Millennial in the Mirror
Much ink has been spilled about the plight of the Millennial and how we’re the unluckiest generation in U.S. history. They say we got a raw deal, coming of age in the midst of two financial crises, skyrocketing tuition, and an insane housing market. No good jobs and no chance to retire. If only we were born a generation or two earlier, we’d be wealthier and happier than the broken husks you see on the street.
But that narrative is completely backwards. We are, in fact, the luckiest generation (of all time?), blessed with an existence that septuagenarians could only dream of. We have Ubers and podcasts and robot baby swaddlers. HBO, not PBS. Sweetgreen, not Roy Rogers. Xbox, not Mattel Football. Compared to mom and dad, our friends are more diverse, our careers more daring, and our marriages more dynamic. Across almost every category (one notable exception: the music), life today is simply better than it was 50 years ago.
No, the problem is not our reality, it’s our expectations. The demands of an average 30-something have increased exponentially since the Nixon administration. Boomers wanted starter homes and station wagons. We want McMansions and luxury SUVs. Gen X wanted two weeks of vacation and camping trips. We want unlimited PTO and Disney World extravaganzas. We got the moon and still pine for the stars. No wonder we aren’t satisfied.
A wise man once said that happiness is the gap between expectations and reality. If my fellow Millennials don’t recognize their reality and adjust their expectations, we’re headed for another Great Depression, but not the financial kind. If we don’t nip the victimization in the bud, our “bad luck” will become a self-fulfilling prophecy. And that’s just sad.
Devin Faddoul, CFP® is the founder of Adda Financial | Outsource your financial life. Focus on your real life.