Advice to Recent Grads & Millenials From 2 Successful Businessmen
Career Path : Education News
Over the past few weeks, several prominent business people have offered their advice to recent graduates, and to the Millenials (or members of Generation Y) who have already started working. In particular, Mario Gabelli—legendary CEO of Gamco Investing—sat down with OneWire to share his “tricks of the trade,” and Mr. Wonderful himself Kevin O’Leary took initiative and published a letter on his LinkedIn page, offering his unsolicited advice to Millenials.
So what advice did these successful businessmen share with recent grads and 20-somethings?
Mario Gabelli’s 2 Valuable Pieces of Advice About Success
Mario Gabelli is the highest paid CEO of a Wall Street firm (Gamco Investors). In fact, Business Insider reports that in 2014, Gabelli made $88.5 million—those who hope to achieve financial success such as this might find it wise to follow his 2 solid pieces of advice:
- Work really hard. A no-brainer of course, but Gabelli also advises recent grads to “have a passion for what you do.”
- Cut out coffee and beer. It’s true that we don’t realize how much we spend on things like caffeine and alcohol, but Gabelli puts it into perspective for us, saying: “Instead of having one latte a day, put it in a bank and watch it grow. If you are 22, and 44 years later, you are 66, that one latte a day that you don’t have, where you have a K-Cup you buy at Costco for $0.44, you get one less beer, you look at how much money you have saved.”
Kevin O’Leary Provides a “Healthy Dose of Realism” to Gen Y
Never one to sugar coat, well anything really, Mr. O’Leary published a letter to his LinkedIn page last week titled: “A Letter to All 20-Somethings From Mr. Wonderful.” And while his methods might sometimes be eccentric (and by ‘sometimes’ we, of course, mean always) he does offer some important insight here.
O’Leary warns Millenials that “the 20s are a battlefield” and touches on the fact that 20-somethings tend to spend all of their money and accumulate a lot of debt on things they don’t really need—fancy outfits and suits, drinks with colleagues, home decor etc. He says that while these may seem like small charges at first, they add up, and the average Millenial’s paycheck won’t cover their credit card balance.
Mr. Wonderful ends his letter on an ever-so-optimistic note, stating that “the average 20-something is $45,000 in debt,” and that “only 43.6 percent of young adults had full-time jobs” in 2013.
Moral of the letter?
“We’ve all got to pay our dues.” Kevin O’Leary advises members of Gen Y that nothing comes easy, and while it may seem that it does for others, most of us have got to work really hard to find work that we are passionate about and that is meaningful to us.
What’s the best piece of advice you’ve ever received?