I’m in my mid-thirties, and for those who had requested 18-year-old me what “wealth” would appear like by now, I most likely would have painted an image of a mortgage on a pleasant flat, a high-paying 9-to-5 job, and a shiny automotive within the driveway.
Quick ahead to right now: I hire a comfortable little place in London, work partly from espresso retailers, and as a substitute of a automotive I’ve bought a second-hand bike and a well-worn passport. Over pints with associates, we regularly chortle at how none of us have these basic markers of success our dad and mom had by our age.
But, unusually, we don’t really feel “poor” in any respect. The truth is, we really feel rich in methods which are more durable to quantify. There’s a quiet revolution underway, and we’re residing it. We’re redefining what wealth means on our personal phrases, and it’s about a lot greater than cash within the financial institution.
How did we get right here, and why are so many people — the millennial era — measuring wealth in experiences, well-being, freedom, and goal as a substitute of simply kilos and properties? Let me take you thru what I’ve seen and lived, from each private anecdotes and the cultural shifts backed by analysis, as we unpack this reimagining of wealth.
Freedom to Stay on Our Personal Phrases
Once I was a child, I believed a “good life” meant working exhausting at one firm till retirement and shopping for a house with a white picket fence (or the British equal, a semi-detached with a backyard). That was the script our dad and mom and grandparents usually adopted.
However for many people millennials, that script feels both unattainable or undesirable — or each. The reality is, the previous system of success simply doesn’t add up in right now’s world. Wages haven’t saved up with hovering housing costs (dwelling costs have climbed a whole lot of % since our dad and mom’ time). A home that value our grandparents just a few years’ wage may cost a little us just a few many years’ value now. Safe lifelong jobs with pensions are uncommon unicorns.
With the price of residing outpacing incomes, chasing the standard concept of wealth can really feel like a rigged recreation we are able to’t win.
However right here’s the twist: as a substitute of giving up, many people have determined to rewrite the definition of “wealth” altogether. For our era, wealth isn’t nearly possessions — it’s about having the liberty to dwell life on our personal phrases. That freedom would possibly imply the power to work remotely from a seashore in Bali, or just having management over our every day schedule.
A current commentary described this shift properly: youthful generations are crafting success that’s “private, versatile, and purpose-driven,” prioritizing that means over conventional materials milestones. In different phrases, proudly owning our time is as worthwhile as proudly owning a home or a flowery automotive.
Take my buddy Alex for example. He left a high-paying company job (together with its 60-hour workweeks and stress-induced migraines) to freelance as a graphic designer. Now, he makes much less cash on paper, however he will get to decide on his tasks, work in his pajamas if he needs, and surf on Tuesday mornings. “I traded a piece of my earnings for my time again, and I’ve by no means felt richer,” he informed me just lately.
His sentiment is echoed by a lot of our friends. We’ve watched our dad and mom grind lengthy hours; we’ve additionally watched a few of them get laid off regardless of that loyalty. So we collectively began asking: What’s the purpose of a giant wage you probably have no life outdoors of labor?
This era’s reply has been an enormous mindset shift. Many people worth flexibility over a fats paycheck. We search jobs (or create our personal jobs) that permit us breathe. It’s evident within the rise of freelancing, distant work, and “digital nomad” existence the place a laptop computer and Wi-Fi may be your workplace. We’re not as afraid to leap between jobs and even careers if it means discovering a greater match. The truth is, a 2024 world survey discovered that almost all millennials (and Gen Zs) are keen to show down work that doesn’t align with their values or that compromises their well-being.
Take into consideration that — we’re not simply working for a paycheck; we’re working for a goal and a wholesome life.
Monetary freedom is a part of this equation too. Quite than pinning all our hopes on a pension or climbing the company ladder, we search for inventive methods to realize monetary independence on our personal.
Facet hustles are virtually the norm in my buddy circle — from Etsy retailers to YouTube channels, we’re diversifying how we earn. Some have dived into the FIRE motion (Monetary Independence, Retire Early), aiming to save lots of aggressively of their 20s and 30s to allow them to “retire” or at the very least work much less as quickly as potential. It’s not that we’re lazy; it’s that free time is the last word luxurious, and we’re keen to do what it takes to get it.
As one insightful evaluation put it, conventional markers like homeownership and a gold watch at retirement are being changed by various wealth-building methods and a reclaiming of management over our funds. We’re studying investing by way of apps, swapping tips about budgeting and crypto on Reddit, and getting cash in methods our grandparents couldn’t have imagined. It’s all a part of claiming a bit extra management, a bit extra freedom, in a world that usually feels unstable.
Are we nonetheless involved about cash? In fact – we’re merely defining wealth as cash plus freedom, slightly than cash alone. A financial institution steadiness is vital, however the goal of that cash is what issues. If £10,000 saved means I can take just a few months off to journey or begin a small enterprise, that feels wealthier to me than £10,000 trapped in a home I can’t depart as a result of I’m chained to an enormous mortgage.
This isn’t simply me ranting; it’s displaying up in knowledge too. In a single survey, 65% of individuals (throughout generations) stated wealth is about having the flexibleness to take pleasure in life’s experiences, not simply monetary belongings. Freedom has develop into a forex in its personal proper for millennials. We commerce within the forex of choices, time, and decisions.
Psychological Well being Is the New Wealth
A couple of years in the past, I discovered myself crying within the workplace lavatory on a random Thursday, overwhelmed by deadlines. That was a wake-up name. I spotted no paycheck was value sacrificing my psychological well being. And I’m not alone — as a era, we’re collectively arriving on the conclusion that psychological well being and well-being are integral components of wealth.
In easy phrases, for those who’ve bought a six-figure wage however fixed anxiousness and burnout, are you really “rich”?
Many people would say no. We’d slightly earn a bit much less if it means we sleep properly at night time and be ok with ourselves.
This shift is seen in how millennials strategy work and life. We discuss overtly about remedy, set boundaries for private time, and push again towards the previous hustle-till-you-drop ethos. (Bear in mind when “sleep while you’re useless” was a preferred mantra? Yeah, no thanks — we’d prefer to sleep now, please.)
Within the office, youthful staff are difficult the expectation of being accessible 24/7. The current phenomenon of “quiet quitting” – doing all your job however refusing to let it eat your complete life – struck a chord with many in my peer group.
It wasn’t about slacking off; it was about preserving sanity. Why kill ourselves with work after we’ve seen that life is fragile and well being is invaluable? The pandemic solely underscored that lesson, as all of us bought a stark reminder that well being = wealth in probably the most literal sense.
Employers are (slowly) catching on. Corporations have began providing psychological well being days, free counseling, or expanded PTO, partly as a result of we demanded it. There’s knowledge backing up why: a current examine discovered 92% of employees (throughout age teams) say it’s vital to them to work for a corporation that values their emotional and psychological well-being. And millennials specifically voice this loudly. Many people will flat-out give up if a job is damaging our psychological well being.
The truth is, in that world survey I discussed earlier, a scarcity of assist for worker well-being or work-life steadiness is without doubt one of the high causes millennials would reject a job supply. That’s a fairly daring stance in comparison with earlier generations.
Nevertheless it is smart — we’ve had front-row seats to look at burnout take lives aside. We’re decided to not let “success” come at the price of our sanity.
On a broader cultural degree, millennials have been dubbed the “wellness era.” We’re the era that embraced yoga, inexperienced smoothies, and mindfulness apps en masse. Positive, a few of it grew to become a industrial fad, however behind it’s a real prioritization of well being. Our dad and mom may need powered by way of exhaustion; we’re extra prone to hit pause and say, “I want a break.” We don’t all the time succeed (anxiousness and despair are nonetheless frequent battles), however the hot button is we’re speaking about it and treating psychological well being as a basis for a superb life, not an afterthought. Wealth, to us, contains being wealthy in peace of thoughts.
Generally I prefer to remind myself of an previous proverb: “You may’t pour from an empty cup.” To me, which means if I’m not mentally and bodily properly, I can’t take pleasure in some other success.
So in our fashionable take, a well-cared-for thoughts and physique are a part of the wealth portfolio. Cash comes and goes, however issues like resilience, pleasure, and steadiness — these follow you and carry you thru powerful instances. Isn’t a life crammed with much less stress and extra contentment a rich life in its personal method? We definitely suppose so.
Accumulating Experiences, Not Issues
If you happen to open my closet, you received’t discover a trove of pricey designer purses or the newest devices. (Okay, you’ll discover a lot of books and possibly too many houseplants, however that’s inappropriate.) As a substitute, my most prized “possessions” are my experiences: the six months I backpacked by way of Southeast Asia, the evenings spent jamming with associates in a storage band, the time I began a tiny group backyard.
For a lot of millennials, this can be a defining trait — we treasure experiences over materials issues. The truth is, one would possibly say experiences have develop into our era’s favourite forex.
There’s knowledge to show this isn’t simply me being sentimental. A survey by Eventbrite discovered that over 78% of millennials would slightly spend cash on a fascinating expertise or occasion than on shopping for one thing. That’s an amazing majority of us saying live performance tickets, journey, or just a enjoyable night time out are extra fulfilling investments than the newest product.
And guess what? Science agrees with us. Research on happiness present individuals are likely to really feel happier after spending on experiences slightly than on materials items. Give it some thought: the fun of a brand new cellphone fades in months, however reminiscences of an awesome journey or a giant life occasion may give you pleasure for years. No surprise we’re pivoting our spending in that path.
Our era’s love affair with experiences additionally stems from a little bit of disillusionment with materialism. We grew up within the 90s and early 2000s shopper growth, bombarded by ads and gadget launches. However many people additionally noticed the downsides: dad and mom pressured by debt, cluttered houses, the belief that purchasing extra stuff didn’t equal extra happiness.
So we collectively began leaning the opposite method, in the direction of minimalism and the so-called “expertise economic system.” Why accumulate issues that simply gather mud after we can gather moments and reminiscences that form us?
It doesn’t harm that Instagram and TikTok are mainly spotlight reels of individuals doing cool stuff — journey, festivals, meals adventures — which solely reinforces the thought. Social media could have its faults, nevertheless it has made experiences shareable and thus much more sought-after (in any case, a sundown hike or a selfmade artisan latte makes a greater picture than a screenshot of your financial institution assertion or an image of your toaster). There’s even a little bit of FOMO (worry of lacking out) at play: seeing others dwell richly in experiences nudges us to prioritize our personal adventures.
Wealth, on this experiential view, is concerning the tales we are able to inform. It’s about having a life that’s attention-grabbing, one the place you’ve tasted, tried, and seen issues past your speedy bubble. Whether or not it’s touring, studying a brand new ability, or simply spending high quality time with family members, these are the issues we’ll keep in mind on our deathbeds, not the footwear we purchased or the flowery electronics.
Personally, once I splurge now, it’s extra seemingly on a weekend journey or a meetup with associates than on a luxurious merchandise. And I hardly ever remorse cash spent on making reminiscences. As an previous quote (usually attributed to the author Thoreau) goes, “Wealth is the power to totally expertise life.” That could possibly be a millennial mantra. The quiet revolution right here is that we’re redefining “wealthy” as wealthy in life, not stuff.
Curiously, this experiential focus additionally ties in with a lighter footprint and a extra sustainable life-style, which is one other worth of ours. Proudly owning much less stuff usually means much less waste and fewer consumerism. A variety of us are into the thought of minimalism — not as a development the place you depend your socks, however as a sensible option to spend on what really issues to us. Once I purchase much less issues, I can afford extra experiences, and I’m not contributing as a lot to piles of fast-fashion landfill. It’s a win-win that makes me really feel good in a number of methods. Which leads properly into one other facet of our new wealth equation: a way of goal and look after the world round us.
Objective and Planet Over Income
One massive factor that motivates millennials is residing our values. We wish our day-to-day life and work to imply one thing past simply incomes a paycheque. A variety of us are asking deeper questions: What influence does my work have? Am I contributing to one thing good?
That is why you’ll discover a lot of my friends selecting careers in nonprofits, schooling, or tech startups aimed toward fixing social points, even when these jobs don’t make anybody millionaires. Even in standard jobs, we search for firms that stand for one thing. We’re extra prone to work for, say, a B-Corp that measures social influence or an eco-friendly model, than for a faceless company with a doubtful fame. And if we do find yourself within the latter, it would simply be for some time to repay loans, however not a spot we’ll stick round.
Objective-driven work isn’t only a buzzword; it’s a precedence. The truth is, almost all millennials need work that aligns with their values, and so they aren’t afraid to reject employers that don’t match the invoice. Which means if an organization has a adverse environmental influence or lacks assist for psychological well being, many people will say, “No thanks, I’ll discover one thing else,” even in a troublesome job market. It’s a daring stance, nevertheless it’s changing into extra frequent.
Past the office, we stock these values into our life-style decisions. Sustainable residing is a large a part of what number of millennials outline a “wealthy” life. It may appear counterintuitive — caring concerning the planet doesn’t instantly put cash in your pocket — nevertheless it enriches life in a extra holistic sense. We’re the era that grew up with Al Gore documentaries and local weather change headlines; we all know {that a} livable future isn’t assured. So being environmentally acutely aware feels important.
Many people favor experiences and merchandise which are sustainable: we’ll select a practice over a flight if we are able to, purchase second-hand garments, assist native farmers, or ditch automobiles for bikes and public transit. We’re not excellent, however there’s an effort to align our spending with our values, not simply our comfort.
I, for one, began composting and decreasing single-use plastics not simply because it’s stylish, however as a result of it offers me a way of contributing to one thing past myself. It’s the identical cause I volunteer on weekends with a tree-planting group. These Saturday mornings don’t enhance my web value, however they add to what I’d name my “goal account” – that inner meter that gauges if I’m residing true to my ideas.
In our new definition of wealth, having a goal and optimistic influence is a type of richness. Figuring out that my actions, nonetheless small, assist my group or the planet makes my life really feel extra worthwhile. It’s like we’ve expanded the steadiness sheet of wealth to incorporate social and environmental capital alongside monetary capital.
To be clear, it’s not that millennials are saints or all the time hyper-focused on altruism. It’s extra that we don’t see wealth in a vacuum. True prosperity, in our eyes, is tied to the well-being of these round us and the world we dwell in. A rising tide lifts all boats, because the saying goes. So, a life spent chasing cash whereas ignoring one’s influence feels empty.
Distinction that with a life the place you earn sufficient and do good — that’s the dream state of affairs for many people. Even when we haven’t achieved it but, that excellent shapes our decisions. We measure “richness” not simply by what we have now, however by what we give and what we stand for.
It’s value noting too that monetary literacy performs a job in residing our values. Many people realized that to dwell life on our phrases (whether or not which means having freedom or making a distinction), we have to get good about cash.
Colleges didn’t train us a lot about private finance — a number of us realized the exhausting method or taught ourselves in our twenties. Now I see an actual starvation amongst millennials to coach ourselves about budgeting, investing, and saving, not for the sake of greed however for safety and empowerment. In line with one UK report, about 82% of younger individuals stated they’d prefer to be taught extra about managing their cash higher. We wish to break the cycle of paycheck-to-paycheck and debt that many people began in.
Why? So that cash turns into a device to assist our excellent life (one with freedom, experiences, and goal), slightly than a shackle that limits it. In a way, understanding cash is a revolutionary act for us — it permits us to make use of it properly to craft the life we worth, as a substitute of blindly chasing it or avoiding it.
All these items – freedom, psychological well being, experiences, goal, monetary savvy, sustainability – intertwine in our era’s quiet revolution. We’re renegotiating what it means to be “rich” every single day by the alternatives we make. It won’t make headlines in the way in which tech billionaires do, nevertheless it’s a widespread cultural shift that’s altering how wealth is perceived and pursued.
Earlier than I am going
Scripting this, I’m struck by how private and highly effective this quiet revolution is. It’s not loud or flashy. You received’t see a single chief or manifesto behind it. As a substitute, it’s in thousands and thousands of particular person selections: the Millennial couple who downsized to a tiny dwelling so they might afford to journey extra; the workplace employee who left a prestigious agency to hitch a startup with a mission she believes in; the brand new dad and mom deciding considered one of them will work part-time so their household can really spend time collectively.
We, the millennials, didn’t all consciously band collectively and determine to redefine wealth — it occurred organically, solid by financial realities and a little bit of idealism. We realized that if the previous indicators of wealth have been out of attain or not fulfilling, why not create new ones? Why not worth what really makes life wealthy?
In doing so, we’ve discovered empowerment. We’ve realized {that a} fats paycheck isn’t the one approach to prosperity, and that prosperity means extra when it’s shared and savored. We’ve realized that wealth is a multifaceted state: half monetary stability, sure, but additionally half freedom, half happiness, half goal, and half legacy.
So, the following time somebody asks me if I really feel “rich” as a result of I don’t have a mortgage or a giant wage, I’ll smile. I won’t have the standard trappings of wealth, however I’ve a life crammed with what issues to me — freedom, well-being, experiences, and goal. In my e book, and more and more in our era’s e book, that counts as true wealth. And if that’s a quiet revolution, it’s definitely a profound one, taking place proper within the midst of our on a regular basis lives.
In any case, what’s wealth if not the power to dwell a life that genuinely feels value residing?