In today's business world, understanding generational perspectives will yield great insights. I recently finished Isaiah Hankel’s, The Science of Intelligent Achievement where he presented a profound comparison between our two most currently impactful living generations.1
The World War 2 generation came home hungry for stability and wealth. The war effort created powerful economic forces buttressed by new technologies and a nearly universal ”can do” attitude. Society encouraged people to buy a moderately priced house and build equity. It was best to stay with the same employer for life. We were told to save for the future.
Generally, Millennials advocate for a lifestyle that favors experiences over material possessions. This perspective values wealth as measured by adventure over personal property. Work-life assumptions are quite a bit different these days. Most people will work at seven different jobs over their life. Consequently, it favors short term thinking and frames a perspective that encourages people to live like a retiree before they retire.
Millennials don’t place the same value on equity; Housing, IRA’s, and long term assets do not excite them. Mobility, liquidity, and options in all aspects of life are highly valued.
Building equity is a good thing. Experiences create equity. This New Equity is your ABILITY, your KNOWLEDGE, and your NETWORK. Engage in experiences that build this kind of ownership. Ask yourself; what are you doing today to grow your New Equity? Consider subscribing to “Skillshare” to enhance your ABILITY. Read something meaty* every morning as part of your routine to increase your KNOWLEDGE base. Join Toastmasters or volunteer at your local shelter to build your NETWORK. There are dozens of ways you can come up with to take small steps every day to build equity in yourself.
In a flash, you can lose everything that’s material. You cannot lose the New Equity.
“Investing in yourself is the best investment you will ever make. It will not only improve your life; it will improve the lives of all those around you.”
-Robin Sharma
1. Isaiah Hankel, Ph.D., The Science of Intelligent Achievement, (Capstone 2018)
