What have you learned from your baby boomer parents?
The media often play millennials off against baby boomers negatively.
We see this as a lost opportunity as there are so many positive things we can learn from our parent's generation.
Sure, there are things that I'm sure you'd like to unlearn and we have those too.
Although my parents are far from perfect, today I want to share 7 crucial wealth and life lessons I've learned from them 😀.
Without these lessons, we wouldn't have achieved Financial Independence, become bestselling authors and created the many freedoms that we enjoy today and so much more.
They all began with the seeds sown by our parents and we too are passing them on to our children in our own way.
Recommended 📕: Our Sunday Times Bestselling book, Financial Joy
Millennial Wealth Lessons From Baby Boomer Parents
While you read these points, reflect on them and jump in the comments and share what you've learned from your parents.
1. “It Is Good To Be Enterprising”
When you look up the definition of enterprising in the dictionary, it says:
good at thinking of and doing new and difficult things, especially things that will make money
Growing up, my mum always said, “It is good to be enterprising”.
Looking at my cultural heritage from the Igbo land in Nigeria, I can see why.
My ancestors were traders in pre-colonial times and my parents had to trade yams, fish, etc to survive the civil war.
Being enterprising was not just a way of being, it was a way to thrive.
👉🏽LESSON: Being enterprising (even in your job) gives you the biggest chance of economic success.
Recommended: 6 Lessons Learned After 6 Years As An Entrepreneur
2. “I Want Us To Buy a House”
When we emigrated to the UK in 1998, our family of 6 started life in one bedroom.
Then, with some ambition, my parents started renting a council flat from someone else.
But, they didn't want to stop there.
Even with doing 3 manual cash-in-hand jobs, Mum always insisted “I want us to buy a house 🏡”.
She laid the vision for the life that they wanted for our family.
Years later, Mum and Dad would buy their first house in a run-down part of London now served by the Elizabeth Line.
With more hard work and intention, they would build on this to become property investors and lay part of the foundation for their financial independence.
I learned a lot from watching them take leaps of faith to create financial security for our family.
👉🏽LESSON: Overcoming your life and generational challenges to own assets that rise in value with inflation can pay over time.
Recommended: Millennials, Prepare To Become The Richest Generation In History
3. “We Should Do Things Together”
Western society is very individualistic.
My parents always saw the only way forward as doing things together 🫶🏽.
They'd frequently call long family meetings with many debates. Can you relate? 😅.
Although I didn't appreciate these meetings a lot of the time, they created a family culture of not seeing life as a journey solely on our own.
On the back of years of meetings, we now do many things together including holidays and we even invest in certain things together.
Given the life that Mary and I have created for ourselves today, I know we won't be here without their vision of unity.
👉🏽LESSON: You'll get further with others.
4. “Don't Depend On Just Your Salary”
When I started my career, my parents would always ask, how’s it going? I’d say, it is going OK.
Their response would often:
Don’t depend on just your salary. You have to do something else.
They were right and could see what was coming.
👉🏽LESSON: Enjoy your job but gradually use your salary to build your table. Think assets.
Recommended: 50 Best Side Hustle Ideas Worth Exploring
5. “In The Multitude of Counsellors, There Is Safety”
This is about trusting the wisdom of key people as you build wealth 💷
My parents always prioritised relationship capital.
Before making a big decision, they'd seek counsel from friends in business, lawyers, accountants, etc.
This was especially important as we navigated numerous immigration challenges over many years.
The cost of making bad decisions was expensive (especially on tight budgets), so they did everything possible to get it right although not always.
👉🏽LESSON: Prioritising relationship capital will help you navigate challenging situations e.g. work, making investments, starting a biz, etc.
6. “It Is Never Too Late”
A lot of us millennials (and Gen X) feel like it is too late for us in many ways.
If you're in that camp, I've got good news for you, it is not too late for you.
- My parents took the leap and moved to another country to better their children.
- They started from nothing in the UK in their mid-40s and with no money or assets.
- And they did whatever it took, often working 3 jobs in one go.
Today, in their 60s and 70s, they're financial free.
As we share in our debut book, Mum said recently about doing manual jobs like cleaning, washing dishes, stacking shelves, etc:
I did it with joy because it would not last forever.
👉🏽LESSON: Every generation has challenges and unique advantages. Find yours and embrace it without delay. It is never too late for you.
Recommended: Meet My Mum (Conversation about life, wealth, immigration, etc)
7. “Always Put God First”
This message won't be for everyone but it will be for someone.
In a world where it is difficult to talk about your faith, I've grown up with this constant message of putting God first from my parents.
It has kept me humble and is a constant reminder that I'm never alone on this journey of life.
I have an ultimate provider and protector and everything we do is to His glory.
Nothing that exists in our lives today would exist without God's provision and blessing.
Without my parents, I wouldn't have this deep spiritual dimension to my life and journey.
👉🏽LESSON: When you trust and put God first in your life, all things (beyond your imagination) are possible. My life journey tells me this is true.
Conclusion
We should not take the older generation for granted.
Although these lessons are unique to me, there is a lot we can learn from our parents' generation about work, life, values, wealth, well-being, etc.
Rather than envy previous generations, let's learn from them and apply that learning as we navigate the challenges of our generation.
Even if you don't have living parents, make the effort to spend time with people at least 10 years older than you and listen to their life examples, wins and mistakes.
👉🏽What have you learned from your baby boomer parents? 🤔. Comment below.
More to read next about building wealth as millennials, Gen Z and X:
- 7 Ways To Build Generational Wealth
- If You Have £5K In The Bank, Do These 5 Things
- Should Millennials Plan For Retirement Beyond Age 65?
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