Friday, September 20, 2019
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What Can All of Us Learn from The Millennials

The millennials have often been unjustifiably labelled as the self-entitled, self-absorbed, self-gratifying generation – and we’d like to defy this definition.

We strongly believe that the millennials are our new breed of leaders. This generation thinks outside the box, pushes boundaries and experiments with the unknown. If the baby-boomers and Gen-Xers try to hear them out and understand their way of life – they can learn a thing or two from them.

1. Embrace Change

Many opportunities will come along in life and if you are stuck in a preconceived idea of what your life should look like by old-school societal standards, you’ll miss the exciting things that come along.

Technology and the way our daily routine is conducted evolves at the speed-of-light. Millennials have an advantage because they welcome change. They are always excited about what’s next -> Snapchat? Snapchat glasses? VISA Paywave? Digital wallet? Digitized coupons?

If Boomers learned how to embrace technology the way millennials do – they’d know how living and thriving in a cashless society will soon be inevitable, and paying for meals and bills with your smartphone is going to be a norm within the next few years!

For example, Korea is already aiming for a ‘coinless’ society in year 2020. Countries like Belgium, Canada and Sweden have witnessed the broad usage of debit cards and digital payments; further movement away from cash continues to come slowly through corrosion of cash share of low value payments and emerging solutions for payments using smartphone applications

2. Work smarter, not harder

Millennials are masters at multitasking and side-hustling, flourish in fast-paced environments and live by the ‘time is money’ mantra. They are firm believers of work-life balance and do not yearn to live a 24/7 cubicle-cloistered life. Click here to read.

Instead of working 2-3 jobs a day or burning the midnight oil just trying to complete one assignment, like their predecessors – they can multi-function in one space, monetizing skills they have, and co-share work projects with like-minded friends.

You’d find a freelance graphic designer who could churn work for 4 different clients in one week without burning the midnight oil; you’d find someone who would seek out crowdfunding platforms for smart investment, you’d find someone using referral tools readily available over the web to generate side income, with just a few taps!

3. Seek experiences, not tangible goods

We recently read an article about how millennials should sacrifice some comforts in life to afford a house by age 30 – namely, gourmet coffee and avocado toast. As much respect and admiration as we have for these self-made millionaires and early retirees, the happiness index is a very subjective matter. What if millennials equate happiness to positive experiences – and having meaningful conversations with friends and family over avocado toast and latte is equivalent to a positive experience in life.

Instead of loading up on material goods, such as a big house or fancy car, millennials are more likely to spend cash on experiences. They’d have the gourmet coffee, but save on it with digitized coupons; and they use different mediums to pay so that they’d earn rewards and cashbacks, that helps them save more in the long run. Click here to find out how you can save with Kiple’s payment system.

They’d go for a sabbatical leave in the USA, but find ways to save on accommodation and still have the fullest experience via Airbnb, Coach Surfing and Traveloka. That’s something boomers might want to emulate to some degree.

Not only can buying tangible items in your bucket list drain money from your wallet, those possessions may also come with expensive maintenance costs, and lead you into a long-term debt – a long-term debt that takes a few generations to resolve.

4. The Sharing Economy

The sharing economy can save you cash. The millennials have quickly adapted to services like Grab and SpeedRent to replace material possessions such as cars and homes. You could leverage technology and gain access to the same things, and still have the same quality of life.

Thanks to the sharing economy, people can sell and buy everything at a fraction of the original price – from clothes to cars through websites and apps. Plus, social apps like Carousell and Mudah make it easy for people to connect with others locally and trade/buy goods.

5. Learn fast

Our rapidly evolving world requires new skills every day, and to acquire these new skills, you need a new skill: learning quickly. Gone are the days when you spend years developing a new skill in the workplace, or taking a break for 2 years just to enrol into a university to gain an additional diploma certification.

The millennials ride on the digital platform to acquire new skills during the unused hours of the day. They’d spend their down time studying for Google AdWords certification; they’d learn how to code over the weekends to keep up with the demands of the workforce; they’d even wake up in the wee hours to catch a webinar conducted on the other side of the world to further enhance their knowledge.

With a diversity of experiences and a wide social network, they will always be on an employer’s radar of ‘people to hire’. In the end of the day, jumping in with both feet is always the best way to learn.