars, and would be able to pay for their children to go to a reputable college. Your children would graduate and land fantastic jobs. They would go on with their lives and have families of their own. You would happily retire around age 65 and move to a warmer climate. You have succeeded in life and have lived the American Dream.

That rarely happens today. A part of that is due to millennials and the millennial mindset. However, a lot of that is due to the economy and American society. The main culprits are tuition, the government, and technology.

1. According to CollegeBoard.org, in the last 10 years the cost of education at public universities has more than doubled. It is even more at private ones. They increase at an average of 5% a year! Not many people’s wages increase at the same rate. The average salary increase is about 2-3%. However, I believe that is false. Most people do not get annual salary increases, or it is far less than the stated percentage. Also, keep in mind that the average salary in the United States is $56K. A state school in California costs about $7,500 in tuition alone per year. For out-of-state students, it is more. Add in living expenses and it exceeds the national average salary. I understand that many in the Bay Area have salaries above the national average or have two incomes. But keep in mind, there are also many who do not. That is why too many, included myself, go into debt to afford tuition.
2. Government spending on education is only 2% of the budget. It has been that way for the longest time. This needs to change if there is any chance that the American Dream can be revived. To paint a picture, military spending has ranged from 30%-60% in the last 10 years. In addition, military veterans get paid shit and get terrible benefits. Teachers and instructors are underpaid. Students have to take bullshit general education classes in college to make the school more money. Sport coaches are paid millions. All this and we still have questions why our education system sucks and is failing?
3. Technology is the last reason I have for keeping the American Dream a mirage. The rate at which technology changes is astronomical. With those changes comes a need for a ever-changing new skill set. Skills that you went to school for and paid for become obsolete quickly. College graduates from prestigious schools get paid more than those who are seniors in the field because they have more time to learn new skills as they come out. Automation is on the rise because of efficiency, cut costs, clash of cultures, and unpredictability of human nature.

I am not proposing a fix. I would not even begin to know how to do so. I believe some of these are near impossible to fix. No one can stop the spread of technology.

However, I think millennials have created alternatives that do help. Many have their own opinions about millennials. Some hate them, some love them. I have a mix. The thing everyone agrees on is millennials have changed the course of the future and the definition of the American Dream.

 

Stay tuned for Part 2 in “The American Dream vs The Millennial Dream”.

Pulling Back to Move Forward

This month has been a month of many hard decisions. The decisions here will impact my living situation for possibly the next year and more. These decisions include moving back into my parent’s house and selling my beloved car.

For those who know me, I was always a car enthusiast. I went to school for Automotive Technology, got an AS degree in Automotive Technology, and worked as a tech for 4 years at a dealership before deciding to pursue finance. In 2011 or 2012, I purchased a 2004 Mitsubishi Lancer Evolution VIII from a friend. I was never a huge Evo fan, but it was a great deal at the time and I knew the resale value would still hold later. However, over the years, I have grown attached to it. It has been surprisingly reliable! About 220K miles and still kicking strong! She does have her quirks, like her turbo is going out again, but overall she has been very reliable.

I have decided to sell her because I need something with better fuel economy and that I can go on road trips on without worry. The Evo usually gets about 16-17mpg average and is not ideal for long trips. I currently travel a lot for work and use my car to get from location to location. I’m adding on a lot more miles than I though I would. In addition, she is my daily car. I do not have a beater and would have no place for one. It pains me, but after a lot of thinking and many back-and-forths, I believe it is the correct decision for where I am in my life now.

The bigger issue is moving back into my parents house. I enjoyed the freedom I had living on my own. Granted, at times I felt like it was a huge waste of money. However, it was nice being able to come home whenever I wanted, shower whenever I want, have friends over whenever, and do whatever I wanted. But, times are changing for me. Work is getting to me, job security is questionable, income is not going up, and I don’t know if I can afford my apartment by myself if I become unemployed for whatever reason. For these reasons, I am moving back home to replenish my checking account, savings account, and add a nice cushion to my investment accounts. It’s hard to know you’re moving backwards, but It’s the smart thing to do when you are not sure how things are going to play out.

Cheers to the future.

 

 

The Struggle of Hustle

There is rarely anyone who became a success only because of “luck”. There is always hard work, dedication, and passion involved. Most of the time people don’t see it because they only focus on the “now” instead of all the time it took to get there. It takes successful people a long time and a shitload of effort to get to where they are.

There are some exceptions like trust fund kids, lottery winners, people who won money by gambling or real luck, or just rich privileged kids in general. However, most successful individuals had to put in a lot of work to get to their current state.

For someone who is trying to follow that path, I wanted to share some of the struggles I am going through. Many others who are on the same path will face or are facing these struggles too. An average work day is about 10 hours. A day with meetings and networking groups is about 12-14 hours. In addition, weekends are used to network and have client meetings. It is NOT easy.

1. Time – You never feel like there is enough time. If you are an entrepreneur or intrapreneur, you are on 24/7. You don’t really have days off because even if you aren’t in the office you are always hustling for new business and are on call. There is not enough time in the day to see family, hang out with friends, network, relax, sleep, work out, and work on your business. What you will have to learn to do is prioritize your time day-by-day. What also helps is waking up early and having the discipline to go to sleep early.
2. Relationships – Some relationships will falter, some will strengthen, and some will disappear. That is life. Most, if not all, of your relationships with people will be put to the test when you are an entrepreneur or intrapreneur.
3. Weight Gain – Not sure if everyone is affected by this, but I have gained some weight from this experience. There may be several sources why that include: stress, time constraints, being tired at the end of the day, and not prioritizing my health over my work. I am doing my best to change this and get back on a healthier track.
4. Stress – You will feel stressed 24/7. It can have a disastrous effect on your relationships and your health. I am always stressed. You just have to find your own way to deal with it. Sadly, I believe I turned a little too much to drinking and eating to relieve some stress. I am cutting back and trying to find new ways to mitigate my stress, but it is a hard journey.

Best wishes to all who are on the same or similar journey!

 

What are some things you have encountered and have struggled with? What advice do yu have to give to others to get through it?