https://soundcloud.com/ithought-advisory/being-millennial-and-wealthy
Podcast Transcript
If you are in your 20’s, doing the most interesting things at work, exploring new things in life, using technology to prove your mettle, trying to be very different from your Parents generation, this is for you. Today you are called a Millennial. But, the idea is hardly new. There were many before you in every generation. But your tribe is probably many times larger. The identity is very powerful and much stronger.
Being Millennial is indeed special. It is about being in the right place at the right time. You were born at the perfect time. Now, this does not happen very often. Opportunity is a function of when you are hitting your prime. And it can’t be more perfect than it is for you. Or, so it seems when I look at the past, the present and the future.
So, what does this mean to you?
It means opportunity. Actually, OPPORTUNITY in BOLD CAPITALS. It is not just about the opportunity to excel. It is an opportunity to make that excellence count. By channelling your excellence sensibly and smartly, you can become very very rich, so unbelievably rich that your wealth will shock and awe the older generations and your peers.
But it is not a given. Not all millennials will become wealthy. Being good at what you do and becoming wealthy are two entirely different things. While you will consistently earn well, only getting better with time, that alone will still not make you wealthy.
Why?
Because, just like being good at what you do requires the right attitude to make you successful, becoming wealthy needs something special. There are significant gaps to be filled. These are very important gaps in our thinking and prepping.
I remember a few things I did when I was twenty-one. Firstly, I set one clear BIG financial goal. I had a clear number to focus upon. For today’s millennial that BIG GOAL could be becoming a Dollar Millionaire. If you get here, you could almost be financially free.
But that is hardly simple.
The first step is always easy. But, the second step hardly is. That is, setting the timeline.
Once the goal is set, you need to be realistic on what it will take to achieve your goal. So, the do-ables must be clearly fixed. Once you fix them, you must stick to doing whatever it takes for long years.
The third and most important step is a regular review. You need to keep evaluating your performance with regards to the milestones. At any time, you must know where you should have reached, and ensure you did reach that place. If you are ahead, try and ensure prudence in the way forward. If you are behind, evaluate if anything more needs to be done to catch up.
A millennial can potentially become a dollar millionaire in 15 years. Knowing your true wealth creation potential counts. And make sure you realise your potential is everything. Being millennial and wealthy is not a dream. It is a journey through time with money. Most importantly, you must believe it is doable. It is within you if you Believe it matters the most.