In theory, our earnings should rise as we acquire more experience in the workplace (and, hence, get older 🙂 ). In practice, is this true?
According to a recent study by CreditRepair.com,
“Wondering which demographics earn the most, or how your salary stacks up against others in your state? Using the U.S. Census Bureau’s figures, we broke down income data to find trends by age, race, gender, education, and region – and the results may reshape the way many look at earning potential in America.”
“The first myth to dispel is that wealth is reserved for those near the end of their careers, after they’ve climbed their way to the top of the corporate ladder. In reality, median incomes were highest for both men and women between 35 and 44 (with the 45–54 group running close behind) – reinforcing other research that shows men’s salary typically peaks at 48, while women’s tops out nearly a decade earlier at age 39.”
“It’s also around this time, however, that people are at their least content in life; people aged 40 to 59 are the most miserable on average. Nearly one-third of people in their 40s and 50s contemplate significant career changes that will give them better work-life balance, which may explain why the median income drops for the workforce at age 55 and older.”
Take a look at two infographics from CreditRepair.com and reach your own conclusions.
As we noted in a prior post, according to the Pew Research Research Institute: “Millennials have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates recently released by the U.S. Census Bureau. Millennials, whom we define as those ages 18-34 in 2015, now number 75.4 million, surpassing the 74.9 million Baby Boomers (ages 51-69). And Generation X (ages 35-50 in 2015) is projected to pass the Boomers in population by 2028.”
So, given the huge size of the Millennial generation, what are its prospects for producing successful entrepreneurs?
Bob Horton reports for Online MBA Page that:
“Millennials may end up being the greatest entrepreneurial generation ever. Just think about it for a moment.”
“Digital natives have the upper hand in our tech centered world. The on-demand, plugged-in, Millennial generation is influenced differently than previous generations and molded by global happenings in real-time. Smartphones have provided improved tech resources over the last 10 years. Ready-made distribution platforms allow for quick tests of ideas, e.g., Etsy, Ebay, and Amazon. ‘Crowdfunding’ has enabled entrepreneurs to raise capital from online sources, rather than relying on traditional sources like banks to grow their business.”
“Independence is more important than a corner office. 67% of Millennials report their goals involve starting their own business. Only 13% report their career goal is to climb the corporate ladder to become CEO/president. Creative freedom is the key to real happiness. Since 1985, entrepreneurship classes on the university level have increased 20X, so educational exposure is at an all time high for Millennials.”
“Collaboration and coming together around great ideas rocks. Making a difference in the world is HUGE. 79% of Millennial employees who volunteered through a company-sponsored initiative felt they made a positive impact. 57% of Millennial employees want company-wide volunteer opportunities. There is purpose over profit.”