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Are Generation Y-ers Different? Do I follow the Stereotypes?

by Evan August 25, 2010

I was reading an article today titled “Serving Gen Y Now: Advice on branding, service and capturing Gen Y – and its assets – now” in the August 2010 edition of Investment Advisor and it got me to thinking do I follow the mold of what people perceive Generation Yers to be?  Generation Yers are those born in the mid 70s up until 2000.Generation Y Readers

According to Alexa, I seem to have a lot of Generation Y readers, so I figured I’d bring my thoughts to everyone.  The article provides some interesting quotes stereotyping the generation:

…Gen Y’s view on wealth is different from that of their parents and grandparents: “Their value proposition has shifted from the single bottom line of profit to the new bottom line of ‘planet, people, and profit,’

Gen Y clients are also actively seeking financial advice, she says, yet advisors and institutions have not really caught on to this and the space remains grossly underserved.

First and foremost, advisors must understand the importance of the Three Ps—planet, people, and profit, Nickles says. She says that most members of Gen Y won’t take jobs simply because they want to make money, for example, and they would readily shun companies that are not socially or environmentally responsible for their actions, she says. The same applies for the investments a Gen Y person would want to make with her money, so “any advisory or investment program must take into account that the motivation is not money alone and must be constructed around the idea of social responsibility.”

Finally, and perhaps most importantly, advisors and institutions must pay attention to the idea of branding. “This is a quick-shifting generation and if you haven’t connected with them on a brand level by the time they are 30, they will leave your brand,” Nickles says.

I actually don’t agree with the plant and profit part of it.  I understand that stereotypes don’t apply across the board, so I went searching for a different article generalizing people born in 25 year bands.  I found a recent Huffington Post article that had some “great” generalities that I do agree with (and I usually don’t agree with Huffington)

Unlike other generations, Gen Y never really rebelled. Many of its members listen to their parents’ music, love the movies their folks grew up on and use the same products.

Its members may communicate differently – through social media and texting instead of phone calls and email – but they want to be spoken to as adults not “young people.” Old world values matter to them.

One major area in which Generation Y differs from its parents is its focus on experiences as opposed to material things.

These seem to fit me better.  I love Billy Joel, I go bananas when someone talks down to me, and I care less about rocking out a house in the right town as compared to my parents do.

Which stereotype article is more your speed?

For those not in the generation do you think these all apply to “us” people?

August 25, 2010 6 comments
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Random

Most People that Tell You They Don’t Want to be Wealthy are Lying

by Evan May 6, 2010

no bullshit

This post is completely inspired by a post by a recent tongue in cheek post (I swear I have never used that saying before, and I don’t think I will again) by Joe over at Personal Finance by The Book.  Joe starts the post by telling a story,

I have a friend who told me, “Joe, I just don’t want to be a millionaire. I am happy like I am. Having lots of money just doesn’t appeal to me.”

I am not going to get into the argument of how much money/assets is necessary to make someone wealthy, rather I prefer to think about wealthy as an abstract idea of financial freedom.  So what I really think that people like Joe’s friend, what they really mean is:

  • I don’t want to do what it takes to be wealthy
  • I don’t believe I can be wealthy
  • I don’t believe I deserve to be wealthy
  • Spending time watching TV at night or however I choose to use my free time is more important than being wealthy

I am sure there are people who really don’t care about money and fiscal wealth, but I refuse to believe that those people are anything more than a VERY small minority.  Those people are, in my humble and honest opinion, selfish and shortsighted.

Why is A Drive to be Wealthy Good?

Notice I didn’t try to steal the line, Greed is Good?  Perhaps I am going for a little self justification here (I mean the blog is named MY Journey to MILLIONS), but I truly believe a drive to do better in one’s life is a good thing, and in this instance we are just focusing on one aspect of my life.  Financial Freedom allows one to spend more time with family, have more “me” time, participate in more community programs, or in Joe’s Buddy’s case spend more time helping out a church.

When I hear someone say they don’t want to be wealthy, I hear, I really don’t believe I can be, so why go for it.  The fear of rejection is prevalent in our society and it is easier just to take yourself out of the game.  EVERY GUY has 2 kinds of friends, (1) that won’t talk to women at a bar because he is too afraid to get rejected and (2) The one that will “play the numbers” with the justification that someone has to say yes eventually!

Are there People Who Really Don’t Want to be Wealthy?

Yes, My Brother in Law is One, and I can’t understand him.  He runs/owns a really cool used bookshop in PA but a few website tweaks and he could double profits.  Will he let me do them? NOPE.  As stated earlier, I just believe he is being selfish because that extra money could help his future family later down the road, or short-sighted because that extra money could provide for his traveling cash.

Am I too Focused on my Goals to Understand others? Am I just an idiot?

May 6, 2010 33 comments
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