Millennials: Where’s Our Money?

In 2007, during the beginning of the Great Recession, I was a self-employed millennial running my own PR firm full-time. I unexpectedly lost three of my largest accounts.

I had a sense that I needed to be going after more clients, increasing my revenue and saving up more money, but I was a young entrepreneur with a lot to learn about running a company. After all, I started the business fresh out of college because the job market was so bleak and I couldn’t land a position in my field or anything stable enough to carry me financially. The business had allowed me to cover all my bills and stash away a good deal of cash, but, when the recession hit, I became afraid. When I began the business three years earlier without any money, I didn’t even have enough to open a bank account. Now, here I was again with no more money and no one to ask for help.

Why didn’t I just go get a job? Well, it’s not that simple. Millennials came into the workforce hoping to lock down a secure career and bank on a big payday only to be disappointed that neither of those things were readily available. We watched our parents work for years at the same company and believe they had a nest egg for retirement that somehow disappeared. We make less money than previous generations and have smaller incomes and bigger debts because we’re often underemployed and underpaid.

So, we’ve figured out how to use technology to do more and spend less. We love discounts, deals and freebies. We’ve put off commitments like marriage and home ownership not because they don’t hold value to us but because we want to be stable enough to fully enjoy those experiences without major financial woes. We like money and appreciate the finer things, but live for a bargain. We did not want to follow in our parents’ footsteps so we started scrambling up extra money in addition to our full time jobs as side hustles (Pew Research).

This year, we’ll approach the 10-year anniversary of the Great Recession. It took a while but I’m doing pretty well now financially. However, I am concerned about my generation. As the oldest millennials turn 37 this year – an age where most Americans are supposed to be at their peak spending age – millennials are still feeling the aftermath of the Recession (Morgan Stanley).

 

We are the largest generation of the U.S. workforce and, as we age, many factors will bear down on our financial future: Social Security is underfunded, our life expectancy is on the rise and college debt won’t disappear. Many millennials, especially those who are entrepreneurial, don’t always learn things we should about money or by the time we do we’ve already been cast out into the world burdened by money mistakes and financial mess-ups. We are a considerably underfinanced generation, which is why we have no choice but to start saving as much as possible, living on significantly less and seeking financial advice.

Where is our money? How can millennials drive growth to the U.S. economy? What will predictions say about our financial contributions? How can we develop a sustainable plan for future generations?

We have to get to saving. Twenty-three percent of younger millennials (18–24) don’t have a savings account and 43 percent of millennials who make $75–$100k a year don’t have a savings account or have nothing saved. If we don’t save today, we’ll be playing catch up later. (Millennial Money)

We have to remain frugal. Millennials should have a vision for where we might want to be financially. We must plan for our finances to keep us comfortable and learn to live below our means. Develop a budget and set money goals accordingly – translation: buy a few less lattes.

We have to ask for help. As resourceful as we are and as much as we value relationships, we shouldn’t have a problem getting money advice and financial guidance to manage the things we value most. The earlier we enlist help, the better off we’ll be.

Contrary to what is said or perceived, millennials are not lazy, entitled slackers. We have the same needs and wants as older generations — financial security, family stability and retirement savings. As we plan for the future, we must consider the kind of commitments, goals and investments we will set with our money. We know how to use our profit—what we gain out of life—to supply our purpose in the world because we inherently understand that profit is not just about money. Profit includes your time, life takeaways, raw talents and trusted tangibles. And, millennials are going to need all of those to build a sturdy foundation for the future of our money.

This article is an excerpt from my book, The Original Millennial and appeared in The Tennessean for 12th and Broad as part of the Millennial Money Experiment powered by Regions Bank.

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Inclusion Must Honor the MLK Legacy

As we return to work after observing the Dr. Martin Luther King, Jr. holiday, we must pause to honor his legacy and reflect on the impact of his work as it lingers throughout our communities.

If we consider the presence of that legacy being carried out in our organizations, we would immediately consider the practice of diversity and inclusion.

Sadly however, many organizations spend more time talking about how they can and should improve workplace diversity than taking any measurable action toward workplace inclusion.  Statements and declarations, committees and councils, trainings and assessments — all sound great. None of those things truly move the needle toward inclusion. When policies are not matched with strategic efforts, results will never come about.

In light of this much needed work, I was happy to create and coordinate the annual MLK Diversity Breakfast hosted by the Lipscomb University Department of Communication and Journalism and College of Liberal Arts and Sciences on Friday, January 15, 2016 in partnership with the Council on Workforce Innovation and National Organization for Workforce Diversity.

This event is aimed at inspiring interactive conversation among local leaders who are champions for diversity and inclusion by sharing ideas, addressing issues and rethinking practices that affect our multicultural communities.

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(Aerial Ellis opening the 2016 MLK Diversity Breakfast at Lipscomb University.)

The MLK Diversity Breakfast is an opportunity for area professionals to gain a greater understanding of how to communicate about diversity and inclusion as a priority within their organizations and have access to a network of colleagues who collectively celebrate the cultural progression of the Nashville community. Our keynote speaker is a C-suite or civic leader connected to the practice of cross-cultural communication with a passion for the ways in which diversity and inclusion impacts business and community.

This year’s event featured Rose Jackson Flenorl, Manager, Global Citizenship, FedEx Corporation as keynote speaker. Flenorl directs and implements the company’s community outreach strategy in the areas of disaster relief, safety, environment, education, and diversity. She leads a team of professionals committed to representing the heart of the corporation by executing strategic programs and maintaining relationships with national and international non-profit organizations. Flenorl provided insight on the global corporation’s work in serving an evolving base of multicultural consumers, strengthening its pipeline to recruit, retain and advance diverse talent, and supporting minority business owners and community initiatives through citizenship engagement.

Last year, our inaugural event featured Anthony Carter, Chief Diversity Officer at Johnson & Johnson. Take a look at our 2015 highlights.

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(L-R: Rose Jackson Flenorl of FedEx – 2016 keynote speaker, Jacky Akbari of Now Diversity)

In addition to the breakfast, Rose Jackson Flenorl spent time talking with our communication and journalism students about the path to success in the industry. Discussions about diversity allow our students to better identify bias and stereotypes, discover advocacy with an objective lens, and communicate across global cultures as future journalists and public relations practitioners.

Though her visit, I believe all were able to consider diversity as a social action that challenges those norms, values, styles and patterns of thinking that can inspire more inclusive conversations.

If organizations strive to live up to the tenets of Dr. King’s vision, they must honor his legacy through actions that show real progress toward workplace inclusion. Initiatives must not only embrace employees for their individuality but also celebrate the differences that contribute to the success and innovation in the workplace regardless of gender, creed, color or sexual orientation.

Beyond commemorative events and celebrations, we have an obligation to act. Inclusion at any point should always be our goal. In this new year and moment of cultural reflection, I challenge you to thinker deeper about the ways Dr. King’s legacy can inspire and shape your organization’s practice of inclusion.

See a few highlights from the 2016 MLK Diversity Breakfast.

It’s Complicated: Explaining The Role of Race in Police Brutality

 

I’ve opened the past two semesters talking about police brutality on the first day of class in my Cross-Cultural Communication course at Lipscomb University. This is a required course for communication and journalism majors to grasp the challenges of communicating in today’s complex society so we go there and get pretty deep. Building communication strategies to address obstacles and opportunities within a client’s organizational culture is something I know very well but grappling with the thorny issues of our times with a room full of college students means I must dig deep and go all the way. There are a wealth of topics I could start the semester with instead but it just so happens the biggest story in the news at the time concerned violence, race and injustice – in fall we dealt with cases of Michael Brown and Tamir Rice, and in spring, the cases of Eric Garner and Freddie Gray. It looks as if perhaps this coming fall in August I will unfortunately and again have new content on the same topic – now with the incident in Mckinney, Texas and who knows what else between now and then.

For all of these tragic instances, a firestorm of commentary and disagreement ensued across news media and social media, and protests arose all over the world. Some students wonder how this could happen in the United States. For others, unfortunately, police brutality and discrimination are all too familiar. Yet for a large majority of my students at our private, Christian, predominately white University, police brutality and the racial disparities that accompany the topic are foreign concepts. They are often confused but curious and compassionate in their attempt to make sense of tough issues that even us mature adults struggle to comprehend. Naturally, they are faced with anger, frustration, sadness, disbelief and lots of questions.

“The victim had to be doing something wrong, right Professor Ellis? Wouldn’t the news media tell us if something was done unfairly?”

“Professor Ellis, wasn’t this an issue during segregation? Why are we seeing so much about it today?”

“But Professor Ellis, does this mean most cops are racist or that we should fear them?”

“So Professor Ellis, how do we fix stuff like this?”

My answer to them: “Well, it’s complicated.”

I could share with you how I lecture on the basis of these questions but that’s a 2000-word essay, not a blog post. I tell my students we have many things to consider…

  • We’d need to consider how racism has always played a key role in our country and how it became embedded in our criminal justice system. We also need to talk about juries, how difficult it can be to find the truth and how media coverage and social media conversations impact the perceptions of what we believe is true. We’d need to consider the origins of racism and the repetitive narratives of injustice, violence and poverty in communities of color to examine the correlations.
  • We’d need to look at the public’s general perception about the problem of police brutality and its history in America from the civil rights movement of the 1960’s to the transition from community policing to military policing in the 1980’s. We’d need to examine data that shows if you are black you are far more likely to die at the hands of a police officer than you would if you are white, and how that knowledge has perpetuated a relationship of conflict between police officers and the black community. We’d need to talk about how the outrage makes people feel hopeless and inspired to react in protesting or even rioting.
  • We’d need to examine the disturbing trend in the news media where a person is often criminalized when they have been killed by a police officer rather than insisting they deserved to a chance to be charged, brought to trial and have remained among the living. We’d need to research at the trend of citizen journalism becoming a powerful catalyst for the narrative of injustice as a tool for breaking news. We’d need ask if we can discern by only looking at the mobile phone footage of a bystander how an unarmed citizen is to blame for the overcorrection, extra force or lack of control displayed by police officers.
  • We’d need to assess how police administrators are training officers and addressing criticism since police brutality has gotten so much national attention recently. We’d need to consider that what a police officer could despise more than anything is when their authority is challenged, regardless of your color, and that could get you thrown in jail or met with excessive force. We should acknowledge that there are officers and administrators who understand how this crisis is impacting public trust and are trying to handle the issue with care and concern because their profession requires that they put their lives on the line everyday.
  • We’d need to consider our role in calling out injustice as a social and moral responsibility when the dynamic of the unknown convicts us to acknowledge stereotypes and reveal blind spots. We’d need to be honest about the relative silence over unfair treatment when it doesn’t impact us directly. We should admit we are imperfect people who have a tendency to limit our perspective, opinions, beliefs and comfort zones to be in agreement with those who relate to us most. We need to remember that what affects one affects us all, or at least it should.

I told you. It’s complicated.

I have the next generation of FOX news anchors, CNN producers, national radio hosts, online news editors, public information officers, non-profit leaders and crisis PR practitioners in my classroom. They will shape public opinion and determine how we consume messages through media. These students are studying to go into newsrooms to write stories and headlines about issues they’ve never witnessed personally, go into communities that may not look like the places they grew up in with cameras to capture the conflict of people who don’t look like them, go into companies to help generate awareness among a target audience whose lifestyles they can’t relate to, or go into organizations to help senior leaders to communicate about issues that might make them uncomfortable.

If I don’t get real with them, who will?

(Al Hartmann | The Salt Lake Tribune)

(Al Hartmann | The Salt Lake Tribune)

Now, I could be the kind of professor that ignores the cultural sensitivities that surface from answering these questions or I could be the kind that challenges students and myself to explore our self-identities and look at how fit they into the world. This is where we must consider our younger generations who are confused but curious about their role in improving our society in ways that enlighten and empower them. Violence, race and injustice – the anchors of the cultural discourse around police brutality – aren’t the easiest concepts to grasp and are no longer the kinds of one-time shallow conversations we can sweep under the rug. Ignoring the facts dehumanizes us. They have to be talked about on an ongoing basis every time a story comes out.

I challenge you, whether a professional, professor or parent, to start having open discussion about cultural issues with the young students in your communities. Address your personal biases internally, dig for more than what is reported through media, be okay with the discomfort of disagreement when a different opinion is expressed, search for a historical context connected to these issues we’ve increasingly seen in the news, seek meaningful conversations with people who’ve experienced the cultural struggles that you haven’t, and empower a young student to intelligently assess their role in doing something about the issues.

I’d like to hear from you.

How has your perspective of race and police brutality been impacted by recent events?

How has media coverage of the current events heightened your cultural sensitivity to racial issues and police discrimination?

How do you intend to help the next generation of leaders understand and address difficult issues like race, violence and injustice?