“I Deserve a Raise” – Working Less and Spending More
Deserving spending? At this rate, we are definitely living in the post pandemic twilight zone.
This is the show notes for Episode 50 (<– listen here).
Beyond mental health, the next major threshold falls to money. It’s either we need more of it, can’t manage it or just want to spend it.
By most account, the average Americans consumers are stereotyped as a selfish, impulsive, highly indulged bunch.
More so than other age groups, Millennials has been shown to splurge on restaurants, spa days, wine and traveling. It’s an expensive lifestyle that creeps up. With dating life extending well beyond our 30s, it is easy to think that we can afford it all. Unfortunately, we are merely trading key life milestones for more Netflix and yoga.
On top of that, millennials and gen-z are hyper focused on on their own workplace needs rather than on-the-job performance. One too many turns at doom scrolling on social media. The craziest part is that inflation is steadily rising and fears of recession is mounting.
This is going to hammer the “entitled generation.”
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Wait do you really deserve a raise?
Some people do. While others are just spending way too much money.
But if we were all being honest with ourselves, we know that our productivity is mediocre at best. Contrary to what social media says, companies often give raises to employees who work hard, provide value to the company and show potential for future growth.
Your bosses see that in your day to day performance and communication. Phoning it in is still phoning it in, and people notice. Before you ask for a raise, it’s important for you to be able to answer “Why do you deserve a raise?”
Here is Indeed.com‘s reasons why you may deserve a raise:
- You do more than your job requires
- You show initiative
- You’re reliable
- Have you been developing new skills
- Are you mentor other employees
- How do you contribute to the company’s success
- You have a positive attitude
The Entitled Generation Indebted with Spending
BlackRock president Rob Kapito said that this entire generation has yet to feel the full brunt of a fiscal collapse. From shortages in goods and high cost of living, the “scarcity inflation” will be difficult to manage if you aren’t resourceful.
“For the first time, this generation is going to go into a store and not be able to get what they want,” he said. “And we have a very entitled generation that has never had to sacrifice.“
These implications are massive. Are we entitled to the results that we dream of or is the American dream really dead?
Millennials’ Spending Power Is $2.5 Trillion
According to data shared by Statista, in 2020, there were 72.26 million millennials in the United States.
As of January 2020, the spending power of millennials was estimated at $2.5 trillion annually by YPulse. The average American household spends close as $60,000 per year. Millennials are likely spending $4,000 per month.
But there is an issue. The average millennial only brings in $52,000 per year which leaves no room for saving for the future or a home in the budget. Instead of shifting toward better cash flow, most are spending way more on credit.
As of February 2021, more than two thirds of millennials (70%) indicated that they planned to spend more on leisure services and products to treat themselves. To put this in perspective, only about 33% of baby boomers planned to indulge themselves.
Overall, the average millennial carries about $28,317 in debt, not including mortgages, according to Experian’s 2021 State of Credit report. When including mortgages, millennials’ total debt averages $255,527 per person.
So is do we deserve a raise just to spend it?
Well that’s hard to say.
First we have to be honest about our priorities. People have money but aren’t necessary great at spending it wisely. It creates a need for a raise and build resentment which ultimately leading to higher spending.
No matter how the cookie crumbles, it’s best to learn how to play the current cards. Here are some S.M.A.R.T.E.R book recommendations that can help with your cash flow issues.
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