As we celebrate the anniversary of our nation’s Declaration of Independence, I wanted to quickly share this excerpt from an article The Millennial Definition of Success by Adam Nash, CEO of Wealthfront:
Increasingly, as I talk to Millennials, some of whom who have found early success in their careers, and others who are just starting out, I hear the same things. This generation overwhelmingly associates success with control over who they work with, and what they work on. [...]
Wealthfront now has over 12,000 clients, and most of them are under 35. What I find striking is that, overwhelmingly, with every success in their financial lives, these young people seem to immediately focus on using their success to gain control over their careers. They don’t seek to optimize for title, or financial reward. Instead, they increasingly use their success to effectively fund the ability to work on a product they believe in, an organization they want to be part of, and a leader they want to follow.
I’m not even a Millenial and these attributes are not restricted to those born after 1980, but I think it is a good observation. Wealthfront is one of many automated portfolio management sites competing with each other, but I think their relative success is mostly due to the fact that they “get” young, smart, tech-savvy workers. (Not by accident they are often the ones with lots of money to invest.)
Perhaps money is better viewed as a tool than can help you now rather than a way to avoid being broke at some point far off in the future. Being wise with money gives you options. Money is freedom. Money is control. Money is independence.