QUESNEY 21 (Day 2): Money Conversations with Millennials and Post-Millennials
What qualifies a Millennial and a Post-Millennial? A Millennial or Gen Y is born somewhat circa the 1980s and mid/late 1990s, whilst the Post-Millennials or Gen Z is born around after 1995 or so. They both have access to advance technology, internet and social media is ingrained in their daily lives. However, the dates are still debatable with many sites citing different date ranges. Anyway...My work surrounds me with a bunch of young vibrant boys and girls...notice I say, boys and girls, because the age gap is frankly aggravating. At least for someone who could probably qualify to be their Mum if I thought of having children earlier. At least they keep me young! On the plus side, most people will probably think that I am only slightly older than them just because of their age.
So every Monday we meet together as a team for our weekly sales meeting. During this time I catch up with them in terms of their numbers, activities and performance over the last one week. One of the main highlights of the meeting is the sharing of business news that is related to our industry & business environment in general. We also have a segment where we look for our clients in the news and a final segment where they are free to share anything that resonates with them. It could be a motivational article, a story, a personal achievement...you get the idea right? Ironically the person sharing yesterday touched on a subject that is close to my heart - PERSONAL FINANCE!
She asked a series of 17 questions to determine whether you were a "GOOD SAVER"
I will list three that garnered some reaction from my team. Some answers were borderline ludicrous whilst others were downright hilarious!
Q1: Do you know the difference between your wants and needs?
Answer 1: I need a handbag because my current one is too heavy but I want a Burberry (don't you already have a handbag?)
Answer 2: I need to eat but I want KFC
Answer 3: I need Starbucks coffee...
Q2: Do you prioritise savings?
Answer 1: Yes! I save all my salary and then a month or two later will withdraw and use it if necessary
Answer 2: Yes I have an automatic insurance savings plan (insurance = savings? Hmm...I wonder...)
Answer 3: I have many bank accounts so will use the others first and if I don't have money then I will withdraw my salary. (???? ok I was totally thrown by this answer too...)
Q3: Do you look for the best deals?
Answer 1: No
Answer 2: Only if the shops are nearby each other
Answer 3: What deals?
Don't get me wrong, they are not "one fry short of a Happy Meal" sort of people, in fact, I work with young people who are smart, bright, full of motivation and life! They just don't think that financial literacy is important or necessary. They happily go from paycheck to paycheck without a care in the world. They walk into the office nearly every day with a cup of Starbucks in their hand like a trophy of recognition. They have parents who provide them with a beautiful roof over their heads and food on the table every day.
I just could not cover everything last night but I did advocate understanding, more importantly, the changing of their perception and attitude towards financial matters. This is crucial for them in time to come. I shared with them my personal belief that recognising what is most important to you is key. It is not just about money, it is the idea that you are actually exchanging TIME which is a finite resource for some temporal and unimportant can be mind-blowing. It brought to my mind again the youtube video that made that paradigm shift for me. Go watch it! Type in the search bar "wisdom from the world's poorest president" His name is Jose Mujica. It is a short 1 minute 26 seconds video.
Excuse the grammar and spelling errors if any (my Grammarly doesn't seem to want to start up today). I had about 4 hours sleep last night because of Day 1, plus I forced myself to write during lunch hour with this for brain food!
So what's your take on personal finance? I would love to hear from you in the comments below!
So what is QUESNEY21? @joannewong and I are challenging each other to create great content for the next 21 days. Starting 26th of March and ending on the 15th of April. We needed the discipline and motivation that comes from being accountable to each other. Tell us if this is interesting to you, do you think you could benefit from your own QUESNEY 21?
Check out the other postings for this challenge:
QUESNEY21 (Day 1): Strangers On A Train
Quesney 21: Compilation of February 18 Meet-up Part 5
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Interesting article. I believe I'm a 'Xennial' - those born around '77 to '83! I guess pretty similar to millenials…
Hey @adambarratt, thanks for dropping by. I am actually a Xennial too...or better known as Gen X. Really? Why do you say similar? Would be really interested to hear!
'Xennial' is actually a term used to describe those between Gen X and Millenials (the name is a mixture of the 2). I just meant that Millenials and Xennials are from a very similar era, just a few years difference…
Thanks for that! Didn't know that there was something in between x and y. No wonder I am so confused sometimes. Hahaha!
I only recently heard it myself. I think they just made it up as there was a 'microgeneration' that didn't quite fit with either side. I'm not really a fan of all these labels anyway but fun to watch! ;)
I want Steem Power. I need Steem Power.
Good practice with the team, though. I always believe questions are a great way to stimulate thinking and reflection. :)
I know right? Me too! Me too! Steeeeemmmmm Powaaaaaaaaaa
I NEED STEEM POWER! I WANT STEEM POWER!
hahahahahaha.... this comment thrown me off. @maverickfoo you have my upvote!
This is a topic that really interests me, I too am surrounded by young millennials. Some are very mature and most aren't. Frankly speaking, most of us weren't mature when we were in our early 20s...
Few things I always come across is this:
Hey @orangila thanks for the comments! Really appreciate the thought that you put in! No we weren't quite that mature when we were in our 20s but for me anyway, it was a lot different compared to now. I still have to pay for my own stuff and frankly going to Bank of Mum and Dad wasn't really an option!
Yeah... money and income is not only the issue here, but security is. Case and point, for a fresh graduate who use public transport and share a room with a friend have disposable income of RM1500/month after all the expenses. If he spend all of his disposable income and none on security like saving/investment/insurance, he will be okay until something happens to him or his family.
Years ago, I felt sorry for them. Now, I would just educate them and then let them be. Too many times, I have met youngsters who bought high end phones and luxury bags when they are young. And when they meet incidents where they needed money, they would come borrow money from me.
Yes I do agree with you that most of them have no savings and investment. Oh dear! Indeed you don't think of these things until something happens. In fact when I ask some of them in my office, their eyes kind of glaze over and "investment?" Hmm...I love personal finance...looks like this is garnered quite a bit of response and feedback that I think I can continue to write on! Thanks Chris!
I totally have to agree on your remarks. Throughout my years working I have saved to continued my studies (without a full study loan), I have also saved up and travel.
There was a time when I lived from paycheck to paycheck is when I was repaying my last 10% of my student loan, car loan and also settling my mom's hospitalization fee (because she was not insured)
But never really on starbucks and constant KFC or other fast food (unless once a month craving) haha.
Definitely not like @khimgoh has said as a trophy of achievement for the day.
@littlenewthings you and me same same! There was a time that I lived paycheck to paycheck simply because of the salary amount. Can you believe that my first job salary was RM1100? hahahahaha
well, my first salary as a junior programmer was only 450 back in my hometown
And I thought my first salary at RM800 back in Penang was bad. Gone are the days when I can buy a plate of Char Koay Teow for 50 cents at my school canteen
Those were the days lar. Before inflation kills the entire country.
hmm...or rather donation..opppss..corruption 😜
I think I NEED Steem Power. Essential and critical :P
It is always good to have discussions about financial literacy and understand about cash flow and sustainability. Need and Want, could be an understanding of asset and liability. One that can continuously generate $$ into your pocket (or in other forms like knowledge or bring in more sales like cosmetic ke haha), then another one takes money away from your pocket.
@kimzwarch hahaha yes! IThat is a good one! Yes, the understanding of asset and liability these days are a little wonly ! It is also the consumerism mindset that is plaguing us nowadays!
Ooh! I love Tam Tam too! I think age is not a way to measure maturity... And in school, we are not being taught on this subject...
What I NEED? What I WANT? Not many can differentiate this two...
But it's really important to let our little ones know and understand the difference.
How to earn? How to save? How to invest? Also very important lesson to be learnt too.
@elizacheng next time we meet for coffee or makan I will bring a big pack and we can whack! Yes it is really essential that our children understand the importance of personal finance because as I mentioned it is more than just money! It is TIME! I am definitely going to write more about this! Thanks for your thoughts!
👌🏻
@chloephuan93 , you and your YAs definitely should read this and see if jie jie @khimgoh is right or not
Yup I am really open to discussing this! Anytime!
Just to update you @khimgoh , there IS a kind of "insurance-saving" exist in the Insurance sector.
Because of my journey acquiring my very first home after such a long time , I have found out that some insurance packages actually acts like a "forced savings cum insured coverage" for you. You can technically withdraw it (not all though) for emergency use while still have the insured benefits.
And that was what I did to take out some to cover my down payment.
However, this draw back is it doesn't really have a high yield interest because part of it would have gone to the runner fees, so your insured cash value might not be as much as you have pumped in from day 1.
Hi @littlenewthings yes I know that there is insurance-savings however, I really believe that insurance is really for protection plus like you said you can't withdraw without losing out something. This is very good to start with but I personally feel that it is essential to have cash savings! I can tell you good opportunities come when you do!
that's very true but the a lot doesn't realise it can be an emergency buffer, and they do not need personal loan or turn to along when they are stuck with no obvious options (like savings).
But never the less this set aside should not be their first choice.
Oh yes.. I have savings that bleed after every paycheck i get. Modern world and savings just dont mix. It takes tremendous amount of composure with all the gadgets and trendy accessories to save some money nowadays.
Hey I feel you. The consumerism mentality is crippling a lot of people. Hopefully we can bring about more awareness the understanding that we don't need as much as we think!
Firstly I want to high-5 with you because of the Tamtam. it is from my son's snack also hahaha.
Personally, I need more SP also. and i also buy a saving plan from Great Eastern through @denion. if dont save somehow will use the money one.
And you really look as young as them. 😊
Yay! High 5!! Thank you so much la you made my day!! 😍😍
I was just having Tam Tam today too. Great post on how we view personal finance with just a little age gap.
Go go, @khimgoh on your Quesney 21!!!
Thank you for your support @happycrazycon! Today only day 3 someone reminded me got 18 days to go!!