This is the generation with so much power ad passion for learning, intuitive knowledge, and technology, open to adapt to change, and most free-thinking and creativity at its finest.
This has led to the largest Generation in World History. Millennials are the largest voting bloc and largest in the workforce. Being ahead in practically all the 15 financial wellness resources inside the equity movement, we wanted to highlight several prime examples in our research in preparation for this article.
3 of 5 millennials have started a Retirement Fund. However, as the youngest group surveyed, millennials are the least likely to have substantial retirement savings.
How You Start is How You Finish
Autumn Green, 29, from Acres Homes in Houston, Texas was born in a financially savvy home where both parents taught her the value of savings and multiple income streams. Her earliest financial memory was when she was about 10 years old and found a $50 bill. Her father advised her to save it. This advice was not taken at the time, but little did she know that little seed would begin her journey towards financial emancipation. Having gone to Booker T. Washington, where she studied at Prairie View A&M and HBCU, she found her passion with a double major in architecture and construction sciences. Upon leaving, a beloved professor who always had an encouraging word told her, “You can always come back.”
Ms. Green’s dreams of becoming a businesswoman accompany the reality that just as no day is promised, no job is promised. She is a firm believer in not just living in the moment but realistically preparing for life’s ups and downs. She believes in having an emergency fund, 6 months of salary saved, and budgeting while saving and investing. While maintaining a unique lifestyle, she is not concerned with “keeping up with the Jones’s.” Autumn has told me through our interview that it is important to delay gratification and continually develop multiple streams of income. Her passion for legacy and wealth was fast-tracked with the birth of her nephew when she was about 25 years ago.
As I continued my interview with Ms. Green, she confided that she had dreams of opening a community center in her hometown. He also wants to start an apparel line and continue exploring another dream of being an artist and songwriter. Her album, titled “Now is Never Too Later”, can be found on Spotify featuring her hit single “Behind Me.”
Ms. Greene believes in universal law and healthy habits. As a passionate lover of humanity, Autumn always looks to give back in all forms of service to mankind. Because of her dream of making the world a better place, she regularly donates to help people in need. While she imparts wisdom that belies her age, she sustains her shining light conducive to happiness and peace. Ms. Green’s lasting words to this interviewer were, “Don’t minimize the small accomplishment.”
Millennial Generation: Transition to Wealth
As a part of this demographic transition, a tremendous shift of financial and generational influence is also coming. Over the next several decades, it is estimated that $30 trillion in financial and non-financial assets will pass from baby boomers to their heirs in North America alone. This transfer is expected to peak between 2031 and 2045 during which 10% of total wealth in the US will be changing hands every 5 years.
Take a minute to reflect on those basic projections; the impact of this wealth transfer, how that capital will e invested, and to what ends- deserves a pause! Most millennials will say that they are fully prepared given 2 major financial recessions in their lifetime. The first was the housing bubble crash that devastated the real estate housing market from 2008- 2011 and the recent pandemic that crippled industries such as restaurants and many others. While UBER Eats and Door Dash were on the brink of bankruptcy, they came out of the pandemic with record-breaking numbers. The jury is still out on how a generation will fair in the next 2 decades. One thing is for sure and two things are for certain, by being so large, the millennials will have a major impact on areas of the economy in the wealth transition space.