As someone who grew up in the heart of America, I witnessed firsthand how hard work could lead to a better life. My parents were able to give our family a comfortable lifestyle, thanks to their dedication and determination. They worked relentlessly to ensure we had opportunities they never had, and in turn, they provided a life that we could build on, continuing the “American Dream.”
This idea of the American Dream is all about improving on the success of those before us, creating better opportunities for future generations. Yet, while many have succeeded in reaching this ideal, there’s an unfortunate downside: the creation of a sense of entitlement that can sabotage long-term success.
Recent data from the U.S. Census Bureau highlights a positive shift for millennials: they are more educated than previous generations. The number of young adults (18-34) with bachelor’s degrees has grown significantly, from just over 15% in 1980 to about 23% today. Homeownership has also seen a steady increase since the 1940s, although the Great Recession did throw a wrench in this trend. It appears that the dream is still alive—at least in some ways.
However, the statistics reveal a troubling issue. When adjusted for inflation, today’s young adults are actually earning around $2,000 less than their counterparts did in 1980. Despite an improved standard of living, millennials are dealing with higher debt levels and earning less money. If this cycle continues, are we unintentionally setting up future generations for financial failure?
What Does a Sense of Entitlement Mean?
Entitlement, as defined by Merriam-Webster, refers to the belief or feeling that one has the right to receive something, especially special privileges. Having a sense of entitlement isn’t inherently negative—after all, we all deserve certain things, such as our right to express opinions or follow our religious beliefs. A healthy self-esteem and belief in our own worth can also take us far in life.
That being said, entitlement becomes problematic when it leads us to expect things we haven’t earned, particularly when it comes to finances. Entitlement can be costly in many ways. Here are a few signs that your entitlement might be affecting your financial well-being:
- You spend money on unnecessary luxuries, but struggle to save for emergencies.
- You feel the need to keep up with others, even if it means accumulating debt.
- You expect others to meet unrealistic demands, and feel frustrated when they don’t.
- You sulk or act out when things don’t go your way.
- You assume that a job should be handed to you simply because you have a degree.
- You expect a higher salary based on seniority instead of your performance.
- You rely on the government to cover expenses that aren’t essential—yes, even cable and internet!
Overcoming a Sense of Entitlement
We all experience some degree of entitlement—it’s a natural part of being human. But if your goal is to build wealth and financial stability, you’ll need to make sure that this sense of entitlement doesn’t derail your progress. Here are a few strategies to help you move past it:
- Adjust Your Expectations: While it’s tempting to enter the job market and expect high salaries right off the bat, the reality is that most employers value both education and experience. A degree is important, but it will take time to prove your value. Don’t be afraid to take any job, even if it’s not your dream role. This is how you gain experience and start building your career.
- Practice Patience: Keep in mind that your parents and relatives didn’t achieve success overnight. It took years of hard work and persistence for them to get where they are. Building wealth and stability doesn’t happen instantly. Be patient, and trust that your efforts will pay off in time.
- Seize Opportunities: While patience is important, you also shouldn’t sit back and wait for things to happen. When opportunities come your way, be ready to act. Whether it’s a career move or a new investment opportunity, make thoughtful decisions and capitalize on them when they arise.
- Learn to Say “No”: Growing wealth often requires discipline. You may need to forgo certain luxuries, like opting for a smaller bed instead of a bigger one. Recognizing the difference between wants and needs is key. Wealthy people are masters of this skill, and it’s something you can learn as well.
- Take Responsibility: Ultimately, no one owes you anything. If you want something, you have to go out and earn it. Taking control of your life and being accountable for your financial decisions is essential for success.
Dealing with a sense of entitlement isn’t easy, but with the right mindset and strategies, you can overcome it. By adjusting your expectations, practicing patience, and making smart choices, you’ll be well on your way to achieving the financial success you desire. Remember, it’s all about planning, perseverance, and keeping your long-term goals in sight.
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