Hi George: We spoke for a minute after your radio show with Phil Johnson today and you asked me to email you.
I am a 23 year old full time university student and I am on a full ride
scholarship. I also work a part-time job and am lucky that it pays well. I have
lived with my girlfriend, who is also a full time university student that
serves on her weekends and volunteers once a week at KGH, in a modest apartment
in downtown Kelowna. I am a millennial and I understand a lot of the frustration
pertaining to the “zombies” of my generation.
I guess the issue I have is that I, like many other people my age, can
only tread water and hope not to drown in financial debt. There is no way you
can go to school today without access to a computer and internet. On top of
paying for schooling, you have rent, utilities, food, insurance, gas, cellphone
bills (another necessity in today’s world – and not the millennial’s fault) and
If you do the math; a full time student spends 15 hours in class and is
recommended to spend an additional 3 hours studying outside of the classroom
which adds up to 45 hours/week of studying time. In addition, to keep a roof
over your head, your belly full, and your vehicle that is required to transport
you throughout your erratic schedule, you will have to work at least a 40
hours/week at minimum wage.
It is also recommended the average person gets 8 hours of sleep per day,
or 56 hours/week. So we are now at 141 hours of our week dedicated solely to
studying, working and sleeping while we only have 27 hours left to kill.
Hopefully you can fit all your driving, grocery shopping, cooking,
eating, exercising, banking, personal hygiene, volunteer work, and maybe, just
maybe, you will have the time to put your feet up and prey you don’t have any emergency
Now I cannot speak for all millennial’s, but the fact that I am on a
full ride scholarship and still contemplating taking out a student loan
frustrates me, and when I hear people on the radio commenting on how spoiled
and lazy all of us millennial’s are, it frustrates me even more.
If you have any financial advice I would appreciate hearing it, and
again, I apologize for the breadth of this email, but I thought you may be
intrigued by a 23 year old’s perspective on why the majority of us millennial’s
A BIG thanks for your note. It’s so well written
and thought out AND accurate! Sure wish I could magically insert your email
into my book today!
You’re right that millennials get labeled. It’s
mostly off US surveys of various degrees of quality and accuracy. In the next
year or two, “you” will outnumber baby boomers so the world, including myself,
really ought to be a little more careful in the generalizations. Thank you
thank you! For every stereotypical millennial there are vast numbers of
superstars and future leaders such as you.
Not sure when you’re done or if you read the Money
Tools chapter If you’re about 25 or younger, but DO start thinking about the
critical year after grad as outlined in there.
Nope, you can’t save right now. Reality sucks but
it’s about financially treading water – of surviving and not thriving. And
that’s you with a full scholarship, never mind the 90% or so that don’t have
Do NOT let the need for some student loans
depress you! I know there’s really no
such thing as “good” debt, but there is “better” debt on the proviso it’s not
around for a decade. Everything in life is a trade-off and you’re not looking
to use it for a three week Europe holiday. Just knowing that you hate doing it
makes you more financially responsible than the vast majority of the world. Better
sleep, less stress, a small cushion “in case” is worth using some student loan
The BIG goal, even if it’s funded with student loan
money, as reasoned above, is to have a month of expenses in a savings account
for any emergency. It’s fine if that’s half your savings, half your
girlfriend’s for the time being. It’s worth the reduced stress and just knowing
the next “emergency” will then be more of an inconvenience…
George Boelcke – Money Tools & Rules book –