A lot of people ask me, “How can I go out there and make a better income?” And, when it comes to millennials (the generation that this questions stems the most from), I tell them that it boils down to three reasons – three reasons why millennials can’t be millionaires or three challenges millennials can overcome to do so:
- Identity
- Low Wages
- 9-5 Mentality
Identity
Identity can be established by the people we surround ourselves with, the books we read and the events and meetings we attend.
Our Associations
80% of purchasing decisions made by millennials are influenced by the people they surround themselves with. Who you surround yourself with will inevitably influence your decisions. Poor environments will lead to poor decision making.
The Books we Read
Studies have shown that people who make higher incomes are readers. As good as Harry Potter makes us feel, that is not the type of book we are talking about. Books that build you, educate you, grow you and challenge you are the building blocks with which millionaires create their foundations on. As millennials who are a part of Generation NOW – this can be a reason for failure or a challenge to overcome on your way to success.
The Events and Meetings we Attend
We can go to the local bar and hang out, pick up or get down. It doesn’t matter – none of that will grow you. In today’s digital age, there are so many opportunities to overcome this challenge. Digital meetings, access to videos, trainings, and mentorship has never been easier. As you seek out growth and reach out towards events that will upbuild us we are also working from overcoming this challenged plagued by meaningless rituals that have no impact on our lives. Watch a football game. Don’t die for it.
Low Wages
The median income for millennials is barely above 30k. This is one of the principle reasons as to why many millennials move back into their parents or never move out. As much as they want to – low wages prevents them from doing so. Know that low wages stems from over-availability. 92 millions millennials means 92 million people competing directly against you – which is why the age of the entrepreneur is coming back. Entrepreneurs are the new celebrities – take Gary V’s recent deal with K-Swiss as an example. The demand is bigger than ever and the opportunity has never been greater.
In what ways can you overcome these challenges personally? Whatever your solution, remember: give value. Give value to your positive associations, give value to the time you invest into reading, give value to the meetings and events you choose (we pay hundreds for sporting and music events but are unwilling to invest a dime into a mentorship opportunity?), and give value to yourself.
YOU ARE MORE THAN SOME UNDERVALUED WAGE. Reflect on what you are good at, improve on it everyday to establish expertise and transition your skill towards entrepreneurship.