A study shows that Millennials are earning 20% less money than previous generations - here is why, and what you can do about it. Enjoy! Add me on Instagram: GPStephan
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CNBC says that, because many millennials entered the workforce during the Great Recession, they started out with lower salaries than they would have made otherwise, and that’s a big reason for this pay drop.
And as it turns out, those early years of developing a career are instrumentally important for building up your income…it was found that, during the first 10 years of work, people experience 70% of their overall wage growth - and entering the workforce a time of recession, led to an average of a 9% loss of income right off the bat.
https://www.nber.org/digest/nov06/w12159.html
Glassdoor surveyed each job across various industries to come up with the the careers which paid the BEST and were growing…and those which paid the LEAST, and were declining…and what they found was interesting.
https://www.glassdoor.com/research/wage-growth-jobs-report-august-2016/
The job titles which had the most demand, highest job growth, and highest salary increase, were those of specialized industries…namely, sales, nursing, financial advisors, and developers to name few. And those careers are also seeing the highest growth in populated cities - which, just happens to be where economy is leaning, and where job growth is most competitive. .
Next: WAGE GROWTH
If we look at hourly earnings since the 1960’s…we can see that our wages haven’t really changed, adjusted for inflation…while the price of EVERYTHING ELSE has been going up much faster.. Meaning…millennials are effectively earning “less” for doing the same work.
https://www.weforum.org/agenda/2019/04/50-years-of-us-wages-in-one-chart/
First, it’s no surprise more people are entering the workforce - that means employers can be pickier about who they hire, and pay LESS because there are MORE people wanting the same job. This competition means employers don’t NEED to increase salaries, because they have no problem filling those positions with people willing to work.
Secondly, education: In fact, the value and earnings of a college degree seemed to have peaked in the late 1990’s…and since then, it’s seen a very slow decline given the cost of skyrocketing education, and the lessened value as it becomes more common. This could be the reason why we’re more educated than ever, but not seeing as high of a monetary return as we “should” see.
https://www.epi.org/publication/charting-wage-stagnation/
Third, during a recession, employers are often quick to cut and decrease salaries…but during the GOOD TIMES, they’re much SLOWER to raise them back up. And again - the data backs this up, showing that we’re just NOW getting back to the point we were at…10 years ago.
https://fred.stlouisfed.org/graph/fredgraph.png?width=880&height=440&id=MEHOINUSA672N
There are multiple studies that have shown that people who switch jobs every 2-3 years make nearly 50% more than someone who stays with the same company.
https://www.forbes.com/sites/cameronkeng/2014/06/22/employees-that-stay-in-companies-longer-than-2-years-get-paid-50-less/ #6b8e42c1e07f
So given that, if you find yourself making less money than you’re happy with - consider switching jobs and looking elsewhere - and that might help give you that 20% pay boost to make up for that sad statistic.
So given all of that, your highest chance of earning more money is to specialize in a field that’s IN DEMAND, where you’re GOOD at what you do, and make yourself difficult to replace. The job market DOES reward talent, but it DOESN’T reward loyalty…so switching companies is often the BEST way to make more money, and sharpen your skills as necessary. In addition to that, consider re-locating to areas which pay more - those happen to be bigger, metropolitan cities…but, in terms of which areas are paying more than others…the results are pretty evident.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
The YouTube Creator Academy:
Learn EXACTLY how to grow an audience, rank videos on the front page of searches, build your brand, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1000): https://act.webull.com/k/Vowbik9Tm5he/main
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
My second channel:
http://www.youtube.com/c/thegrahamstephanshow
CNBC says that, because many millennials entered the workforce during the Great Recession, they started out with lower salaries than they would have made otherwise, and that’s a big reason for this pay drop.
And as it turns out, those early years of developing a career are instrumentally important for building up your income…it was found that, during the first 10 years of work, people experience 70% of their overall wage growth - and entering the workforce a time of recession, led to an average of a 9% loss of income right off the bat.
https://www.nber.org/digest/nov06/w12159.html
Glassdoor surveyed each job across various industries to come up with the the careers which paid the BEST and were growing…and those which paid the LEAST, and were declining…and what they found was interesting.
https://www.glassdoor.com/research/wage-growth-jobs-report-august-2016/
The job titles which had the most demand, highest job growth, and highest salary increase, were those of specialized industries…namely, sales, nursing, financial advisors, and developers to name few. And those careers are also seeing the highest growth in populated cities - which, just happens to be where economy is leaning, and where job growth is most competitive. .
Next: WAGE GROWTH
If we look at hourly earnings since the 1960’s…we can see that our wages haven’t really changed, adjusted for inflation…while the price of EVERYTHING ELSE has been going up much faster.. Meaning…millennials are effectively earning “less” for doing the same work.
https://www.weforum.org/agenda/2019/04/50-years-of-us-wages-in-one-chart/
First, it’s no surprise more people are entering the workforce - that means employers can be pickier about who they hire, and pay LESS because there are MORE people wanting the same job. This competition means employers don’t NEED to increase salaries, because they have no problem filling those positions with people willing to work.
Secondly, education: In fact, the value and earnings of a college degree seemed to have peaked in the late 1990’s…and since then, it’s seen a very slow decline given the cost of skyrocketing education, and the lessened value as it becomes more common. This could be the reason why we’re more educated than ever, but not seeing as high of a monetary return as we “should” see.
https://www.epi.org/publication/charting-wage-stagnation/
Third, during a recession, employers are often quick to cut and decrease salaries…but during the GOOD TIMES, they’re much SLOWER to raise them back up. And again - the data backs this up, showing that we’re just NOW getting back to the point we were at…10 years ago.
https://fred.stlouisfed.org/graph/fredgraph.png?width=880&height=440&id=MEHOINUSA672N
There are multiple studies that have shown that people who switch jobs every 2-3 years make nearly 50% more than someone who stays with the same company.
https://www.forbes.com/sites/cameronkeng/2014/06/22/employees-that-stay-in-companies-longer-than-2-years-get-paid-50-less/ #6b8e42c1e07f
So given that, if you find yourself making less money than you’re happy with - consider switching jobs and looking elsewhere - and that might help give you that 20% pay boost to make up for that sad statistic.
So given all of that, your highest chance of earning more money is to specialize in a field that’s IN DEMAND, where you’re GOOD at what you do, and make yourself difficult to replace. The job market DOES reward talent, but it DOESN’T reward loyalty…so switching companies is often the BEST way to make more money, and sharpen your skills as necessary. In addition to that, consider re-locating to areas which pay more - those happen to be bigger, metropolitan cities…but, in terms of which areas are paying more than others…the results are pretty evident.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
Tell it like it is its because they partied out their 20s and woke up in their mid 30s😢😢😢😢
They are lazy, internet is more fun, gaming takes up all they’re time. Mom and dad controlled the purse string. They got $15 an hour at McDonald’s, pot costs a lot too, and you have to get out of the house to look for a job. Our purchasing was up until we got the retard in office,. Brandon. And your income has dropped into the toilet, after all the Antifa crap and BLM , trans and other crap no one will hire these losers.
The capitalist class take it all, and working class the leftlovers
Disliked because of the sob sob begging to " smash" the like button .
Greedy Boomers, the end
Aren’t millennials who skipped college and went into the trades making six figures, buying houses, and have little debt?
I got a AS in website to work at a newspaper in 2009 i work in manufacturing lol i payed off the 10000 loan in 2017 so i am a worker bee it is what it is i was the fist one in my family to go to college
i literally just did an essay on wage stagnation
24 y/o here. I got a 50 cent raise at my data entry job. It's menial work but I've never worked a data entry job that paid as low as this one, and I've seen online that other companies are starting to pay LESS for these jobs.
Hi.. thank you for the video! I love how you also put descriptions and the link for the articles!
🙋♀️
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Job hoppers=more loyal=somethings wrong with that study.
If you dont make enough quit and go somewhere new and haggle for your starting salary get a higher amount to start and you won't have to beg for it later.
Many millennials myself and all of my friends included have the boomer mindset of getting one job out of college and that's it they're set for life. This hasn't been true for decades now companies don't care about you they wont reward you and they won't be loyal to you when push comes to shove. If you aren't happy with your job quit and go somewhere else. Stay there until you aren't happy again (within reason don't have 12 jobs a year) then move to the next company. Why stay 5 years making a 3% raise a year when you could leave after three and make 10% more instantly.
When Graham says wage stagnation and reminds me of Alton Brown
It is important to consider cost of living when moving for a new job. A college instructor mentioned as an aside to the class that a friend/peer of his was offered a higher paid position in another city but, as an engineer who is competent at math and research, calculated that his standard of living would not be noticeably higher with the higher paying job in the more expensive metro area.
lol this video got severely aged by COVID-19's economic impacts ngl
Your voice and body language are SO ANNOYING.
I work in an industry, and in a city in which a college education often hurts you. Many companies around here dont hire people fresh out of college. New college grads bring a lot of problems including a whole lot more HR problems for the most part and a lot of employers dont want to deal with the perceived "whining" that millennial crowds tend to bring. Nobody talks about this in videos like this.
The company I work for doesnt hire under 25 and only hires people that have been out of Uni/College for at least 5 years. We arent the only company around here that operates under similar guidelines.
Boomers *sitting on top virtually no student load debt and affordable middle class housing right out of college "But you guys have iphones"
To many grads and not enough good jobs. Its that simple. No wonder most people are broke.
I am a job hopper—the longest I've stayed with a company was a little over two years. I can attest to the whole switch-jobs-for-higher-pay concept. My previous company paid me 18k ($371) per month, but my current company pays me nearly 39k ($800). 😎
Two words, "Corporate Greed".
Me as a millennial educator…we just never get paid well because our country doesn't value educators.
did he just say job hoppers are more loyal????
Your summary is crazy accurate. I lived it. I'm a graphic designer. I'm not the best but I do find my self to be above average, very versatile in my skillset as well. I stayed loyal to two companies for far too long and barely saw growth. After switching jobs (at least after a year) when a new or better opportunity arises i jump at it. I also keep a good relationship with previous employers to the point where they are reaching out now (during covid) because they need help with projects. Not a brag, just advice… in the work force, look out for you, but be kind 🙂
I was told by someone once. "No matter how much you make, there is always a forklift driver somewhere who makes more then you."
Hmm… annually I make more money than my dad and I have been working for around 2 – 2.5 years now, versus my dad who have been working from 1992. I guess I'm a lucky millenial and I should stop taking things for granted.
$1 homemade starbucks
Take your leftover foods
Mix in cinamon and sugar
Crockpot them
So you're saying a millennial (Talking to you specifically, Since you claim you are one) Who is a real estate agent makes less money than myself being a Gen Z And will (Soon) Make 60k a year working at a tool manufacture. Hm I'm not understanding this, And so shouldn't you.