In North American Millennials now represent a segment of the population that is as large as the Boomer generation.
The big difference between the Millennial and the Boomers is the Stage of Life. The Millennials have a long and winding road ahead of them, and for the Boomers, the end of the road is more in our sights.
Today’s Boomers are more vibrant than their parent’s generation and live the words of Welsh Poet Dylan Thomas said: “Do not go gentle into that good night.”
Boomers have been an Explosive Generation and will leave this world with a Bang.
If “Do not go gentle into that good night” is a rallying cry for Boomers; it is our responsibility to pass more than material wealth; we need to pass on knowledge and a sense of entrepreneurship.
As part of the Boomer Generation, we are going to see over $4 Trillion US in wealth transfer in US, Canada and the UK across generations.
According to RBC Wealth Management https://www.rbcwealthmanagement.com/ca/en/wealth-transfer?$request.getQueryString() only 35% of inheritors feel prepared to receive wealth.
Much of this wealth is going to end up in the hands the Generation X generation. Having this wealth just passed off is very sad because this will be a Hand Out instead of a Hand Up. Boomers should be very concerned about the Hand Out we are about to leave the next generation and the issues it will bring.
Free money; without any social consciousness or community has the chance of being wasted.
Another significant fact that RBC Wealth Management talks about is Financial Education. According to RBC Wealth Management financial education does not typically begin until age 27.
My concern is not for the Xers but the millennial generation; the millennials are losing sight of the importance of “Want.”
“No, How To Want”
I recently listened to a podcast; Legends and Losers by Chris Lochhead. https://legendsandlosers.podbean.com/
Chris felt there is a crisis in entrepreneurship and the millennial generation is forecasted to be the least entrepreneurial generation in history.
Millennials are having “No, How to Want” is very concerning to me also.
After listening to Chris Lochhead’s podcast about the critical crisis of entrepreneurship, I am more committed than ever to helping Millennials enter the entrepreneurial and small business world with investment real estate as part of their financial world.
I am focused on first-time investment real estate investors especially millennials and their understanding that being a first-time investment real estate investor requires entrepreneurial and small business skills.
I have developed a series of podcasts episodes entitled; “On The Move with Alex.” Alex is a millennial who reached out to me through a mutual friend and is committed to his financial future.
Alex’s journey is real and with no sugar coating, warts and all. Give the first episode a listen; On the Move with Alex; The Journey to Investment Real Estate
In the next couple of weeks we will be recording the second episode in this series with Alex; interesting developments with Alex since we last talked.
My son is a millennial, and I have ensured he also has his entrepreneurial spirit in full working order, and he owns several investment real estate properties and understands he holds a small business enterprise.
3 Steps for Boomers to “Unleash the How To for Millennials”
- Spend Time with Millennials; make a point to find these folks. (How to recognize a Millennial; Millennials are folks born between 1979 and 2000.)
- No Hand Out; Hand Up; Take Some of Your Money and Invest into to the Millennial Business Community; don’t let Big Business suck the life out all Millennials.
- Don’t take your financial “Know How” to the grave; create a group of liked mind Boomers along with a group of Millennials. Learn what a MeetUp is http://www.meetup.com. Start a New Group and don’t wait for every Millennial to turn 27 and to learn their financial know-how on their own.
Final Challenge for Boomers and Millennials:
Boomers don’t waste your legacy; your wealth and knowledge.
Millennials; find out what legacy means and decide what your legacy will be.