Trump’s promises continue to be fulfilled. Unless you’re a millennial.
During the 2016 campaign, Trump promised the United States would win again. Winning included bringing the economy roaring back from the Democrat (Socialist) suppression, a hallmark of the Obama administration.
On Friday, the Commerce Department reported that GDP growth in the second quarter was 4.1% while the first quarter was revised slightly upward to 2.2%. The tax cuts, which took effect in January 2018 have stirred strong consumer spending.
Combined with Trump’s directives to cut government regulation and establish a “pro-growth” policy, businesses are increasing investment spending and fueling job growth. Wages continue to rise. I was looking at new job announcements in my Linked-In network and noticed job openings for those with similar skill sets to my own are showing close to 5% increase. The competition for quality workers continues to grow.
This is the time when those past their twenties look to expand their retirement accounts and accumulate as much wealth as possible for the eventual downturn that always comes. At least for those who understand the cyclical nature of economics.
Millennial’s, though, believe differently, and Obama is the reason. The children of the Democrat (socialist) believe they are entitled.
Solomon was living a young professional’s dream until at the age of 25, she decided she was burned out. Her company’s vacation policy was cramping her millennial style.
“I didn’t want to have to wait a year before I could take five days at a time going on vacation,” she said.
So, she ditched her PR career and its six-figure salary for the life of a digital nomad, representing a few clients remotely as she travels the world, pinching pennies to make ends meet.
“I can work and still travel and see the world. And that was really — and then once I got that in my head, I was like, I have to make this happen,” said Solomon.
Psychotherapist Jennifer Abcug sees many millennials redefining the traditional trajectory of success.
“I think the mindset with some of the millennials is: Why wouldn’t I do this? Because I don’t know what’s going to happen tomorrow,” she said.
Of course, not all young people feel this way but a majority expect they’ll retire in their 50’s as millionaires.
A 2018 survey conducted by TD Ameritrade shows 53 percent of millennials expect to become millionaires, and they expect to retire, on average, by age 56.
Millennial’s don’t grasp reality very well..
Millennials are also less likely and able to save for retirement than previous generations. On average, millennials don’t plan to start saving for retirement until age 36, according to the TD Ameritrade survey. Starting to save at that age would mean they’d miss out on crucial years during which compound interest could help build a sizable retirement fund.
It doesn’t take a genius to understand the impact of the real Obama legacy in which the younger generation was indoctrinated of the principles “You can be anything” and “Government will always be here.” Included in the litany of promises was a “polite and tolerant” society along with the “stand in the faces of those who oppose your beliefs.”
Many of these young kids are going to learn a very hard lesson in life. When an opportunity exists to improve one’s long term economic position, take advantage of it and not squander it for selfish reasons. Will they be smart enough to recognize that following Obama’s teachings will only cause them to be dependent on a government that will only lead to constant disappointment?
In the meantime, there is more money to be made. The time is now.