Friday, October 27, 2017

Millennials and Travel

From Forbes:
In fact, instead of offering clarity or perspective, travel was just a distraction from the more pressing, albeit less fun, necessities of living a well-rounded life such as learning a trade, gaining key life skills, and developing an acceptance of delayed gratification. In other words, “adulting” became an unfamiliar territory.

I suggest millennials not feed into the existing stereotype of our generation and avoid being a living example of the Stanford marshmallow experiment. Instead, millennials should build their nest before they fly because otherwise, they are merely seeking reward without having put in the work thus returning home to an unstable foundation.

Earning an income while reaping the benefits of exotic locales appears to be the best of both worlds, but as a result, millennials are building less equity in not only financial investment but also social capital. While millennials save 36% more of their annual income than their generational counterparts, 63% admit they utilize their savings for travel, dining, and fitness rather than retirement or planning for the future as noted in Merrill Edge’s 2017 report.

In addition, millennials are not putting down roots but preferring a no-strings-attached, nomadic lifestyle, which can impede networking abilities and the curation of future job prospects. (Read more.)

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