BLOG 12: BABY BOOMERS VS MILLENNIALS
I just attended a gathering on the above subject and was amazed with the content of the speech, practically discharging Baby Boomers as irrelevant and gave many kudos to the Millennials.
What was funny about this discussion was the audience was a mixed-bag of both generations much like my client base and inquiries, some of which have become prospects, hopefully turning into clients at some point.
I find that both generations have their own agenda; the millennials, want to be the next “Zukerman” and the baby boomers are trying to figure-out how to CONTROL THEIR OWN DESTINY, especially witnessing their friends, and in many cases themselves, being laid-off or passed-up for a promotion or just being fired at the age of 50/60 with minimal prospects for an honorable job, unless they take an under-qualified position, which is more demeaning than no job, if it were not for the need for cash flow.
My client base is across the broad spectrum of ventures including a millennial, who as we would expect, developing an App for car repairs, a mid-lifer with an ingenious fully granted patent to preserve foods, a retiree fulfilling a life ambition to have an effective teenage addiction prevention website, a senior widow, who is part of a group trying to raise money to take a stage play to Broadway, a patent pending cancer detecting vest designed by another mid-lifer, plus a group of middle-aged men and one women looking to buy companies for themselves as a hedge against the likelihood of what I referred to in the above paragraph, being downsized et al out of a job.
The dilemma for professionals like myself is that the millennials have the smarts but no cash and consultants have little choice but to take on these projects as a Success Fee, no retainers or find individual investors from the venture community and in some cases from the baby-boomers looking for that “Pie-in-the-Sky” retirement goldmine.
The other areas of concern are the experience factor. The millennials have very little and the baby boomers have plenty, which begs the question, how do we or can we merge the exuberance and youth of the millennials with the professional baby boomer?
This is what we also do at Mitchellette and Associates, that is, link the two generations together into an awesome team, promoting the idea of the millennial and the experience of the baby boomer and his/her financial resources.
Much has been and will be written on this subject but the bottom line is a more concentrated focus on merging the two forces together. Quite often, I even find myself taking on pro-bono assignments to help both generations, depending on the arrangement. Even in the preliminary stages when I am being interviewed, I often find myself giving more advice than necessary, without compensation, as part of the “Goodwill factor” or just the “give-back” factor.
I have been writing several Blogs on RETIREMENT so my advice on the title subject is for both generations to connect through various Meet Up groups and other networking events whereby the millennial is the aggressive party intermingling with the more adult generation forming a productive association and/or connecting with us (www.ronaldmitchelletteandassociates.com).