I’m in my mid-thirties, and when you had requested 18-year-old me what “wealth” would appear to be 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 this moment: I hire a comfortable little place in London, work partly from espresso outlets, and as a substitute of a automotive I’ve received a second-hand bike and a well-worn passport. Over pints with pals, we regularly chortle at how none of us have these traditional markers of success our mother and father had by our age.
But, unusually, we don’t really feel “poor” in any respect. In truth, we really feel rich in methods which can be tougher 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 function 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 Dwell 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 mother and father and grandparents usually adopted.
However for many people millennials, that script feels both unattainable or undesirable — or each. The reality is, the outdated components of success simply doesn’t add up in right this moment’s world. Wages haven’t stored up with hovering housing costs (house costs have climbed lots of of p.c since our mother and father’ time). A home that price our grandparents a number of years’ wage may cost us a number of a long time’ 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 sport 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 stay life on our personal phrases. That freedom would possibly imply the flexibility to work remotely from a seashore in Bali, or just having management over our day by day schedule.
A current commentary described this shift nicely: 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 invaluable as proudly owning a home or a flowery automotive.
Take my pal Alex for instance. 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 initiatives, work in his pajamas if he needs, and surf on Tuesday mornings. “I traded a piece of my revenue for my time again, and I’ve by no means felt richer,” he advised me just lately.
His sentiment is echoed by lots of our friends. We’ve watched our mother and father 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 if in case you have no life exterior 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. In truth, a 2024 international 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 function and a wholesome life.
Monetary freedom is a part of this equation too. Moderately than pinning all our hopes on a pension or climbing the company ladder, we search for inventive methods to attain monetary independence on our personal.
Aspect hustles are virtually the norm in my pal circle — from Etsy outlets 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 least work much less as quickly as potential. It’s not that we’re lazy; it’s that free time is the final 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 different wealth-building methods and a reclaiming of management over our funds. We’re studying investing by means of apps, swapping tips about budgeting and crypto on Reddit, and earning profits 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 always feels unstable.
Are we nonetheless involved about cash? In fact – we’re merely defining wealth as cash plus freedom, moderately than cash alone. A financial institution steadiness is vital, however the function of that cash is what issues. If £10,000 saved means I can take a number of months off to journey or begin a small enterprise, that feels wealthier to me than £10,000 trapped in a home I can’t go away 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 pliability to take pleasure in life’s experiences, not simply monetary property. Freedom has develop into a foreign money in its personal proper for millennials. We commerce within the foreign money 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 bathroom 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, when you’ve received a six-figure wage however fixed anxiousness and burnout, are you actually “rich”?
Many people would say no. We’d moderately earn a bit much less if it means we sleep nicely at evening 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 in opposition to the outdated hustle-till-you-drop ethos. (Bear in mind when “sleep once you’re lifeless” was a well-liked mantra? Yeah, no thanks — we’d prefer to sleep now, please.)
Within the office, youthful staff are difficult the expectation of being obtainable 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 once we’ve seen that life is fragile and well being is invaluable? The pandemic solely underscored that lesson, as all of us received a stark reminder that well being = wealth in probably the most literal sense.
Employers are (slowly) catching on. Firms 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 research discovered 92% of staff (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.
In truth, in that international survey I discussed earlier, an absence of assist for worker well-being or work-life steadiness is among the prime causes millennials would reject a job provide. That’s a reasonably daring stance in comparison with earlier generations.
However 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 turned a business fad, however behind it’s a real prioritization of well being. Our mother and father might need powered by means of exhaustion; we’re extra prone to hit pause and say, “I would like a break.” We don’t at all times succeed (anxiousness and despair are nonetheless frequent battles), however the secret is we’re speaking about it and treating psychological well being as a basis for a great life, not an afterthought. Wealth, to us, contains being wealthy in peace of thoughts.
Generally I prefer to remind myself of an outdated proverb: “You may’t pour from an empty cup.” To me, which means if I’m not mentally and bodily nicely, I can’t take pleasure in some other success.
So in our trendy 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 keep on with you and carry you thru robust occasions. Isn’t a life stuffed with much less stress and extra contentment a rich life in its personal approach? We actually suppose so.
Accumulating Experiences, Not Issues
Should you open my closet, you gained’t discover a trove of pricey designer purses or the most recent devices. (Okay, you’ll discover a lot of books and possibly too many houseplants, however that’s irrelevant.) As an alternative, my most prized “possessions” are my experiences: the six months I backpacked by means of Southeast Asia, the evenings spent jamming with pals in a storage band, the time I began a tiny neighborhood backyard.
For a lot of millennials, it is a defining trait — we treasure experiences over materials issues. In truth, one would possibly say experiences have develop into our era’s favourite foreign money.
There’s knowledge to show this isn’t simply me being sentimental. A survey by Eventbrite discovered that over 78% of millennials would moderately 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 evening out are extra fulfilling investments than the most recent product.
And guess what? Science agrees with us. Research on happiness present individuals are likely to really feel happier after spending on experiences moderately than on materials items. Give it some thought: the fun of a brand new cellphone fades in months, however recollections of an ideal journey or a giant life occasion can provide 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 client increase, bombarded by ads and gadget launches. However many people additionally noticed the downsides: mother and father harassed by debt, cluttered houses, the conclusion that purchasing extra stuff didn’t equal extra happiness.
So we collectively began leaning the opposite approach, in the direction of minimalism and the so-called “expertise economic system.” Why accumulate issues that simply gather mud once we can gather moments and recollections that form us?
It doesn’t damage that Instagram and TikTok are principally spotlight reels of individuals doing cool stuff — journey, festivals, meals adventures — which solely reinforces the thought. Social media might have its faults, however it has made experiences shareable and thus much more sought-after (in spite of everything, a sundown hike or a selfmade artisan latte makes a greater photograph than a screenshot of your financial institution assertion or an image of your toaster). There’s even a little bit of FOMO (concern of lacking out) at play: seeing others stay 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 fascinating, one the place you’ve tasted, tried, and seen issues past your instant bubble. Whether or not it’s touring, studying a brand new talent, or simply spending high quality time with family members, these are the issues we’ll keep in mind on our deathbeds, not the sneakers we purchased or the flamboyant electronics.
Personally, once I splurge now, it’s extra doubtless on a weekend journey or a meetup with pals than on a luxurious merchandise. And I hardly ever remorse cash spent on making recollections. As an outdated quote (usually attributed to the author Thoreau) goes, “Wealth is the flexibility to totally expertise life.” That might be a millennial mantra. The quiet revolution right here is that we’re redefining “wealthy” as wealthy in life, not stuff.
Apparently, 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. Plenty of us are into the thought of minimalism — not as a pattern the place you rely your socks, however as a sensible option to spend on what actually 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 side of our new wealth equation: a way of function and look after the world round us.
Goal and Planet Over Earnings
One huge factor that motivates millennials is residing our values. We would like our day-to-day life and work to imply one thing past simply incomes a paycheque. Plenty 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 lots of my friends selecting careers in nonprofits, training, or tech startups aimed toward fixing social points, even when these jobs don’t make anybody millionaires. Even in typical jobs, we search for corporations 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 repute. 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.
Goal-driven work isn’t only a buzzword; it’s a precedence. In truth, 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 damaging 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, however it’s changing into extra frequent.
Past the office, we supply these values into our life-style decisions. Sustainable residing is a big 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 — however 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 will not be assured. So being environmentally acutely aware feels important.
Many people favor experiences and merchandise which can be sustainable: we’ll select a prepare 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 lowering 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 “function account” – that inner meter that gauges if I’m residing true to my ideas.
In our new definition of wealth, having a function and constructive influence is a type of richness. Realizing that my actions, nevertheless small, assist my neighborhood or the planet makes my life really feel extra invaluable. 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 at all times 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 stay 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 situation for many people. Even when we haven’t achieved it but, that supreme shapes our decisions. We measure “richness” not simply by what we now have, however by what we give and what we stand for.
It’s value noting too that monetary literacy performs a task in residing our values. Many people realized that to stay life on our phrases (whether or not which means having freedom or making a distinction), we have to get sensible about cash.
Colleges didn’t train us a lot about private finance — a variety of us discovered the exhausting approach or taught ourselves in our twenties. Now I see an actual starvation amongst millennials to teach ourselves about budgeting, investing, and saving, not for the sake of greed however for safety and empowerment. Based on one UK report, about 82% of younger individuals stated they’d prefer to be taught extra about managing their cash higher. We need to break the cycle of paycheck-to-paycheck and debt that many people began in.
Why? So that cash turns into a software to assist our supreme life (one with freedom, experiences, and function), moderately 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 correctly to craft the life we worth, as a substitute of blindly chasing it or avoiding it.
All these items – freedom, psychological well being, experiences, function, monetary savvy, sustainability – intertwine in our era’s quiet revolution. We’re renegotiating what it means to be “rich” on daily basis by the alternatives we make. It won’t make headlines in the way in which tech billionaires do, however it’s a widespread cultural shift that’s altering how wealth is perceived and pursued.
Earlier than I am going
Penning this, I’m struck by how private and highly effective this quiet revolution is. It’s not loud or flashy. You gained’t see a single chief or manifesto behind it. As an alternative, it’s in hundreds of thousands of particular person choices: the Millennial couple who downsized to a tiny house so they may 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 mother and father 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 resolve to redefine wealth — it occurred organically, solid by financial realities and a little bit of idealism. We realized that if the outdated indicators of wealth had 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 discovered {that a} fats paycheck isn’t the one solution to prosperity, and that prosperity means extra when it’s shared and savored. We’ve discovered that wealth is a multifaceted state: half monetary stability, sure, but additionally half freedom, half happiness, half function, and half legacy.
So, the subsequent 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 stuffed with what issues to me — freedom, well-being, experiences, and function. In my ebook, and more and more in our era’s ebook, that counts as true wealth. And if that’s a quiet revolution, it’s actually a profound one, occurring proper within the midst of our on a regular basis lives.
In spite of everything, what’s wealth if not the flexibility to stay a life that genuinely feels value residing?
