MONEY Careers

What I Wish I’d Known About My First Paycheck When I Was 22

Tug of War
When you get your first job offer, you can dig in and ask for more (nicely). Paul Kelly—Getty Images/Flickr Select

Earning every penny you're worth when you join the workforce can pay off for the rest of your life. So don't hesitate to negotiate.

For many people, negotiating pay is not a welcome task. In fact, almost half of U.S. workers simply accept the first offer. And when you’ve just graduated from college and are interviewing for your first real job, your focus is probably on landing the job, not demanding top dollar.

I’m here to say that more often than not it’s worth asking for a little bit more. I’ve been there, and if I could sit down with my 22-year-old self, there are a few things I’d tell her about that first salary negotiation.

Employers Expect You to Negotiate

The greatest fear I’ve heard people express is that a job offer might be rescinded if they try to negotiate the pay. As long as you’re respectful and reasonable, that’s very unlikely.

The prospective employer has already expressed interest in hiring you. As in any negotiation, they expect you to do just that—negotiate. It’s okay to simply ask if the salary is negotiable or to suggest a number that slightly higher than what’s proposed. Most employers will have a salary range in mind when they make you an offer, not a hard-and-fast number. If they are first to float a figure, they usually won’t start at the top of that range.

The best thing you can do for yourself is come to that discussion prepared so that you know what an appropriate counter-offer would be. Do your salary research ahead of time. You want to know the potential pay range based on the job title, city, company size, and industry, as well as what you bring to the table—your education and any relevant experience. Negotiating blindly is not a great plan. Proposing a salary number that’s too high or too low for the position just indicates that you haven’t done your homework.

Your Salary Will Level Out Around 40

Typically, your biggest opportunity for pay increases is in the first 20 years or so of your career, so keep negotiating well. When PayScale delved into the data, we found that pay essentially goes nowhere after age 40, once you account for inflation. Your early career is when you have the most opportunity to rise up in the ranks.

Once you’ve reached a certain level in your chosen career, meteoric growth just isn’t as possible as it was when you were starting out. Additionally, even if you continue to see pay increases in your later career, if your raises are not keeping pace with inflation, you may not be able to stretch your paycheck any further year after year. In fact, it could be shrinking.

Not Speaking Up Now Means Working Longer

I know retirement seems a long way off, but the earlier you start considering it, the happier you’ll be later in life. According to the 2013 Wells Fargo Retirement Study, 34% of the middle class expect to work until they are at least 80 years old because they will not have saved enough for retirement.

You don’t want to be one of those people, do you? You want to be in the group that planned early so you can retire in your sixties and travel the world.

Even a small difference in starting salary could mean some serious money over the course of a career, according to a recent study by researchers at George Mason University and Temple University. The study concluded that “a 25-year-old who negotiated a starting salary of $55,000 will earn $634,000 more than a non-negotiator who accepted an initial offer of $50,000” (assuming a 5% average annual pay increase over a 40-year career.)

Just remember to invest that extra $5,000 in a 401(k) plan or other retirement fund, especially if your employer offers a 401(k) match. Your 80-year-old self will thank you.

Lydia Frank is editorial director at PayScale.com, a site that provides on-demand compensation data and software to employees and employers.

MONEY Careers

Make Sure a Friend’s Unemployment Doesn’t Ruin Your Friendship

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Melissa Ross—Getty Images/Flickr Open

Millennials and new college grads still face a tough job market, and that can create strains in your social circle. Follow this script to keep everyone happy.

You and your best friend graduated from the same college and moved to the same city at the same time. But while you landed a promising entry-level position, your friend’s been out of work for months. Even though you know that shouldn’t affect your relationship, you’re starting to feel that the two of you are drifting apart. Or maybe you’re simply sick of hearing yourself repeat the same chirpy platitudes (“I’m sure something will come up!”).

As millennials and new grads enter the job market together, one friend’s unemployment can easily become a point of tension. Landing a position is an uphill battle for some young job seekers. The unemployment rate for 20- to 24-year-olds stood at 10.5% in June. Although that number has been on the decline, it’s still higher than the overall unemployment rate of 6.1%

“This mirrors a lot of other life-stage issues, whether it’s getting married or getting pregnant. One person is moving forward, and the other one is stuck,” says Ken Clark, a certified financial planner and psychotherapist.

The good news? You can take steps to ensure that your relationship doesn’t crumble as your friend scrambles for a job. No matter how long this stretch of unemployment lasts, here’s what you can say (or not say) to preserve your friendship.

YOU SAY: “A couple of people are coming to my place for happy hour this week—want to join?”

While your friend looks for work he or she may pull away from you or your group of friends. It’s normal—many people are embarrassed and reluctant to spend money on socializing when they’re unemployed. But if you notice your friend hasn’t been around much, try to draw him or her back into your social circle.

“A sensitive friend should take a leadership role among their circle of friends,” says Clark.

If your group of friends tends to spend a lot of money at bars or eating out, subtly push for a change. Invite a close group over for drinks at your place, or suggest a half-price movie or a free concert you can all attend. If spending time together doesn’t mean spending money, your unemployed friend may find it easier to join in.

“People have a tendency to self-isolate when they’re trying to be careful with their money,” says Amanda Clayman, a financial therapist and author of financial behavior blog The Good, the Bad and the Money. “Go above and beyond in terms of making offers to your friend.”

YOU DON’T SAY: “How’s the job hunt going this week?”

Avoid the impulse to dig for details on the job search. Trust that you’ll hear when a major development comes up.

“Stuff doesn’t change that much in a week,” says Clark. “If you’re asking more than once a month, it’s too much.”

That said, don’t stop checking in. Retreating from your friend could cause him or her to become even more isolated.

“Your presence and availability is huge for someone who’s hurting,” says Maggie Baker, a psychologist specializing in money and relationships. “The worst thing you can do is pull away.”

YOU SAY: “I could really use a running partner tomorrow.”

Be aware that unemployment can quickly give way to depression. Exercise is an easy, natural way to shake the blues. Invite your friend out for a brisk walk or run with you. It’ll give you two time to talk one-on-one and help your friend re-energize.

“Physical exercise outside is both beneficial and free,” says Clark. “You’re helping elevate her mood, decreasing anxiety, and building your relationship.”

YOU DON’T SAY: “I can give you feedback on your résumé if you’d like.”

You might want to offer to help edit your friend’s résumé or forward job listings that seem relevant. Tread lightly. Your offers could backfire if they come off as condescending.

“Just having a job doesn’t make you an expert on résumés,” says Clayman. “Don’t presume that you have the solution.”

Instead, make a gentle, broad offer to help in any way you can. Beyond that, let your friend’s reaction guide you.

“Usually if people are scrambling to find whatever work they can, they put off a very strong signal. If you aren’t seeing them ask for help, better safe than sorry.”

Read more Face to Face columns:

 

 

TIME Opinion

The Beta Marriage: How Millennials Approach ‘I Do’

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Archive Holdings Inc.—Getty Images

We are a generation reared on technology and choice. Why wouldn’t we want to test a lifelong relationship first? How millennials are redefining "forever"

You could say I beta-tested my relationship.​

It began with a platform migration ​(a cross-country move) and a bandwidth challenge (cohabitation in a 450-sq.-ft. apartment). There was a false start (botched marriage proposal). Then, an emergency deglitching (couples therapy). We tried to take the product public before we were ready (I wrote about our relationship in Newsweek). And then, finally, we abandoned launch. There were simply too many bugs.

It’s a joke, kind of — except that when it comes to millennials and marriage, the beta test may be par for the course. And really, why wouldn’t it be? For a generation reared on technology, overwhelmed by choice, feedback and constant FOMO, isn’t testing a marriage, like we test a username, simply … well, logical?

The findings of a new survey certainly reveal so. In conjunction with a new television drama, Satisfaction, which premiered on USA Network last week, trend researchers asked 1,000 people about their attitudes toward marriage. They found all sorts of things: among them, that people cheat on the Internet (uh huh), that young people don’t think their relationships are like their parents’ (of course), and that everyone seems to have taken to the term uncoupling (yuck).

marriage

They also uncovered a surprising gem. Buried in the data was the revelation that almost half of millennials (43%, and higher among the youngest subset) said they would support a marriage model that involved a two-year trial — at which point the union could be either formalized or dissolved, no divorce or paperwork required. Thirty-three percent said they’d be open to trying what researchers dubbed the “real estate” approach — marriage licenses granted on a five-, seven-, 10- or 30-year ARM, after which the terms must be renegotiated. And 21% said they’d give the “presidential” method a try, whereby marriage vows last for four years but after eight you can elect to choose a new partner.

In total, nearly half of all of those surveyed, ages 18 to 49 — and 53% of millennials — thought marriage vows should be renewed, and nearly 40% said they believed the “till death do us part” vow should be abolished. In other words: Beta marriages! Unions you can test and deglitch, work out kinks or simply abandon course without consequence. “This is a generation that is used to this idea that everything is in beta, that life is a work in progress, so the idea of a beta marriage makes sense,” the study’s author, Melissa Lavigne-Delville, tells me. “It’s not that they’re entirely noncommittal, it’s just that they’re nimble and open to change.”

It’s not a new concept, entirely. In the 1970s, the anthropologist Margaret Mead predicted the growing popularity of “serial monogamy,” involving a string of monogamous marriages. Helen Fisher, the biological anthropologist, has advocated for much of the same: she believes humans aren’t meant to be together forever, but in short-term, monogamous relationships of three or four years. Stephanie Coontz, the author of Marriage: A History, has advised a marriage contract “reup” every five years — or before every major transition in life — “with a new set of vows that reflect what the couple has learned.”

More recently, Mexico City lawmakers proposed (unsuccessfully) a “renewable” marriage concept, whereby couples could simply renew or dissolve their unions after a period of two years. It’s not so unlike the setup described by a young writer in a Modern Love column in the New York Times last month, about how she overcomes “marriage anxiety” by renewing her vows with her husband every year like clockwork. “I think people are indeed trying to avoid failure,” says Andrew Cherlin, the author of The Marriage-Go-Round.

And, why wouldn’t they? The U.S. has the highest divorce rate in the Western world. The data show clearly that the longer we wait to get married the more successful our marriages will be. And it’s not like we can’t move in together in the meantime: the rate of unmarried cohabitation has risen 1,000% over the past four decades. Not all of our marriages will work, no — but when they do, they’ll work better than at any other time in history, say scholars. And when they don’t, why not simply avoid the hassle of a drawn-out divorce?

“Millennials aren’t scared of commitment — we’re just trying to do commitment more wisely,” says Cristen Conger, a 29-year-old unmarried but cohabitating podcast host in Atlanta. “We rigorously craft our social media and online dating profiles to maximize our chances of getting a first date, and ‘beta testing’ is just an extension of us trying to strategize for future romantic success.”

In an era where, according to the survey, 56% of women and men think a marriage can be successful even if it doesn’t last forever, that might just make sense. Scholars have observed for some time that attitudes toward divorce have become more favorable over the past decade. Millennials in particular are more likely to view divorce as a good solution to matrimonial strife, according to the sociologist Philip Cohen — and more likely to believe it should be easier to obtain.

And, of course, it’s easy to understand why. We’re cynical. We are a generation raised on a wedding industry that could fund a small nation, but marriages that end before the ink has dried. (As one 29-year-old survey respondent put it: “We don’t trust that institution.”) We are also less religious than any other generation, meaning we don’t enter (or stay) committed simply for God. We feel less bound to tradition as a whole (no bouquet tosses here).

And while we have among the highest standards when it comes to a partner — we want somebody who can be a best friend, a business partner, a soul mate — we are a generation that is overwhelmed by options, in everything from college and first jobs to who we should choose for a partner. “This is a generation who has not had to make as many long-term commitments as previous generations, so the idea of not having an out feels a little stringent,” says Lavigne-Delville. “Divorce has happened for a long time. Maybe we should rethink the rules.”

Indeed, at the end of the day, whatever you want to say about the hookup generation, or millennials’ inability to commit, the vast majority (69%, according to Pew) of millennials still want to get married. We simply need a little extra time to work out the kinks.

“Getting married is so much more weighted today, I get the impulse to want to test it,” says Hannah Seligson, the 31-year-old married author of A Little Bit Married, about 20-somethings and long-term unmarried relationships. At the same time, she adds, “I wonder if this is a false control study in a way. Yes, marriage terrifying, it’s probably the biggest leap of faith you’ll ever make. But you’ll never be able to peer into a crystal ball — or map it out on a spreadsheet.”

Bennett is a contributing columnist at TIME.com covering the intersection of gender, sexuality, business and pop culture. A former Newsweek senior writer and executive editor of Tumblr, she is also a contributing editor for Sheryl Sandberg’s women’s foundation, Lean In. You can follow her @jess7bennett.

MONEY Sports

Could 25-Year-Old Rory McIlroy Be Golf’s Long-Awaited Savior?

Rory McIlroy of Northern Ireland holds up the Claret Jug trophy
Rory McIlroy of Northern Ireland holds up the Claret Jug trophy after winning the British Open Golf championship at the Royal Liverpool golf club, Hoylake, England, Sunday July 20, 2014. Scott Heppell—AP

He was the consensus choice as golf's "next big thing" even before winning the British Open over the weekend.

As a sport and a business, golf is stuck in a proverbial sand trap, probably the deepest and most difficult one ever encountered by the industry. Player numbers are on the decline, especially among young people, and golf course closings in the U.S. are trumping golf course openings by a stunning ratio of nearly 10 to 1.

There is some hope, however, that golf will experience a renaissance, even among kids who are now too accustomed to instant gratification and too distracted by smartphones and social media to bother venturing outside to play baseball or go for a hike, let alone try their hands at the time-consuming, frustrating “old person’s sport” of golf. And one of the big reasons for this optimism is that today’s most exciting players also happen to be kids, and none more exciting than Rory McIlroy, the 25-year-old winner of the 2014 British Open.

OK, so a 25-year-old isn’t exactly a child. But he’s a kid compared with the prototypical gray-haired, 50-something golfer out on the links. And his success couldn’t come at a better time. McIlroy is part of a much-needed youth movement in golf, notes Jim Frank, a contributing editor to Links Magazine who has covered the sport for three decades. Joined by emerging superstars Rickie Fowler, who is also 25 and is known for cool clothes and shaggy Bieber-like hair, and incredibly talented young female golfers like Lexi Thompson (19) and Lydia Ko (all of 17), McIlroy is seen as a fresh injection of energy, excitement, and—dare we say it?—perhaps even hipness into the sport.

“He supposedly took the first selfie of a British Open winner,” said Frank. Hey, that’s gotta count for something.

Perhaps the biggest contribution of McIlroy and the rest of the youth movement—besides their unwrinkled, photogenic faces and a generally cooler appearance compared with the usual grandpas on the links—is that they’re changing the perception of how to play golf and when one tends to peak in the sport. “In the past, the assumption was that you didn’t really hit your stride until your 30s, after you’ve worked out the kinks in your game,” said Frank. “Today’s young players are really powerful, they wrench their backs and really hit the ball hard. And they’ve been playing so long that by the time they’re in the late teens and early 20s, they can dominate.” (They can also get injured; just look at how Tiger Woods’s body has fared in recent years.)

Nonetheless, the excitement, power, and youth that McIlroy and his peers bring to the game has to be good for golf, right? Sure, to some extent. But Frank believes it will take more than one charismatic, curly-haired Irishman to turn the tide.

“Are 14-year-olds sitting in front of a TV on a Sunday morning at 10 o’clock watching Rory McIlroy?” Frank said. The answer, of course, is no. While some parts of the golf world are trying to make changes to become more appealing to younger players and families, Frank believes that some retrenchment is still needed, and that the sport will always remain a niche activity, and one that always skews older.

When people in the business talk about rejuvenating the sport, they sometimes ask, “What’s the snowboarding of golf?” said Frank. “Snowboarding brought young people back to the mountains, and it helped save skiing.” Unfortunately, because a sizeable faction of the golf world has no interest in changing the game or doing much of anything to appeal to younger people, “there may not be an equivalent of snowboarding. But that’s the way we have to think of it.”

The big irony, Frank said, is that right now, when golf seems to be struggling so mightily in its attempts to attract new players to the game, there has never been a better time to play. “The equipment has never been better, and there’s great value for what you can buy fairly cheaply,” said Frank. “You can get on almost any golf course in the world, or join almost any club if you want. There are no lines, and there aren’t people behind you telling you to play faster.”

MONEY First-Time Dad

What Millennials Want That Their Boomer Parents Hate

Luke Tepper
Luke looks around for the inflation that has yet to come Taylor Tepper

It is nine letters long, (not legal weed), and causes investors' blood to boil.

Inflation. We really want some inflation. Now, if possible.

Macroeconomic forces are not top of my mind all the time. A couple of weekends ago, for instance, my wife and I played poker and drank beer on our friend’s rooftop patio. Our son Luke, clad in his new miniature gondolier outfit, crawled between our legs as one person after another told us how cute he was. That night Luke held onto one of my fingers while I gave him his midnight feeding. Later my wife and I slipped into his room for a few moments to watch him sleep.

I can tell you that at no point during our perfect summer day did the word inflation pop into our heads. We went to sleep thinking just how lucky we were to have such a beautiful son, rather than dwelling on the fact that we face an inflationary climate that is hostile to the economics of our new family.

We aren’t strangers to what economists call “headwinds.” Mrs. Tepper and I graduated from the same really expensive private college in 2008, just as the nation was mired in the worst recession in 80 years. We attended college (and later graduate school) as state governments across the country drastically cut higher education spending, which meant higher costs, which meant that we incurred a combined six-figures student loan marker. And entering the job market in the teeth of negative economic growth means we’ll be playing catch-up for years and years.

Given all that we (and Americans, generally) have endured since 2008, it might seem strange that I would ask for higher inflation. When the prices of goods rise quickly, the Federal Reserve is apt to raise interest rates. Higher interest rates make it more expensive to purchase a house, or borrow for anything. Don’t I want to own a house? What’s wrong with me?

For a little bit of context, let’s back up and look at where inflation has been over the past six years. If you look at the core price index for personal consumption expenditures (or core PCE), inflation is rising at an annual rate of 1.5%. In fact ever since Lehman Brothers declared bankruptcy it has barely budged over 2%.

inflation...

Even if you look at a broader inflation metric, like the consumer price index, prices have risen at 2.1% or lower for almost two years.

What does this mean?

For one thing, wage growth has stagnated at around 2% since we left school, and job growth, while picking up lately, has been relatively slow. Weak job creation and small pay increases means that people have less money to spend, which means fewer jobs and the cycle goes round and round.

So more economic growth (spurred on by more borrowing and spending) would help alleviate low wage growth, and help us ramp up our weekly paychecks. But it would also do something else. It would help us pay down our student loan debts.

Super low inflation is bad for people who have debt. Right now Americans owe more than $1.1 trillion in student loan debt. That means people our age are receiving raises that aren’t that high and have to confront a record level of debt before their careers really get going. With so much of our take-home pay earmarked for debt service, no wonder housing isn’t a priority, or affordable, for millennials (or the Teppers).

Of course, this kind of talk scares our parents (and rich people), who own bonds and other assets designed to preserve wealth instead of create it. Having already endured years of low interest rates, they really don’t want their bond portfolio to be hit by an inflation jump.

To which I say, tough. Many boomers entered the job market as the economy was expanding and college was affordable. Their children did not.

Luke has this one toy that he loves. It’s a sort-of picture book for infants consisting of a crinkly material, and he loves nothing more than smashing the thing between his hands and feet. In 17 years, he’ll want a car—and then four years of college.

I realize that the costs of these things will rise—prices always rise. It would just be nice if our salaries rose enough to pay for them.

Taylor Tepper is a reporter at Money. His column on being a new dad, a millennial, and (pretty) broke appears weekly. More First-Time Dad:

 

MONEY Savings

Millennials Are Hoarding Cash Because They’re Smarter Than Their Parents

Cash under mattress
Zachary Scott—Getty Images

Sure, young adults could get higher returns by investing in stocks, but many have good reasons to stay safe in cash right now.

Another day another study about the short-comings of Millennials as investors. This time around, Bankrate.com weighs in—data from their latest Financial Security Index show that 39% of 18-29 year-olds choose cash as their preferred way to invest money they won’t touch for least 10 years. That’s three times the percentage that would choose stocks.

“These findings are troubling because Millennials need the returns of stocks to meet their retirement goals,” says Bankrate.com chief financial analyst Greg McBride. “They need to rethink the level of risk they need to take.”

Bankrate.com is not the only group trying to push Millennials out of cash and into stocks. Previous surveys have scolded young adults for “stashing cash under the mattress,” being as “financially conservative as the generation born during the Great Depression,” and more being “less trustful of others”—in particular financial institutions and Wall Street. (You can find these surveys here, here and here.)

These criticisms are way overblown. It’s simply not true that Millennials are uniquely averse to equities—many are investing in stocks, despite their responses to polls. As for cash holdings, keeping a portion of your portfolio liquid is simply common sense, though you can overdo it.

Here’s what’s really going on:

  1. Millennials are not much more risk averse than older generations. In the wake of the financial crisis, investors of all ages have been keeping more of their portfolios in cash—some 40% of assets on average, according to State Street’s research. Baby Boomers held the highest cash levels (43%), followed by Millennials (40%) and Gen X-ers (38%). That’s not a wide spread.
  2. Many Millennials do keep significant stakes in equities. This is especially true of those who hold jobs and have access to 401(k) plans. That’s because they save some 10% of pay on average in their 401(k)s, which is typically funneled into a target-date retirement fund. For someone in their 20s, the average target-date fund invests the bulk of its assets in stocks. Thanks to their early head start in investing, these young adults are an “emerging generation of super savers,” according to Catherine Collinson, president of the Transamerica Center for Retirement Studies.
  3. Young adults who lack jobs or 401(k)s need to keep more in cash. Most young people don’t have much in the way of financial cushion. The latest Survey of Consumer Finances found that the average household headed by someone age 35 or younger held only $5,500 in financial assets. That’s less than two months pay for someone earning $40,000 annually, barely enough for a rainy day fund, let alone a long-term investing portfolio. Besides, that cash may be earmarked for other short-term needs, such as student loan repayments (a top priority for many), rent, or more education to qualify for a better-paying job.

There’s no question that young adults will eventually have to funnel more money into stocks to meet their long-term right goals, so in that sense the surveys are right. But many are doing better than their parents did at their age—the typical Millennial starts saving at age 22 vs 35 for boomers. And if many young adults hold more in cash right now because they’re unsure about their job security or ability to pay the bills, there are worse moves to make. After all, it was overconfidence in the markets that led older generations into the financial crisis in the first place.

MONEY Millennials

10 Things Millennials Won’t Spend Money On

Young businessman with groceries and bicycle
Valentine—Getty Images/Fuse

By 2017, millennials will have more buying power than any other generation. But so far, they're not spending like their parents did.

Millennials are often maligned for their lack of financial literacy, but there is one money skill the younger generation has in spades: saving. After growing up during the Great Recession, millennials want to keep every cent they can. (If you don’t believe us, just check out this Reddit Frugal thread inspired by our recent post on millennial retirement super-saving.)

This generation may be way ahead of where their parents were at the same age when it comes to preparing for retirement, but the frugality doesn’t end there. Kids these days also aren’t making the same buying decisions our parents made. Here are 10 things that a disproportionate number of today’s young adults won’t shell out for.

1. Pay TV
The average American still consumes 71% of his or her media on television, but for people age 14-24, it’s only 46%—with the lion’s share being consumed on phone, tablet, or PC. Many young people aren’t getting a TV at all. Nielsen found that most “Zero-TV” households tended toward the younger set, with adults under 35 making up 44% of all television teetotalers.

Millennials aren’t the only ones tuning out the tube. In 2013, Nielsen reported aggregate TV watching time shrank for the first time in four years.

2. Investments
By all accounts, young people should be investing in equities. Those just entering the work force have plenty of time before retirement to ride out market blips, and experts recommend younger investors place 75% to 90% of their portfolio in stocks or stock funds.

Unfortunately, after growing up in the Great Recession, millennials would rather put their money in a sock drawer than on Wall Street. When Wells Fargo surveyed roughly 1,500 adults between 22 and 32 years of age, 52% stated they were “not very” or “not at all” confident in the stock market as a place to invest for retirement.

Of those surveyed, only 32% said they had the majority of their savings in stocks or mutual funds. (Too be fair, an equal number admitted to having no clue what they were invested in, so hopefully their trust fund advisors are making good decisions.)

3. Mass-Market Beer
Bud. Coors. Miller. When parents want a drink, they reach for the classics. Maybe a Heineken for a little extra adventure. Millennials? Not so much. When Generation Now (thank god that moniker didn’t catch on) wants to get boozy, the data says we prefer indie brews.

According to one recent study, 43% of millennials say craft beer tastes better than mainstream beers, while only 32% of baby boomers said the same. And 50% of millennials have consumed craft brew, versus 35% of the overall population. Even Pete Coors, CEO of guess-which-brand, blames pesky kids for his beer’s declining sales.

4. Cars
Back when the Beach Boys wrote Little Deuce Coupe in 1963, there was a whole genre called “Car Songs.” Nowadays you’d be hard pressed to find someone under 35 who knows what a “competition clutch with the four on the floor” even means.

The sad fact is that American car culture is dying a slow death. Yahoo Finance reports the percentage of 16-to-24-year-olds with a driver’s license has plummeted since 1997 and is now below 70% for the first time since Little Deuce Coupe’s release. According to the Atlantic, “In 2010, adults between the ages of 21 and 34 bought just 27 percent of all new vehicles sold in America, down from the peak of 38 percent in 1985.”

5. Homes
It’s not that millennials don’t want to own homes—nine in ten young people do—it’s that they can’t afford them. Harvard’s Joint Center for Housing Studies found that homeownership rate among adults younger than 35 fell by 12 percent between 2006 and 2011, and 2 million more were living with Mom and Dad.

It’s going to be a while before young people start purchasing homes again. The economic downturn set this generation’s finances back years, and reforms like the Dodd-Frank Act have made it even more difficult for the newly employed to get credit. Now that unemployment is decreasing, working millennials are still renting before they buy.

6. Bulk Warehouse Club Goods
This one initially sounds weird, but remember: millennials don’t own cars or homes. So a Costco membership doesn’t make much sense. It’s not easy to bring home a year’s supply of Nesquik and paper towels without a ride, and even if you take a bus, there’s no room to stash hoards of kitchen supplies in a studio apartment.

Responding to tepid millennial demand, the big box giant is trying to win over youngsters by partnering with Google to deliver certain items right to your home. However, even Costco doesn’t seem all that excited about its new strategy.

“Don’t expect us to go to everybody’s doorstep,” Richard Galanti, Costco’s chief financial officer, told Bloomberg Businessweek. “Delivering small quantities of stuff to homes is not free. Ultimately, somebody’s got to pay for it.”

7. Weddings
Getting hitched early in life used to be something of a rite of passage into adulthood. A full 65% of the Silent Generation married at age 18 to 32. Since then, though, Americans have been waiting longer and longer to tie the knot. Pew Research found 48% of boomers were married while in that age range, compared to 35% in Gen X. Millennials are bringing up the rear at just 26%.

Just like with homes, it’s not that today’s youth just hates wedding dresses—far from it. Sixty-nine percent of millennials told Pew they would like to marry, but many are waiting until they’re more financially stable before doing so.

8. Children
It’s hard to spend money on children if you don’t have any.

After weddings, you probably saw this one coming, but millennials’ procreation abstention isn’t only because they’re not married. Many just aren’t planning on having kids. In a 2012 study, fewer than half of millennials (42%) said they planned to have children. That’s down from 78% 20 years ago.

Stop me if you heard this one: it’s not that millennials don’t want children (or homes, or weddings, or ponies), it’s that this whole recession thing has really scared them off any big financial or life commitments. Most young people in the above study hoped to have kids one day, but didn’t think their economic stars would align to make it happen.

9. Health insurance
According the Kaiser Family Foundation, adults ages 18 to 34 made up 40% of the uninsured population in the pre-Obamacare world. Why don’t young people get health coverage? Because they’re probably not going to get sick. This demographic is so healthy that those in the health insurance game refer to them as “invincibles.”

Since the Affordable Care Act, more millennials are gradually buying insurance. Twenty-eight percent of Obamacare’s 8 million new enrollees were 18-34 year-olds. That’s well short of the 40% the Congressional Budget Office wanted in order to subsidize older Americans’ plans, but better than the paltry number of millennials who signed up before Zach Galifianakis got involved.

10. Anything you tell them to buy
When buying a product, older Americans tend to trust the advice of people they know. Sixty-six percent of boomers said the recommendations of friends and family members influences their purchasing decisions more than a stranger’s online review.

Most millennials, on the other hand, don’t want their parent’s or peer’s help. Fifty-one percent of young adults say they prefer product reviews from people they don’t know.

Related: 10 Things Americans Have Suddenly Stopped Buying

MONEY 401(k)s

Millennials (With Jobs) Are Super Saving Their Way to Retirement

Laptop with cord in shape of piggy bank
Atomic Imagery—Getty Images

Young adults are outpacing Baby Boomers and Gen X when it comes to getting a head start on their 401(k)s.

You may have heard that Millennials are taking saving more seriously than Gen X-ers and Baby Boomers did at their age. But their financial prospects look much worse, given student loan debts, high unemployment, and shaky entitlement programs.

No question, Millennials face steep challenges. But it turns out, twenty-something savers who managed to land jobs (some 74% of this age group) are doing even better than you might have thought—and they’ve built a huge head start toward retirement security.

Those are the findings of a just-released study by Transamerica Center for Retirement Studies, which surveyed more than 1,000 Millennials in the work force. “Millennials have seen what happened to their parents, many of whom lost their jobs and savings in the financial crisis—and they are taking steps to avoid a similar outcome,” says Catherine Collinson, president of the Transamerica center. “We’re seeing an emerging generation of retirement super savers.”

Millennials have also benefitted from the widespread adoption of 401(k) auto enrollment, automatic contribution hikes, and target date funds, Collinson says. Some 71% of Millennials who are offered a 401(k) end up joining their plan. By being enrolled into 401(k)s as soon as they start their jobs (unless they opt out), many Millennials are being nudged onto the retirement savings path sooner than previous generations.

How much sooner? Some 70% of Millennials started saving for retirement at an unprecedented young age, just 22, the survey found. By contrast, the average Boomer began saving at age 35, while Gen Xers got started at 27.

Transamerica’s findings show that Millennials are contributing an average 8% of salary to their 401(k) plans; adding an employee match, they’re stashing a solid 10% of income into their accounts. Those findings echo earlier surveys of young adults, which have found that Millennials are saving more.

Those contribution rates are especially impressive, given that Gen X savers are putting in just 7% of pay before the match on average. Boomers are saving at a higher rate, 10% before the match, but they also have higher pay on average and are facing a looming retirement date. Some 27% of Millennials also said they raised the amount they contributed in the past 12 months vs. just 7% who decreased it.

Thanks to this early savings start, Millennials have amassed an average $32,000 in their 401(k) accounts, according to Transamerica. And unlike older generations they are relying heavily on professional advice to invest their money—some 62% use a managed account or target date fund, vs just 47% of Boomers and 56% of Gen X-ers.

Of course, most young adults have plenty of shorter-term financial worries. Some 27% say their top priority is covering basic living experiences, and 27% say they want to pay off debt. Only 16% listed saving for retirement as a top concern. Complicating matters, three in 10 expect to provide support for their aging parents or other family members.

Even so, Millennials are optimistic about their retirement prospects. A whopping 60% expect to retire at age 65 or sooner. That’s a stark contrast to the majority of Baby Boomers (65%) and Gen X (54%), who plan to work past retirement or never retire. But Millennials share the expectations of older generations in other ways—half plan to work the job in retirement, either full time or part time. When it comes to staying busy in retirement, there’s not much of a generation gap.

MONEY

Young Adults Mistrust the Advisers Who Want Their Trillions

Millennial investor with stock research reports
Cultura—Alamy

Wealth management firms fight to overcome Millennials' wariness of the stock market and the financial advice industry.

Wealth management firms are trying to get millennials excited about investing and hope to win their trust — and the sizeable wealth they are expected to control in the future.

Those now 21 to 31 years old will control $9 trillion in assets by 2018, and that will continue to grow, Deloitte estimated. Millennials also stand to inherit some $36 trillion by 2061, according to Boston College’s Center on Wealth and Philanthropy.

“We have a huge generational shift in wealth coming up,” Tom Nally, TD Ameritrade Institutional’s president, told Reuters recently. “We want to make sure our advisers are ready to serve next-generation investors.”

But it could be a tough sell: Millennials tend to leave their parents’ advisers when they inherit money, and they are leery of stocks. They “are the most conservative generation since the Great Depression,” reported a January UBS Wealth Management study, which found millennials keeping 52 percent of their savings in cash, compared to 23 percent for other generations.

To be sure, millennials are trying to save for homes, pay down student loans and pay the bills that come along with young adult lifestyles. But millennials tend to be distrustful of the traditional financial planning industry, even when they have money to invest.

“They don’t want to hear a sales pitch,” said Michael Liersch, head of behavioral finance at Merrill Lynch, the brokerage unit of Bank of America. Roughly 40 percent of millennials disagreed with the statement “advisers have your best interests in mind,” according to a Wells Fargo & Co survey.

GIVING MILLENNIALS WHAT THEY WANT

To appeal to younger clients, regional brokerage Raymond James Financial is training more new college graduates to be brokers. It will “exponentially” expand its current level of 100 participants over the next three to four years, Tash Elwyn, president of Raymond James’ private client group, said in an interview.

Morgan Stanley runs investment educational programs aimed at clients’ children who may someday need help managing inheritances. It also beefed up its social-impact investing to appeal to conscientious millennials, said Doug Ketterer, head of strategy and client management for Morgan Stanley Wealth Management.

Online broker TD Ameritrade runs TD Ameritrade U, an online program that teaches college students investing strategies and how to use the brokerage’s thinkorswim trading platform. It also offers clients recommendations from LikeFolio, a youth-friendly startup that generates sample portfolios based on what’s popular on Facebook and Twitter.

“(These platforms) pique interest and expose millennials to investing,” said Nicole Sherrod, managing director of active trading at TD Ameritrade. “It goes back to the ‘invest in what you know’ concept.”

That concept may be the one that wins over millennials like Kenny Quick, a 25-year-old Tampa, Florida, advertising executive, who bolsters his workplace retirement plan by skipping the advice and buying shares of companies he knows through deep discounter Scotttrade, Inc.

“I hold stock in Chipotle,” Quick said. “I feel like I eat there all the time, so investing in them felt like the next step.”

TIME career

Study: Most Millennials Would Dump a Friend to Get Ahead at Work

LinkedIn Website
LinkedIn Corp. logos are arranged for a photograph. Bloomberg—Bloomberg/Getty Images

Watch out for any "Me Generation" coworkers

On top of accusations that millennials are narcissistic and lazy, the generation now has a new criticism to address: They’re more likely to ditch work friends for the sake of a promotion, according to a recent LinkedIn survey.

The world’s largest online networking platform surveyed 11,500 full-time professionals from 14 countries about their work relationships. The results revealed a significant generational gap. While half of millennials (defined as professionals between the ages of 18 and 24) report that their work relationships make them feel motivated, 45% of professionals between 55 and 65 (or “baby boomers”) responded that such friendships had no effect on workplace performance.

But those warm and fuzzy feelings don’t necessarily translate into coworker loyalty. When asked whether they would sacrifice a work friendship for a promotion, 68% of millennials said they would while 62% of boomers said they would never even consider it.

“It’s a positive difference as far as I’m concerned,” Nicole Williams, a LinkedIn Career Expert, told TIME. “Ultimately, [millennials] feel that these friendships will either survive or there will be new friendships…I think there is a sense of competitiveness and that you need to be competitive in order to survive.”

Williams also said that the results could be affected by millennials’ expectation that they will work for several companies across their careers. “If you thought you’d be sticking around for 20 years, I think you’d be more conscious in terms of your relationships,” she says.

Boomers are also more likely to have started families of their own, while Williams suggests that millennials—fresh out of college and in a new environment—search for that closeness in their office relationships. “You’ve got boomers who have kids, who have husbands, parents they’re taking care of. They’re not as interested in the more social aspects of work,” Williams says. “For millennials, their professional relationships are kind of an extension of their family in a lot of ways.”

The idea of a “work spouse” comes to mind, a coworker possibly of the opposite sex with whom you share a platonic but extensive friendship because of a shared understanding in the work you do. Williams credits this very concept to the millennial generation. “Even the word ‘work spouse’ didn’t exist ten years ago, and I’m certain that the boomer generation wouldn’t conceive of their professional relationships being comparable to their partner, marriage relationships,” she said. “But you hear it all the time within this millennial generation.”

Still, knowing that many millennials would gladly ditch their work hubby for a shot at the corner office may leave a bad taste in some people’s mouths. Williams’ explanation for this trend is concise: “[Millennials] are using these friendships to advance themselves professionally,” she says.

Those after-work happy hours are looking less chummy.

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