Your Parents Success Strategies WON'T Work For YOU

I'm walking along the boardwalk here at Toronto Island. It's a beautiful day, and I wanted to share this point with you; The same success strategies that worked for your parents do not necessarily work in today's messed up world. 

The sooner you accept this reality and adapt, the better!

Dan Trepanier

Mentor Coach, Your Parents Success Strategies Won't Necessarily Work For YOU

Adapted Transcript. 

It used to be that you could earn the down payment and buy a house. You’d sell the house ten times more by retirement.

Now, the average home in Toronto is over $750,000. My parents bought the same home for $60,000 in the ’70s is now worth well over a million dollars today. How can people afford that? 

Decades ago, one would go to university, get a degree, and be pretty much guaranteed a decent job. It doesn’t work like that anymore!

Young people are racking up a mountain of student debt while competing for fewer jobs. Many find it a little more than that of a low wage coffee shop barista.

There’s nothing wrong with being a barista, but the reality is that far too many Millenials face low wage, shitty work conditions where you’re forced to leave your passion at the door.

I see nothing wrong with being a barista. Gosh, if it weren’t for the barista, I wouldn’t have had my coffee this morning. But do the math and ask how many years will it take a barista’s wage to top up the adequate retirement funds needed to THRIVE, not just survive?

There is a problem with today’s economic success formula, compared to that of your elders.

It uses to be that you would work up the career ladder and plan to retire at 65; that strategy doesn’t work today. 

I’m a perfect example of this story. I was packaged off early. Packaged off is code for I was replaced by somebody a lot cheaper and many years younger, and my career was “mothballed’ by a misguided set of circumstances.

I was forced out of the door at the age of 54. On the upside, this tectonic shift caused me to do what mattered to begin living life on my terms. Was I ready for the leap? – I want to think so even though the road can be rather messy in the first 3-5 years.

That’s the journey that I am on, and a trip that so many other people are on. AND I am one of the lucky ones who scraped and saved for years, leaving me with a bit of a nest egg to weather the transition winds.

Let’s continue the dialogue because I believe that there are strategies available for you and me — In fact, I know there are. — Excellent ones!

We just got to figure it out collectively how to weather the storm. For sure, the world of work and play today is vastly different from that of your parents and grandparents era — What are you doing to adapt? 

There are examples of people making good money, but then there are many examples in contrast. 

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