There is no doubt that things have changed since Boomers were growing up. Things have changed since I (a Millennial) was growing up too. Generational shifts often bring about new perspectives and we realize that some of the things our Boomer parents passed down to us haven’t aged well. Whether they were giving career advice or informing you what you should expect out of life, much of what Boomers considered to be common knowledge has been debunked or reshaped. As Millennials continue to navigate life, it is important to remember that some of the lessons we were taught don’t apply anymore. Here are eight outdated myths you may have heard and why they don’t hold up today.
1. “Go to College, and You’ll Land a Great Job”
Boomers emphasized that a college degree was important. In fact, it was often sold to Millennials as a “golden ticket” to a successful life. While that may have been true when they were job hunting, a college degree no longer guarantees employment. It certainly doesn’t guarantee a high-paying job. There are countless Millennials loaded down with student loan debt and many of them wind up working in a position that has nothing to do with their degree. Additionally, the rise of gig work and digital careers has completely shifted the landscape. There are many paths to success that don’t necessarily involve a college degree.
2. “Buy a House As Soon As You Can”
Millennials were often advised to buy a home as soon as possible. However, the housing market today is volatile. Housing prices have gone through the roof, while wages largely stayed the same. Lending policies have also become more strict. Due to these problems, many Millennials are delaying or completely forgoing buying their own home. Many are choosing to rent or looking at more affordable living arrangements, like keeping roommates. Instead of spending money on a home, Millennials are placing importance on travel and financial stability.
3. “Stay Loyal to One Employer for Job Security”
Job-hopping can actually benefit you in your career. Although Boomers often told Millennials that job loyalty will pay off in the long run, many of us have found out that pursuing new opportunities can lead to higher pay and career growth. Additionally, the modern workforce has placed more value on adaptability and diverse experiences. Overall, Millennials have become more likely to move jobs to avoid burnout. We also know that loyalty to one employer doesn’t normally translate to stability. In fact, doing so could actually hinder progress in your career.
4. “Marriage is the Ultimate Life Goal”
Many Millennials are waiting longer to get married. While it was seen as a major milestone that often signaled stability and success, it’s no longer seen as the ultimate life goal. Some people are opting out of marriage altogether and choosing to focus on their career and financial independence. The notion that you have to get married to live a happy life doesn’t resonate with Millennials.
5. “You Can Retire Comfortably at 65”
Boomers often talked about the retirement age being 65. However, it is an outdated dream for this generation. Many Millennials know that that timeline is less realistic these days. The cost of living is on the rise. On top of that, healthcare has gone up and people are living longer. Retiring at 65 isn’t feasible for many people anymore. For most Millennials, savings for retirement feels like a distant goal and they don’t often make it a priority. Additionally, the traditional idea of retirement is changing. Many people are opting for partial retirement and working side hustles during their golden years.
6. “Just Work Hard, and You’ll Succeed”
The “work hard and you’ll succeed” mantra may have worked for Boomers, but success is more complicated than that today. Hard work is undoubtedly important, but there are other things that play a factor, such as networking, personal branding, and social connections. The rise of the gig economy also created new ways for people to succeed that doesn’t rely on corporate ladder-climbing. Of course, there are other things, like luck, privilege, and timing that can come into play too. Hustling 24/7 isn’t the only path to success.
7. “Avoid Technology and Social Media for Success”
For a long time, Boomers looked at social media and technology with a level of skeptism. They often warned us Millennials that technology would only serve as a distraction. In today’s world, you have to embrace technology to be successful. Social media platforms, such as LinkedIn, Facebook, and Twitter, have all become powerful ways to network and meet other professionals. This so-called “digital age” has created more opportunities to thirve and Millennials are fully embracing it.
8. “Invest in Stocks, and You’ll Be Set for Life”
Newer generations are more cautious about traditional investing. While Boomers often pushed the stock market as the best way to build long-term wealth, that’s not always the case. Millennials have seen the 2008 financial crisis, inflation on the rise, and overall economic instability for years. This has left many of us, myself included, skeptical about putting money into stocks. Instead, this generation is looking into alternative investments like real estate crowdfunding and sustainable investing. They are also focused on creating diverse income streams. Rather than just investing in stocks, Millennials are taking a more flexible approach to growing their finances.
Embracing a New Set of Values
Although all of the advice Boomers gave us Millennials was well-meaning, the world has significantly changed. As a generation, Millennials are redefining what it means to be successful. They are embracing technology, flexibility, and personal growth and shunning the “norms” that were impressed upon them growing up. This has enabled them to create their own paths to success and happiness. Really, the key to thriving today is being open to change.