I'm a Gen Xer, sandwiched nicely between the Baby Boomers and the Millennials. We're the under-rated generation, born between the mid-1960s and the early 1980s. A lot of us got our work ethic from our Baby Boomer parents while being able to easily adapt to the introduction and constant tweaking of technology. We're also able to adapt to the swift changes in the economy, implementing "old school" and "new school" together to make something "awesome-school." (I know, that's pretty lame sounding.)
So, what's the point of all this?
Many Baby Boomers are retiring or already retired. They hold the vast majority of the wealth in this country and have the most disposable income.
But soon they'll be dying off. In fact, the older portion of this generation already are. It will be within the next decade or two before the vast majority are gone from this earth.
Then we have Generation X which is my generation. There aren't nearly as many of us as there are the Baby Boomer generation. Yes, we will inherit a lot of the Baby Boomer's wealth as they pass away and we generate our own impressive incomes in many cases. So, we'll be replacing the Baby Boomers BUT NOT IN SUCH LARGE NUMBERS. Imagine cutting the Baby Boomer population down to 25% (or less) and that's what you have with the amount of populous falling in the Generation X generation.
Not an impressive number AT ALL.
So, yes, per person the spending power will still be there just like with the Baby Boomers except that there aren't nearly as many of us to sell stuff to.
Drop down to the "lost in space" Millennial generation who have eyeballs glued to their iPhones and iPads all day, making actually "working" in any job environment a full blown joke, demanding things like "Peace Pods" so that they can zip themselves away from their work space to take frequent breaks from the "stresses" of answering the telephone and emails (even if they need a break every 20 minutes), and requiring "specialty" workforce "trainers" to help the normal folk (like us) figure out how the hell to deal with these people (the Millennials) INCLUDING having to hire "pep" consultants to keep these little shits motivated and happy all day.
I'll tell you how things are going to play out because it's already leaning HEAVILY in this direction:
1) Any company that manufactures ANYTHING will end up going overseas because (a) they won't have a large enough work force who actually wants to work or produce, (b) it's just TOO EXPENSIVE to make anything in the USA with increased wages, insurance requirements, regulations, etc., and (c) it's much cheaper and business-friendly in many countries outside of the USA.
2) Once the Baby Boomers all retire, our competent workforce will diminish down to us Gen Xers which, as I just explained, do NOT have the population size to replace that of the Baby Boomer generation, slicing the competent workforce down to about 25% or less. Yes, yes...I KNOW. Almost everyone knows that "one guy" or that "one chick" who is a Millennial who is a hard worker. So what? ONE or TWO isn't going to account for the necessity of needing MILLIONS of these people to get off their lazy asses and get things done without Peace Pods, pep talks by a "motivator" daily at their desks, or having to [GASP] stop looking at their iPhones for more than 10 minutes while trying to -- I don't know -- get some work done, perhaps? And you'd be hard pressed to name 5 Millennials off the top of your head that ARE hard-workers. (Even five aren't enough to make the world go around.)
3) Millennials aren't going to be able to qualify for the types of incomes needed to live in areas like Los Angeles, New York, or other high-priced areas. Many will move to smaller towns in places like Northern California, Oregon, etc. OR...they'll be living with their enabling Gen Xer parents forever because living out on their own will simply not be affordable anytime in their near future.
Tech jobs will always need Millennials. Yes. Millennials find these types of jobs easy, which is good. BUT...not all jobs are as easy as lounging around in a Peace Pod between making a few clicks of the computer mouse all day.
There STILL is a requirement for LABOR jobs, SALES jobs, and SERVICE jobs...many of which are completely UNDESIRABLE to the Millennials.
I remember reading an article about a company called Caterpillar based in Illinois who manufacturers construction machinery. Their biggest problem? Getting new sales reps. They stated that the average sales rep does somewhere in the low six-figures each year but they CANNOT get the Millennials to take these jobs.
Same problem with skilled workers like many of the construction trades. Can't get Millennials to want to pick up a hammer or turn a bolt.
Same problem with the car repair industry.
And on and on and on we go with this.
Those Millennials who ARE skilled in labor trades will make A LOT of money, especially those who have skills in both a labor trade AND technology (especially software). After all, somebody is going to have to service all of those robots flipping burgers at all the fast food chains when all the fast food owners decide that they're not paying people $15 an hour plus insurance plus sick days plus this and that for FLIPPING BURGERS.
So, if you DO have a Millennial in your midst, have him or her TAKE ON A SKILLED TRADE, ideally with knowledge of BOTH skilled labor and technology combined. Because, if you think about it, we'll always need people to build houses, fix airplanes, maintain computers, build and service windmills and other green power and, of course, treat people in the area of medicine (nurses, doctors, pharmacy techs, etc.). A skilled trade -- ideally with technology or software knowledge -- OR a career in medicine somewhere is the FUTURE for Millennials who want to get paid BIG BUCKS in a career. So the Millennial generation is all about LABOR and TECHNOLOGY.
If your Millennial isn't doing any of the above, just expect to support him or her to live in your basement sponging money off of you until you are given the gift of an escape (death) because that's just the way it'll be (if it's not that way for you already).
Then there's Generation Z (those born 2005 and after). This is my daughter's generation. I'm REALLY hoping that these kids pull it together because the Millennials are so freaking lost that it isn't funny. With my daughter, she already wants to be a teacher. Even though it doesn't pay a lot, I'm pretty confident that teachers will still be around in the next several decades. I do tell her to tell her friends to get involved in medicine and science, mainly to help us save our planet. Because curing cancer (and other diseases), bio technology (yes, blending BIOLOGY with TECHNOLOGY) and saving the planet is where the money will be in HER generation. So her generation will be about SCIENCE as well as LABOR (of course...when is it not about labor?)
If you're concerned about yourself and how you'll survive our upcoming recession (hitting most areas of the country in 2021) AND trying to get your Millennial on track with a much more solid future that CAN give him/her/them a cash flow for decades to come WITHOUT having to worry about a job, technology...or even being lazy: CLICK HERE! I have a solution for you, your kids and your grandkids to get you the income you want without having to figure anything else out.
CLICK HERE for a powerful video!
See you at the top!