Millennials and Money: The Stories Behind the Stats
Nearly every discussion of millennials and money starts with a cursory mention of the recession, the post crisis job market, student loan debt or some combination thereof – followed by some equally depressing statistics on millennial savings rates, salaries or other measures of “financial failure”.
As frequent commentator on the subject, these stats make for good talking points – presenting a compelling, news worthy story; but reducing the understanding of a generation down to a few statistics fails to capture the unique and diverse experience that is the millennial lifestyle and the circumstances that shape it.
Related: Understanding Millennials and their Money
While statistics help us understand some aspects of groups, like millennials, and their behavior, let us not forget that behind every number is a person with a story and a life full of hopes, dreams and fears.
For the past month, I’ve been digging into these stories – uncovering the emotions and beliefs that drive the individuals behind the numbers. I’d like to introduce you to some of those individuals today – from friends and strangers on the streets of New York City to young, enterprising entrepreneurs across North America.
I hope this deeper look provides a snapshot of millennials and money that moves beyond numbers and offers a perspective that pushes past media labels, characterizations and generalizations.
Millennials and Money – On the Streets of New York City
Millennials and Money – On Instagram
A photo posted by Stefanie O’Connell (@stefanieoconnell) on
Millennials and Money – Hopes, Dreams and Fears
CHRIS ENNS – Singer, Actor and Founder of RagstoReasonable.com
Age: 30
Location: Toronto, Canada
What are your biggest financial fears?
I’m an artist and a freelancer. Lots of potential financial fears in there!
No one is helping with my retirement. I don’t have company benefits or insurance to help if something big goes wrong. And I have no stability built into my income, so I don’t know on the micro or the macro level how much money I even have to try to make a plan.
Sometimes those unknowns get me pumped up and excited to find solutions, like trying to win a really hard board game. And sometimes they’re absolutely demoralizing.
I’m afraid that at the end of the day I won’t be able to create stability in my life for myself and my potential family. I’m afraid those unknowns will drown me and take away my ability to live the creative life I love. I’m afraid that the answer to the question “can I build the life I want as a creative freelancer?” is … no.
What are your biggest hopes and dreams?
Financial freedom.
But like the stubborn millennial I am, I want to do it my way. I want to create a stable life as a freelancer. I want to learn more about all the tools out there – from the basic ones like budgeting, to insurance and investing tools – and see if I can figure out this puzzle that is not only freelancer finance, but freelance thrive-ance (I recognize that’s truly terrible, but I stand by it).
What’s the next step in 2016?
A big part of it is income diversification. I’ve been making most of my living as a freelance opera singer (yeah… you can get paid for that). It’s been a great gig and I want to continue with it, but I’m more and more convinced that I’m not going to be able to find stability from just one income source, so I’m going bobbing for other things.
I’m taking a bunch of courses for a financial planning certification (in Canada… but budgets are universal!!), looking at building courses, and doing workshops with artists in schools at the university/college level.
What’s standing in your way?
Fear probably…
The biggest thing is just the fear of trying something new. The fear of failing. The fear of putting myself out there and not being great at it immediately. The fear of feeling dumb.
In reality there are a bunch of things, but nothing insurmountable.
Honestly the biggest challenge right now is lack of funds. Starting a new business and maintaining an older one is stupid expensive. Businesses just eat all the money you throw at them. But limitations inspire creativity and I’m confident enough in my money management that I’ll make the most of every dollar that comes through my grubby little paws.
[tweetthis]Limitations inspire creativity #LetsTalkCents[/tweetthis]
LAUREN BOWLING – Content Marketer and Founder of L Bee and the Money Tree.com
Age: 28
Location: Atlanta, Georgia
What are your biggest financial fears?
I’m self-employed, so the fear of “where is my next check coming from?” is always there, no matter how much I have saved in the bank. I also worry that with being self-employed I’m not saving nearly enough for retirement.
What are your biggest hopes and dreams?
Overall I feel I’m pretty lucky; I’ve always dreamed of owning my own home and being my own boss and I managed to accomplished both of those. It’s not in the plans for 2016, but sometime in the next few years I’d like to start investing in more real estate.
What’s your biggest financial goal?
My biggest financial goal is to continue building up my emergency reserves – catching up on retirement next. I bought a home in 2013 (and renovated it), so I’m behind a bit of where I should be in terms of retirement savings because I put a lot of cash toward that purchase a few years ago. A big part of that goal is paying off my car loan in early 2016 so I can funnel that cash toward retirement.
What’s standing in your way of achieving either or both?
I put a lot of money back into my business. I’ve never regretted investing in myself, but I could be more discerning of where I put my dollars.
What’s next?
Surviving the holidays. I’m hosting my family this year. Eek! After that, I’m looking forward to burrowing up this winter and knocking out some very old to- do’s for my blog and business I haven’t gotten around to yet. I’m also taking a tap class.
JAMAL DAVIS – Risk Associate
Age: 26
Location: New York, NY
What’s your dream?
Happiness. I know this may be cheesy but if you’re happy, that’s all that matters. It’s truly hard to always be happy, but striving for and achieving long lasting happiness is my biggest dream. If I achieve this I know that I’ll always be rich.
What’s your biggest financial goal- overall and also for 2016?
My biggest financial goal is to be financially independent! I love setting goals for myself and this is a long-term goal that I continually work on. In 2016 I plan on focusing on my career path, strengthening my financial diligence, and taking time to enjoy the journey.
What’s standing in your way of achieving either or both?
Only myself. Everything that I want is obtainable, the question is, am I willing to dedicate myself to achieving it? If I’m not, then I must revisit the goal and make sure that I really wanted to achieve it the first place.
[tweetthis]Everything that I want is obtainable, the question is, am I willing to dedicate myself to achieving it? [/tweetthis]
JACKIE LAM – Freelance Writer and Blogger at Cheapsters.org
Age: 33
Location: Los Angeles, CA
What are your biggest financial fears?
This is my first year freelancing full-time and my biggest financial fears are going into debt and not being able to save enough for retirement.
What are your biggest hopes and dreams?
So far I’ve loved the freelance life. I’ve found it to be more about preference than perfection, meaning you are trading one type of lifestyle with a set of pros and cons for another lifestyle.
What’s your biggest financial goal- overall and also for 2016?
At the moment, saving for retirement and investing more regularly. I would also like to create more streams of revenue so I can potentially spend more time on my passion projects.
What’s standing in your way of achieving either or both?
I think just getting used to the ebb and flow of variable income and coming up with a sound approach to saving for some of my long-term goals. The hardest thing budget-wise when I switched to freelancing full-time was not getting to automate my savings. I have to be more active about budgeting.
What’s next?
Trying to optimize my life, meaning spending the most time on what I enjoy and find value, and doing less of what I don’t enjoy or find worthwhile.
WILL LIPOVSKY – Freelance Writer, Digital Marketer, Founder of FirstQuarterFinance.com
Age: 25
Location: Lincoln, Nebraska
What are your biggest financial fears?
My biggest financial fear is that I won’t get to the point in life where I can use my money to make a major impact on the lives of others. Right now I’m pretty focused on making sure I am financially secure.
I believe we should take care of ourselves first. Once we have our own lives figured out, then we can help others.
Money doesn’t take away problems; it just allows you to focus on bigger ones. I want to get to the point where I can think bigger than myself.
[tweetthis]Money doesn’t take away problems, it just allows you to focus on bigger ones. I want to think bigger than myself.[/tweetthis]
What are your biggest hopes and dreams?
Right now I’m really focused on creating a business, not just a job. I own several websites and I’m a personal finance freelance writer but this must all be scaled. I’m always reaching for that next rung on the ladder.
What’s your biggest financial goal?
My biggest financial goal is to have 50% over what’s necessary for me to become financially independent. Just being FI isn’t good enough. I want to be plenty secure.
What’s standing in your way of achieving it?
Nothing.
What’s next?
Beginning very soon, I’ll be outsourcing anything I normally do which either I dislike or that doesn’t advance my business in a major way. That’s what many people don’t do. Many people fear spending money so much so that they lose opportunity to make even more money than they would have spent.
[tweetthis]Many people fear spending money so much so that they lose the opportunity to make even more #letstalkcents[/tweetthis]
ZINA KUMOK – Freelance Writer and Founder of DebtFreeAfterThree.com
Age: 27
Location: Denver, CO
What is your biggest financial fear?
Being unable to work. I hate the idea of not being able to contribute to my livelihood. I also don’t have a disability plan in place, which is probably something I should think about!
What are your hopes and dreams?
Buying rental properties, creating passive income streams and being able to work part-time. Having more time to travel and work remotely.
What’s your biggest financial goal – overall and also for 2016?
Creating passive streams of income. For 2016, my husband and I hope to buy our first rental property.
What’s standing in your way of achieving either or both?
Ha, money! We’re currently saving up for a down payment on a home.
What’s next?
I think we’re like most millennials in that we don’t dream of early retirement – we love being able to work anytime and anywhere and want to continue to do that.
MELANIE LOCKERT- Freelance Writer and Founder of DearDebt.com
Age: 31
Location: Portland, OR
What are your biggest financial fears?
My biggest financial fears are not having enough to live on or to retire. I have experienced being very broke and unsure of when my next check would come through. It’s an incredibly stressful situation and I don’t want to go back to that place. Now that I’m out of debt, I’m hoping to work on some of those scarcity issues and build wealth, so that I can ride out any tough times.
What are your biggest hopes and dreams?
My hopes and dreams are not so much caught up in myself, but wanting to help others. Through my writing in all mediums, events, and more, I want to create experiences for people where they think about money and finance differently. I want to make an impact on people’s lives and let them know that being in debt isn’t a forever thing and it doesn’t have to lead to a life of shame and guilt all the time.
What’s your biggest financial goal- overall and also for 2016?
My biggest financial goal is to pursue financial independence at some point in the next decade, so I don’t have to work. I can’t really imagine myself never working, but it’d be nice to have unlimited options. For 2016, I want to reach more than six figures, after taxes. I’ve more than doubled my income since last year, so I’m hoping I can do the same in 2016. I think it’s important to spend less and cut back, but I’ve seen firsthand how much earning more has changed my life and helped me pay off debt even sooner.
What’s standing in your way of achieving either or both?
Fear, time and OCD.
I no longer think these things are out of reach due to external circumstances, but at this point, I know most of it is me. I’ve grown so much in the past year, it’s kind of difficult to have my brain catch up to where I’m at.
I’m still dealing with a lot of fear and scarcity mindset issues. I work almost every day and would like to change that. I’ve also outsourced a few things, but in general, I’m an OCD perfectionist, so it’s very hard for me to let go and have people help me.
That’s one major thing I want to learn how to do better in 2016 — I think doing so will help me grow as a solopreneur and help my earning potential.
JASON VITUG – Founder of Phrogal.com
Location: Newark, New Jersey
What are your biggest financial fears?
There are still a lot of unknown financial factors in the path I am currently on as an entrepreneur. I don’t have a steady paycheck and it’s a feast and famine cycle, but I’ve learned to plan for the uncertainties. The best lesson I’ve learned is to respond to any of my financial fears by addressing them with a plan of action. I don’t have any big financial fears because I’ve learned there’s a solution with every situation.
What are your biggest hopes and dreams?
As millennials, we are purpose driven and I’ve been able to align my entrepreneurial pursuits with a social mission to empower others to live their dreams.
Personally, I envision a business that continues to grow into a larger social movement aligning finances with our purposeful values. It would be my biggest dream to one day learn that a million people have made better financial decisions because of information or a tool I’ve created.
What’s your biggest financial goal- overall and also for 2016?
My biggest financial goal in 2016 is restructuring my business and my finances to allow me more freedom. In the past 2.5 years, I’ve spent countless hours working on my business and that took me away from family and friends. In 2016, I am making bold moves to handle my income, bills and expenses in a way that frees up more time to spend with people and on things that matter. Overall, I am focusing on generating passive income to get more freedom to travel and have adventures.
What’s standing in your way of achieving either or both?
The inconsistency of cash flow is a hindrance but I’ve already begun the process to make the necessary changes to achieve my goals in 2016.
What’s next?
I’ve planned some drastic life and financial changes in 2016 to achieve my dreams sooner than later. I’ve made some choices that took me off course, but 2016 will be the year I retake the wheel with intent focus.
MARTIN DASKO – Investor and Blogger at Studenomics.com
Age: 27
Location: Toronto, Canada
What are your biggest financial fears?
I’ve saved up lots of money, but I worry abut there being a day where I have no money. I would hate to be unable to buy the things that I want. I can’t imagine being restricted in what I can do with my life. For example, I cringe when I hear someone say that they can’t afford a trip or a gym membership. I want choices.
[tweetthis]I cringe when I hear someone say that they cant afford a trip or a gym membership. I want choices.[/tweetthis]
What are your biggest hopes and dreams?
When it comes to dreams, I want to see my pro wrestling adventures take off. I’ve made money from every other passion except for this. I feel that lots of people know me, but I’m just not at the point where I’m getting myself out there enough. That would be the dream life.
What’s your biggest financial goal- overall and also for 2016?
To be able to make a living off of my book sales. I self-published four books this year and they didn’t do as well as I thought they would. I would like to see better results. The onus is on me. I need to improve my marketing skills and promote more.
My biggest financial goal is to flip my next condo for a decent profit. This property has been delayed multiple times now since I purchased it straight from the developer. So I really hope to finally get the keys to it.
What’s standing in your way of achieving either or both?
Nothing really. For my book sales I need to change my strategy. For my condo, I have to hope that there are investors looking to buy.
What’s next?
I imagine some radical changes. I need something huge to happen. 2015 wasn’t big enough. You could say that I’m always waiting for a huge event to occur.
BRIDGET EASTGAARD – Entrepreneur and Founder at MoneyAfterGraduation.com
Age: 30
Location: Calgary, Canada
I hope you’ve enjoyed these stories as much as I enjoyed collecting them. I also hope they’ve helped shed some light on the nuanced individual lives and realities of members of gen Y – illustrating the sincere aspirations and earnest efforts of a unique, multi-dimensional generation of adults.
Related: Quarter Life Crisis : The Millennial Call to Action
