Did Boomers destroy the world?

market 04

 

By Caitlin Kelly

Here we go again…

How Americans of the Baby Boom generations — born between 1946 and 1964 — have totally screwed everyone younger.

True?

From The Atlantic:

 

Below, I show a reasonable projection of the share of national income that will have to be spent paying for these obligations in the future if there is no substantial restructuring of liabilities. It’s based on consensus forecasts from groups such as the Congressional Budget Office and the Office of Management and Budget for economic growth and for programs such as Social Security and Medicare where such forecasts are available—but in some cases, such as state debts and pensions, no such forecast was available, and so I developed a simple one.

Making these payments will require fiscal austerity, through either higher taxes or lower alternative spending. Younger Americans will bear the burdens of the Baby Boomer generation, whether in smaller take-home pay or more potholes and worse schools.

Furthermore, the basic demographic balance sheet is getting worse all the time, increasing the relative burden on young people. Working-age Americans are dying off in alarming numbers.

As someone in this cohort, I have a real problem with this.

I would never argue that younger workers and voters don’t face tremendous headwinds, economically and politically. They do!

I look at the current cost of American university education and find it absurd that schools you have never heard of are demanding $40,000 to $60,000 a year to educate their students. Get real! Nor do many state schools offer a much less expensive alternative.

I paid all of $660 a year to attend University of Toronto — the annual fee for an equivalent course of study is now 10 times as much. But it’s $6,000, not $60,000.

That’s also a nation with different political and economic values, more interested in the common good (yes, higher tax rates) than individual wealth-building.

 

img_20160928_183329860

 

Blaming Boomers for every impediment to financial progress is so appealing. Intergenerational warfare is such a shiny little distraction from the heavy hand of capitalism, forever demanding “shareholder value” (i.e. return on institutional investments) instead of recognizing everyone’s need to save and invest and hope for a better financial future.

I know many many people in this cohort who are struggling mightily financially — hardly sitting on their thrones of gold, their private jet awaiting their flight to their fourth home. The truly wealthy are so rich it’s beyond comprehension at this point, leaving the rest of us to beat the hell out of one another.

Many people in their 50s and beyond who do not have a well-paid or secure full-time job, let alone one that offers a pension, are scared and desperate, facing:

 

— a possible next recession, having barely recovered from the 2007-2009 recession

— the costs of paying their children’s college

— having their adult children (and grandchildren) needing to return home for food and housing.

— the costs of paying their parents’ health care aides or nursing home

— the fear of those enormous costs for themselves

— facing widespread, rampant and illegal age discrimination, leaving them/us financially impotent to earn, save and invest for all of the above if we are shut out of decent, full-time employment with (in the U.S.) the subsidized health insurance everyone needs.

 

Some alternate facts:

 

Half of Americans over the age of 48 have no money saved for retirement.

 

From Bloomberg Businessweek:

 

“Social Security provides most of the income for about half of households age 65 and older,” the GAO said.

The Employee Benefit Research Institute estimated earlier this month that 41 percent of U.S. households headed by someone age 35 to 64 are likely to run out of money in retirement. That’s down 1.7 percentage points since 2014.

EBRI found these Americans face a combined retirement deficit of $3.83 trillion.

 

 

 

 

Mentoring 3.0

By Caitlin Kelly

IMG_20160412_165957996

Which path should I choose?!

 

The traditional view of mentoring is that of a wise(r), old(er) person with the time, skills, expertise, insights and contacts to help a younger person enter, or climb the ladder of, their chosen profession.

You might find a mentor in a family friend, a neighbor, teacher or professor, a coworker or fellow freelancer.

But here’s the thing.

I think mentoring is no longer, as many people see it, a one-way street, with the person arguably with all the power and connections helping the person with none, or many fewer.

The economy has changed.

Entire industries have shifted, shrunk or simply died and disappeared.

IMG_20151107_150131203
Books can offer lots of great advice, too!

Many people my age — I’m in my 50s — are scrambling hard now to earn a good living freelance; even if we wanted a full-time job with benefits, at the salary we enjoyed a few years ago, it’s quite likely out of reach.

So while we have decades of experience and skill we can and do share, we’re also now working for, and with, people half our age or younger who are the new gatekeepers.

We all need to adapt.

I’ve mentored many people throughout the years.

Some have become and remained dear friends, like this talented young woman in London. I’m super thrilled to see what a great career and life she has created for herself.

A few others have been, frankly, shockingly ungrateful and entitled, delighted to use me in whatever ways they thought most expedient and then...buh-bye!

Not cool, kids. Not cool at all.

I recently applied for a part-time editing position, one in which I’d be working closely with — i.e. managing — several young staffers. I needed proof of my ability to do so, and asked several Millennial friends, (i.e. mentees), to write me a LinkedIn recommendation.

Fortunately, several came through for me, and their words have been both touching and just what I needed. One blew me off with two snotty little sentences. That was…instructive.

Mentoring 3.0 is no longer the CEO in his or her corporate corner office pontificating.

Not everyone who can be helpful to you now has a Big Fancy Job.

They might not even have a “job” anymore!

IMG_20150107_102116080
It all feels so mysterious, though. Help!!!

Nor is everyone who can be helpful to you de facto eager to have you — (and never ever use this hideous phrase!) — pick their brain. Just because you need help doesn’t mean everyone has the time or energy to help you.

Before you clutch someone’s ankles, insisting you desperately need their help and advice, show us what you’ve already tried to do.

Even if you’ve failed, at least you thoughtfully and sincerely tried. Effort is huge.

We need to know you’re listening and will actually do some of what we suggest; nothing is more annoying than making time to really listen carefully and offer our best advice, contacts or insights — and you fail to follow through.

Oh, and yes, a thank-you, (even on real paper with a stamp), is very welcome!

If you’re lucky, you’ll find a mentor who’s flexible, savvy and able to pivot whenever and wherever necessary. Treat them, and their valuable time, with the respect it deserves.

No one owes you this!

images
The late, great NYT media writer David Carr, a lively and funny speaker — and generous mentor to many in our field

And if they turn back to you — and ask you for some help in return — don’t shrug and ghost.

In the new economy, we all need one another.

In your first post-grad job? Read this!

By Caitlin Kelly

Here’s a powerful, no-bullshit list written by Jason Nazar, founder and CEO of Docstoc, who is 34. In his blog post for Forbes, an American business magazine, he offers 20 tips for people in their 20s, like:

Congratulations, you may be the most capable, creative, knowledgeable
& multi-tasking generation yet.  As my father says, “I’ll Give You a
Sh-t Medal.”  Unrefined raw materials (no matter how valuable) are
simply wasted potential.  There’s no prize for talent, just results.
Even the most seemingly gifted folks methodically and painfully worked
their way to success.

I like a lot of what he says.

When you’re looking for your first, or second or third, job, it’s easy to forget or not even realize how utterly different the world of work is from school, which is why internships can be a useful glimpse into the “real world.”

In school, you have very clearly defined parameters of success and failure.Whoever else is attending your college or university appear to be your primary or exclusive competition, for grades, for profs’ attention, for campus resources.

But if your classmates are not economically or racially or politically or religiously diverse, you’re in for one hell of a shock if you relocate to a different place, or several, to earn your living.

Who are these people and why do I have to do what they tell me?

In school, if you attain a fantastic GPA and some awards, you’re the bomb.

In school, yes you are.

But in school, short of wasting tuition money and/or flunking out, there are no terrible consequences to failing or missing deadlines or getting wasted or showing up to class late and/or hungover or high.

The real world is much less forgiving of stupidity and a lack of preparation.

In school, most students hang out with their peers, i.e. people within their age group. Adults end up being annoying things to please (profs) or placate (parents) but not people you may spend much time trying to understand, cooperate with or relate to as a fellow professional.

If you’ve never worked with (or managed) someone 10, 20 or 30 years your senior, how’s that going to feel?

All these new adults — not your parents or their friends or professors or people who are inherently interested in (or deeply invested in) seeing that you succeed — don’t care. And they expect a lot. All the time. OMG!

As Nazar also writes:

You Should Be Getting Your Butt Kicked – Meryl Streep in “The Devil Wears Prada” would be the most valuable boss you could possibly have.  This is the most impressionable, malleable and formative stage of your professional career.  Working for someone that demands excellence and pushes your limits every day will build the most solid foundation for your ongoing professional success.

The Devil Wears Prada is one of my favorite films ever.

I’ve seen it so many times I can recite dialogue from it, like Priestly’s hissed dismissal: “That’s all.”

It’s about an ambitious young journalist in New York, (so I can identify with that bit) but is also about the price of being ambitious and what it means to sacrifice your friendships (or not) or your sweetie (or not) or your ethics (or not.)

Miranda Priestly (Meryl Streep) and Andrea Sac...
Miranda Priestly (Meryl Streep) and Andrea Sachs (Anne Hathaway): pre-release still photograph from the film The Devil Wears Prada; this also is the novel’s redesigned cover. (Photo credit: Wikipedia)

The boss in the film, Miranda Priestly, is insanely and insatiably demanding, but I get it and know why. And having a boss like that is basically boot camp for the rest of your career.

If you freak out and cry and think you can’t do it — whatever it is — you’re pretty much useless. Find someone to help you. Read a book. Watch a video. Take a class, or three. Find a mentor.

Resourcefulness will probably be your most valuable skill, no matter what sort of work you do.

The truly useful/valuable employee memorizes a two-word phrase — “On it!”

I also really like this tip:

Your Reputation is Priceless, Don’t Damage It – Over time, your reputation is the most valuable currency you have in business.  It’s the invisible key that either opens or closes doors of
professional opportunity.  Especially in an age where everything is forever recorded and accessible, your reputation has to be guarded like the most sacred treasure.  It’s the one item that, once lost, you can never get back.

It’s temptingly easy to think: “I’m young. It doesn’t matter. No one will notice or care or remember.”

Not true!

Take every opportunity to leave an impression as a chance to make it lasting and positive. That doesn’t mean sucking up or being a phony.

My current part-time assistant, C., has been stellar for the six months or so we’ve been working together. She never whines or complains, gets on with things and I routinely throw her into all sorts of situations for which she has zero training or experience. I know she can do it well — and she does.

Sweet!

In return, she knows she can count on me for a kickass reference to anyone she needs.

One of the things I most enjoy about this relationship is that, on some levels, we’re very different — different religions, 30 years apart in age. But she’s fun, funny, worldly. That goes a long way in my book.

My husband and I both started working freelance — while full-time undergrads — for national media, he as a photographer for the Associated Press, I as a writer for magazines and newspapers. Paid.

We put ourselves in harm’s way by competing, as very young people, with those who had decades of experience and awards and real jobs. But that’s how you learn to compete and cooperate effectively at the highest levels.

If you’re just starting out, or have been working for a while, what advice would you offer to someone just joined the work world?