For those born between 1982 and 2004* – congratulations! You make up part of the millennial generation that the world sees as powerful industry killing monsters with a sense of entitlement rivaling that of any prior generation.
* Give or take a few years – it varies depending on the source and there remains a lack of universal agreement over the exact age range.
The term was coined in 1987, during a time when George Michael's, "Faith" ruled the airwaves, Prozac was the new FDA-approved wonder drug, and a society was growing increasingly obsessed over the looming, millennium (preschoolers in 1987 would the graduating high school class of 2000). That correlation was evidently noticed, and the "millennial" was born, the term credited to William Strauss and Neil Howe, who wrote about this curious cohort in their 1991 book, "Generations - The History of America's Future," and their 2000 work, "Millennials Rising: The Next Generation." The pair of demographers believed that millennials would reject their boomer forebears' individualism and libertinism, becoming the "next Greatest Generation."
Via Lindsey Pollak
Strauss and Howe anticipated that this generation would radically reshape American life, based on their theory of repeating generational archetypes directly correlated with historical events of the time. They saw this sheltered generation resulting from the "most sweeping youth-safety movement in American history" and recognized them are a generation that consider themselves special, both as individuals and as a group, deeming them as confident, team-oriented, high-achieving, and pressured to succeed. They pretty much nailed it.
However, they didn't foresee how this innate confidence - while largely a positive trait for any other generation - would spill over into the realms of perceived entitlement and narcissism. These days, millennials are called many things, and Greatest Generation is not quite one of them. Psychologist Jean Twenge described millennials as "Generation Me" in her 2006 book and in 2013, Time magazine ran a cover story titled, "Millennials: The Me Me Me Generation." There's also "Generation 9/11" an apocalyptic name that aligns with Strauss and Howe's ideas explored in the 1997 book, "The Fourth Turning: An American Prophecy."
Strauss and Howe's optimistically thought that the confident, high-achievers would yield the creation of institutions that would transform society. Instead millennials proved interested in forcing the old ones to live up to their high-minded rhetoric in a time where their future is still uncertain, reeling from unexpected economic upheaval.
Millennials are now viewed as a force of narcissistic nature, demanding treatment no one before them ever received, and drastically reshaping everything in their path, from college campuses to the housing market. According to all the media everywhere, millennials are responsible for killing pretty much everything and retain the all the power to lead to an Ayn Rand vision of a dystopia with entire industries being demolished. Millennials even get credit for brutally murdering the mayonnaise industry!
Millennials do wield a certain power, the same power that every generation to emerge has - the sheer number of millennials is intimidating and combined with the native digital language that naturally formed with exposure to emerging technology absolutely terrifies industries across the country. These older businesses view millennials as a threat while the generation sees themselves as powerless, pummeled by the world left for them by their elders.
Millennials have been surrounded by technology their whole lives, the effects only heightened by their helicopter parents (new term that emerged for overprotective baby boomer parents of millennials who are excessively involved in their children's lives), enabling constant contact. These "helicopter parents" have a tendency towards coddling and micromanaging, stemming from an inherent need to keep their children save from stranger danger (and anything else that could hurt them) and likely overcompensating for feeling neglected and unloved by their own lack of present parents. As such, millennials were raised to believe that they are special snowflakes, with the mantra "follow your dreams" instilled in them since childhood with their parents shielding them from anything that could potentially hurt their self-esteem, eliminating the very developmental phenomenon known as failure (the new apparent achievement of merely participating means that everyone gets a trophy and there are no losers).
With baby boomer parents preparing their children for the expected hyper-competitive 21st-century labor market, millennials were led to believe in meritocracy and forced into competition for their spots within it — only to find themselves paralyzed by a disintegrating job market, a catastrophic debt load and a financial crisis that struck just as large numbers were entering the workforce.
In a case of straight up bad timing, millennials collided with a time of economic trauma, creating an already disillusioned generation who entered into adulthood with unrealistic expectations, unprepared for a recession marked by structural shifts in the economy with detrimental impacts. Millennials have been defined by this era of economic trauma; stagnant wages, a skyrocketing cost of housing, colossal student debt have put millennials on the path to a lower quality of life than their parents (this is the first generation since the Silent Generation that is expected to be less economically successful than their parents).
Taking everything into consideration, it could be argued that millennials are unfairly blamed for things out of their control, victims of circumstance to a certain extent. Yes, millennials do have some unsavory traits bred from the environment around them, but perhaps society can give them just a bit a slack?
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.