Why Millennials Don’t Make Enough Money

A study shows that Millennials are earning 20% less money than previous generations - here is why, and what you can do about it. Enjoy! Add me on Instagram: GPStephan

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CNBC says that, because many millennials entered the workforce during the Great Recession, they started out with lower salaries than they would have made otherwise, and that’s a big reason for this pay drop.

And as it turns out, those early years of developing a career are instrumentally important for building up your income…it was found that, during the first 10 years of work, people experience 70% of their overall wage growth - and entering the workforce a time of recession, led to an average of a 9% loss of income right off the bat.

Glassdoor surveyed each job across various industries to come up with the the careers which paid the BEST and were growing…and those which paid the LEAST, and were declining…and what they found was interesting.

The job titles which had the most demand, highest job growth, and highest salary increase, were those of specialized industries…namely, sales, nursing, financial advisors, and developers to name few. And those careers are also seeing the highest growth in populated cities - which, just happens to be where economy is leaning, and where job growth is most competitive. .

Next: WAGE GROWTH

If we look at hourly earnings since the 1960’s…we can see that our wages haven’t really changed, adjusted for inflation…while the price of EVERYTHING ELSE has been going up much faster.. Meaning…millennials are effectively earning “less” for doing the same work.

First, it’s no surprise more people are entering the workforce - that means employers can be pickier about who they hire, and pay LESS because there are MORE people wanting the same job. This competition means employers don’t NEED to increase salaries, because they have no problem filling those positions with people willing to work.

Secondly, education: In fact, the value and earnings of a college degree seemed to have peaked in the late 1990’s…and since then, it’s seen a very slow decline given the cost of skyrocketing education, and the lessened value as it becomes more common. This could be the reason why we’re more educated than ever, but not seeing as high of a monetary return as we “should” see.

Third, during a recession, employers are often quick to cut and decrease salaries…but during the GOOD TIMES, they’re much SLOWER to raise them back up. And again - the data backs this up, showing that we’re just NOW getting back to the point we were at…10 years ago.

There are multiple studies that have shown that people who switch jobs every 2-3 years make nearly 50% more than someone who stays with the same company.

So given that, if you find yourself making less money than you’re happy with - consider switching jobs and looking elsewhere - and that might help give you that 20% pay boost to make up for that sad statistic.

So given all of that, your highest chance of earning more money is to specialize in a field that’s IN DEMAND, where you’re GOOD at what you do, and make yourself difficult to replace. The job market DOES reward talent, but it DOESN’T reward loyalty…so switching companies is often the BEST way to make more money, and sharpen your skills as necessary. In addition to that, consider re-locating to areas which pay more - those happen to be bigger, metropolitan cities…but, in terms of which areas are paying more than others…the results are pretty evident.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com