• Cynvestor

Millennials cannot expect to lead similar lives to their parents

Updated: Jul 3, 2020

One of the main reasons I got started in investing last year was mainly because after I got my first job out of university, I quickly realised that my life is in no way going to be similar to my dad’s. Not taking anything away from the generation before us, who had challenges of their own, millennials grew up hearing about concepts such as retirement, pension, property etc. This was during an era where you our parents could work long term for 1 company and rely on them for a steady pension. Another support would be from the government in terms of the social programs (though this really depends on where you live). But when I got my first job, I realised that none of this is available for me and I am completely on my own. I live in Singapore, which is a first world country and our government does have social policies in place. However, I am sceptical if I can rely on the government to help me out when I am old.

A great article on Yahoo Finance, Boomers vs. Millenials: A Look at the Financial Gap Between Generations (https://finance.yahoo.com/news/boomers-vs-millennials-look-financial-201000886.html), highlights this quite well. To summarise its main points, the article lists how millennials are worse off than the Baby Boomer generation.

Because of the above reasons, our social behaviour is changing. Millennials are putting off marriage and starting a family. Most of us are living with our parents longer. Generally speaking, all of our life milestones are put on hold, due to the financial reality we are in.

So what does this all mean? It means that those of us who are newly entering the workforce cannot look at our parents’ behaviours and follow them to achieve financial freedom. It is a totally different game for us and the first step to succeeding financially in today’s time is to first acknowledge that we are living in a different time and require different strategies. I do not claim to know what the winning formula is, but I do hope I will find it.

Hence, for my first post I just wanted to laydown my motivations and the purpose of this blog. I hope that one day I will be able to look back and see some successes, but more importantly learn from the mistakes that I have made. Along the way, if I do find the winning formula, I hope to share this with anyone who is reading it, because we millennials are naïve after all right?

I will be sharing my investment portfolio and the strategies that I am looking at. Any sincere feedback and input is appreciated.

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