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Millennials and Money

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Millennials: also known as Generation Y, and infamously as the Trophy Generation

 

We are stereotypically thought of as the generation that regards themselves as superior to others because we were the kids who received trophies when we came in last place.

 

What if those trophies didn’t make our egos explode, but actually gave us a fear of failure? We knew when we lost and when we weren’t any good at something; the “participation award” was just confirmation of that.

 

The thing is, we want to succeed. We want to do well in our careers. We want to own cars and homes. We want to go on nice vacations. We also want to be able to put our own kids through college one day.

 

The last of the Millennials are now going through the long and tedious process of joining the workforce and we are not expecting it to be easy. We have gone to school for about 18 years of our lives and we still have no idea what we’re doing.

 

Something that has really helped me as a Millennial in navigating this “adulting” ordeal was tagging along with my dad to meetings with his financial advisor. Each time I walked into the advisor’s office, my relationship with this stranger in a suit behind a desk was being refined. After a decade of the advisor phoning our home and me handing the call over to my dad, I became very familiar with the sound of his voice. Eventually I started sitting in on meetings between my dad and his advisor, and now I can happily and solidly say who my financial advisor is.

 

I understand that not everyone has had these opportunities growing up (and there is a good chance that many kids wouldn’t have really cared), but that’s not the point. The point is that you’re never too young to get your feet wet. You’re never too young to ask questions and start planning for the future, even when you feel like you have nothing for today let alone for tomorrow.

 

I strongly encourage all of the Millennials out there to ask their parents who their financial advisor is and to start building a relationship with them if they haven’t already. If there is no advisor present or you don’t want to work with them for one reason or another, start looking around.

 

Kinza Allen
Marketing Assistant
kallen@rmfp.ca