Common Millenial Money Myths Debunked | Chris Guillebeau

0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:10What do you think most millennials are dealing with right now the most when it comes to money? They're not making enough money, actually.

0:17Chris Guillebeau:That's the root of the problem. And so maybe some people are overspending, maybe they need to learn more about investing. Fine, but those things are marginal, I think. If you have a lot of debt and you don't have a high income, you can stop buying lattes, right? You can, you know, be frugal and never eat out and all this kind of stuff. And discipline your life. Yeah, it's not bad to do that. But are you going to solve the problem if you're$30 ,000 in debt or$50 ,000 in debt? They're also entering this job market, which is a lot different than, you know, a job market even just a generation ago or even a decade or two ago.

0:47Chris Guillebeau:That job market is not going to provide them with high paying jobs that, you know, will provide the security for a long period of time. So they have to do something for themselves. Why are there not high-paying jobs out there for people that are just graduating? Because there's a lot of people just graduating. Right. Right. There's a lot of people just graduating. The world has changed. The economy has changed. It's not that there are no high-paying jobs, that there are no good jobs, but I think job security has changed quite a bit. And so when I hear about millennials or Gen Z being kind of, you know, there's a stereotype of like being unreliable or like disloyal and stuff, I think, well, they don't trust the system, right?

1:21Chris Guillebeau:Because the system has let them down. and they're the ones who have borrowed so much money because they're told this is what you have to do. You can't get any job without a college degree or without whatever the prerequisite is. So they do that, but then they're entering a system that's not looking out for them. No wonder they're cynical and skeptical. But even though you're cynical and skeptical, you still have to solve the problem for yourself. What about with people that are like, well, I'm just not a money earner. I'm more of an artist. You know, I'm more of a thinker, a planner, but I don't want to think about making more money.

1:48Chris Guillebeau:I don't have that skill set. What can you do to learn how to earn? Get away from this model of quote unquote being an entrepreneur because a lot of people don't relate to that. They don't connect to that. They feel intimidated by that. They watch shows, you know, Shark Tank, great show. It's all about essentially begging people for money. You know, it's like I need somebody else to come in and give me their approval, you know, their investment, their capital. I can't succeed in my business without this investment. There's all kinds of people all over the world who aren't taking any capital. They're not going into debt.

2:17Chris Guillebeau:They're not, you know, spending on their credit cards. They're finding a way to, like, start their own little business. The first step is this skills inventory. What am I good at? What am I really good at? Skills inventory. Yeah, not what am I passionate about. What am I good at? Everyone is an expert at something. That's what I believe. Everyone is an expert at something. Whether it's a hard skill, you know, like engineering or coding or something, or it could be, like, a soft skill. I think a 22-year-old has a lot of life experience, And it's whatever they have learned through their education, whatever they've learned through their job, but also just in their life.

2:46Chris Guillebeau:And like if they're playing Destiny at night, whatever they do with their friends, whatever their friends are asking them about, like they're an expert in something. I really believe that. So there's got to be a way to like pull it out and transform and adapt it. And the answer is not like go get your MBA, right? That's not the answer. Go spend two years, more money to find more skills. And to learn how to be a middle manager, you know, in a Fortune 500 company, which is that's what's going to show you how to do it. If you've never made any money for yourself, it actually can be very empowering to make a small amount of money.

3:12Chris Guillebeau:It feels great. I mean, you know this, right? You can make 50 bucks in a day, 100 bucks a day. It's like you became an alchemist and you created something from nothing. Right. So you don't have to do the MBA thing. You don't have to create my company. It's not about your company. You need to make money. Don't start a company. Don't worry about a logo. Don't worry about a name. None of that stuff. Yeah, just make money. Right. There's something you can do. What do you think entrepreneurs and employers need to know about how to find the right talent that's coming out of school and how to inspire and empower them to stay with them?

3:43Because I feel like a lot of people say, well, I'm hiring these young people and then they just leave within a few months. I teach them, I train them, I educate them, I give them the skills and they take it and they go somewhere else.

3:53Chris Guillebeau:I mean, I think, you know, the classic things about like being open to your employees, having your side hustle, like understanding why they're motivated because people are motivated differently, creating some sense of mission. Like we're doing this because we're not just doing this because of a sales goal. Like that's important in a business, of course, but we have the sales goal because this is how our company is trying to change people's lives. And the more resources we get, the more people will be able to help. I think just connecting to a sense of mission is always good. What do you think is the greatest skill for every entrepreneur or side hustler?

4:22If they had no skills, like what's the skill that you should master today?

4:26Chris Guillebeau:Asking questions, asking like, what is that? You know, the daily annoyances that we encounter, the problems, the inefficiencies, you know, asking like, what could be a different way to do this? What could be a better way to do this? And if you're annoyed by something, probably a lot of other people are annoyed by it too, you know? And so maybe also, I talked earlier about like focusing on skills more than passion. Maybe also thinking about what bothers you more than like what excites you is good. What bothers you about the world? Because people pay for a solution to pain. Yes. Sometimes more than they will for pleasure.

4:56Chris Guillebeau:I think it's something that can be acquired, right? It's not like something that you go to school for. It's not something innate. Anybody who's listening or watching this, they've already kind of like raised their hand and said like, I want to be great. I want to be better than I am. Isn't that greatness where like, it's not meeting some objective standard or threshold. It's like to be better than I am. You can always be better. No matter what you achieve, it can always be something. So how does someone find the right mentor or advice when everyone's spreading advice online? Yeah. Well, when I say asking questions, I don't just mean asking questions of an expert.

5:28Chris Guillebeau:You know, Lewis, tell me how to do this. You can also be asking questions of yourself. You can like discoverability or reverse engineering something. You know, this thing didn't work. What's a better way it could work? You know, just thinking through steps and processes or even it doesn't have to be waiting for someone to bestow their knowledge from the mountaintop per se. You know, and like for a lot of people, when they ask for advice, they're really asking for affirmation as opposed to. Yeah. What do you think about this idea? Your friends are like, what do you think about this idea? it's okay to know that about yourself and to know, actually, I think I say that I want people to tell me what to do, but I know what I need to do.

5:58Chris Guillebeau:I just need to do it.

6:07I have a brand new book called Make Money Easy. And if you're looking to create more financial freedom in your life, you want abundance in your life and you want to stop making money hard in your life, but you want to make it easier, you want to make it flow, you want to feel abundant, then make sure to go to makemoneyeasybook.com right now and get yourself a copy. I really think this is going to help you transform your relationship with money this moment moving forward. We have some big guests and content coming up. Make sure you're following and stay tuned to this episode of The Daily Motivation Show.

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7:38Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.