Tuesday, May 8, 2012

What is some advice for the younger generations?



Plan for the long run. Save money while you are young. Teach yourself the discipline to save 5% of your salary toward the long term. You may think your earnings will continue on an upwards trend. In reality, your earning potential will peak and begin to decline after you turn 45, unless you are really fortunate.

Use more technology and be current in your skills. Constantly update your skills – don’t wait for a job or your boss to plan your professional development or update your skills. Stay current and learn new things.

Make the effort to connect with people regularly and have conversations in your chosen career and industry, and also in other industries where you have interests. Keep building your network. Leverage social media through LinkedIn, Facebook and Twitter.  

Create a new American Dream for yourself. Recessions and depressions will happen again. It’s very cyclical. Look at the other decades. Life is important, build relationships where people reach out and really help each other. Stay in touch with your network. Pay it forward and help someone.

Count on the need for a rainy day fund and build one. Be careful with spending frivolously and understand financial risks. Don’t want too much “stuff” and don’t overspend your lifestyle.

And remember, your identity is not your job, your identity is you.

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