Throw your hands up if you’re a millennial and a Young Black Chick. This means you if you were born between the years of 1980 and 1995. You are also known as Generation Y, the descendants of Generation X and Baby Boomers. You are also thought of as the entrepreneurial generation and a Young Black Chicks in the New Black Chick community. Facing large looming student debt and very few job prospects, Millennials are seeking out there own way. Data gathered by the Cooperative Institutional Research Program (CIRP) at the Higher Education Research Institute at UCLA reveals that the desire to own businesses isn’t as high, though, as some Gen X’ers and Baby Boomers. The reality is entrepreneurship is being considered as an option but may not be the preference of the upcoming generation.
It’s becoming more difficult for Millennials to find work and when they do they don’t necessarily fit into the landscape with Boomers and X’ers. Boomers tend to be more traditional while X’ers end up being more of the peacemakers in the scenario. Millennials believe in being efficient, want to know why and don’t envision staying at a company for decades to earn a gold watch. They are more free-spirited and view work as a means to pay the bills while they pursue what means the most to them outside of work. They are a tech savvy generation and often their adeptness at getting work done quickly through the use of technology is mistaken for laziness or lack of work ethic. Often this ingenuity goes unappreciated or unrecognized by coworkers who have only been exposed to technology during a fraction of their entire careers. X’ers are frankly on the boarder. Some are tech savvy while others struggle with their remote control, let alone programming a smart phone.
There are few things women Millennials have to do to ensure their future:
- You must save for retirement. The social security system will be entirely different by the time you retire, that is if it survives.
- Learn how to manage your money. Your parents may not have exposed you to money management nor did a public school education most likely.
- Women stand to inherit a large portion of the wealth in the US and around the world, you must know how to manage it effectively and continue to grow it.
- Be creative. You may have to work a regular 9 to 5 while you figure out what business to create. Entrepreneurship can help save the middle class, Millennials are in a great position to capitalize on all of the things yet to be invented.
- Continue to avoid debt and search out alternatives to the traditional paths created by previous generations.
As young Black chicks the future is yours to create but you may be starting from a bit of a disadvantage. Statistics show that if you are a Millennial reading this you probably grew up in a single-parent household, most likely your mother. You will not likely save enough for retirement and that your total wealth is ~$100. If statistics are too be believed you are predicted to perpetuate what you know and have children of your own outside of marriage. The thing about trends and statistics is that they can change over time. In the 1960’s statistics said Black women were the least likely to get an education beyond high school and achieve professional success as something other than a teacher. Now statistics say you are the most likely demographic to get a college education and start a business.
It will be important to create your own wealth because less generational wealth will be passed from your predecessors to you. The notion of “old” money is really an exception not a rule. The economic down turn wiped out or severely reduced the retirement funds of the Boomer’s, they will have less to leave to the X’ers and Millennials. What are your thoughts? What can Millennials do to help bridge the wealth gap? Comment below, we want to hear from you.
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