6 must-know life lessons for every millennial
The Millennial Generation (also known as the Millennial Generation or Generation Y) are the demographic cohort following Generation X. As a millennial, I have had the chance to communicate and engage with different leaders and professionals in their respective fields and I have learned a few things that the Millennial Generation, including myself, can improve on. Millennials that have recently graduated in the past few years will benefit from these tips.
Millennial Generation: Your Reputation is Priceless, Don't Damage It
As Warren Buffet quipped, "it can take 20 years to build a reputation and only five minutes to ruin it." Over time, your reputation is highly valuable in the business world. You can think of it as an invisible key that has the ability to open or close doors in your career. A Burson study quotes a statistic that reputation accounts for 16% of a corporation's value. It is no different for individuals and for the millennial generation jumping into the business world, making sure you adhere to certain levels of professionalism at all times is key. Especially in an age where everything is forever recorded and accessible. Once your reputation is tarnished, you can never get it back.
Millennial Generation: Spend 25% Less Than You Make
In general, your rent should be as little as practical given your housing requirements. It is recommended to keep your basic required expenses (rent, utilities, car payment, gas, insurance, groceries, credit card payments, debt payments, anything you pay for every month) under 50% of your take home monthly pay. You should absolutely spend no more than 1/3 of your take home pay on housing. Don't go out and buy a fancy car or an expensive apartment, you will be burdened with debt. If you are able to, you should also invest 10% of your income. No matter what you do, invest starting today. Any amount is better than nothing, especially in your 20's because it has much more time to grow on your way to retirement.
Millennial Generation: Read More Books/Less Social Media
Social Media can be draining, people generally only post what they want you to see and is not a true reflection of their life. Getting likes on a newly posted gym photo just produces a small dopamine surge and adds no value to your long term career goals. It is an ego boost for some, but most are wasting their time if they spend more than 2 hours on social media a day. Millennials should spend more time being creative, innovative, and passionate which are all things that can be curated by reading a full book cover to cover. All the keys to your success lay in the past experience of others.
Millennial Generation: Both the Size and Quality of Your Network Matter
As the creator of a personal finance blog, I have been contacted by like-minded entrepreneurs who are taking strides for success and paving their own paths. Many people do not make an effort to value networking. It's who you know more than what you know, that gets you ahead in business. My experience, more times than not, was that the individual who got the job was partially due to networking. Making connections is crucial in the business world and in life. Meeting and staying connected with many people and investing your time to maintaining these relationships is important.
Millennial Generation: Voice your Opinion
Don't be scared of the world as a new millennial to the workforce. If you have issues with management, culture or your role & responsibilities, speak up. Do not trash talk, or tell a co-worker about your problems because that might ruin your reputation. Having basic communication skills is an important asset to have in the business world in order to effectively communicate your concerns and the aids in your ability to shape your own destiny.
Millennial Generation: Pick Up the Phone
Don't hide behind your computer. Pick up the phone if your job requires it rather than sending a tedious email you can get the answer to in seconds. It should be your first instinct, not last, to talk to a real person and source business opportunities. And when the Internet goes down... stop looking so befuddled and don't ask to go home. Don't be shy, pick up the phone.
If you want more career tips for millennials you should head on over to Millennial Money Guide.
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