Millennials and Money

In a recent Chicago Tribune article there were several interesting insights into Millennials  and their thoughts on the topic of money. While many of this generation are saddled with massive student debt, underemployed and underpaid, there are some Millennials who have a successful career path but they tend to think differently about their wealth and money.

For instance, Josh McFarland, a graduate of Stanford University, found himself in $40,000 worth of student loans. His first job out of college was for Google, where he maximized his stock options and cashed them out as product manager.

His next career step led him to the development of TellApart, which has received $17.75 million in venture capital investment. He does not plan on retiring soon, but he now has “breathing room.”

Growing up on the Internet and seeing past generations suffer in debt Millennials are beginning to take a new stance on their quickly accumulating wealth. Retirement funds are not as common as using their money to further develop a career path to freedom. Money is used to breed new ideas, not tucking it away to use in old age.

The wealthy young is not investing as extensively in massive houses or fancy sports cars, but more on experiences such as food, wine, and travel. Millennials are constantly on the move and have no limits of travel and time. Their ideas of wealth and money have definitely changed.