Let us look at the current economic situation in New Hampshire from the perspective of Gen Y or Millennials. The cohort was born roughly between 1980 and the beginning of the current decade.
It is easy to think sympathetically about their plight. They are just entering the workforce at a time when economic stability is being challenged, prices for goods and services are dropping, and unemployment is rising. Sounds like a whole lot of bad luck for them!
But wait a minute… aren’t we plucky, tenacious Americans supposed to be able to make lemonade out of lemons? Don’t we pride ourselves on being able to detect opportunities out of even the bleakest of pictures? There is another way to view Gen Yer’s situation that gives them hope and some encouragement they can use to optimize their careers and standards of living in the years to come.
Tammy Erickson of the Harvard Business Review’s blog, “Across the Ages”, has given this some thought, and she points out some interesting facts. Compared to Generation X and the Baby Boomers, Millennials had little to lose. They were not heavily invested in overpriced stocks and expensive homes. For the most part, many have not been supporting families or expensive habits. This gives them a greater degree of financial flexibility others do not have. They can afford to more easily accept jobs in which the pay may not be that great, but they can use the time to gain experiences that can build the foundation of career directions yet to come.
Serving community is coming back into vogue, which provides venues for idealistic energetic young adults to learn organizational and interpersonal skills, while they practice low pay, but spirit lifting and creative work. Maybe now is the time to travel and learn about the world beyond our shores while the job market is down. I hear people abroad are starting to like us again.
Another opportunity is that Gen Yers, who want to start building long term wealth (and who doesn’t?) can buy into the stock market at a time when prices are low. If historical patterns hold, the market will rebound at some point. Now can be seen as the time to buy low, so that selling high down the road has a chance.
Also, housing prices are dropping and will continue to for the foreseeable future. For a generation that had been completely shut out of the real estate market there is now a chance for them to get into it while being bolstered by a more competent, cautious real estate and lending industry.
Of course, there is some mindfulness that needs to occur. Many Millennials have a lot of school debt they cannot ignore. Figuring out how to meet that obligation while volunteering at a soup kitchen can be daunting. But in general, this generation needs to keep a few things in mind. Build cash more than credit. Money can be liberating or imprisoning depending on decisions you make early on.
Also, look around you. Are you building networks with people who share your interest in solving the problems confronting all of us? Keep stimulated. Stay innovative. Monetary value is shifting, but not evaporating. There is money to be made out there for goods and services that address the pressing issues of people’s lives. Gen Y has a chance to be contenders. In many ways, they have the best chance of all.
