Generation X is often described as the group born between 1965 and 1980, positioned between baby boomers and millennials. This group is now moving into middle age and the time line that may be known for having less defined parameters within cultural relevance .
Gen X: Defining Moments
Gen X often finds itself being defined as more self reliant than other generations, having unique approaches to career paths, and views on finances. Unlike previous generations they had large scale life changes growing up that caused them to become a bit more skeptical while valuing freedom. This makes their position unique to others.
A Middle Generation
As children and teenagers Their lives were set in times of fast change economically along with a focus on more political shifts which did not provide them the safety nets of prior times. This has created more resourcefulness within the generation while relying heavily on their ability to adapt. They were forced to find answers for themselves.
Views on Financial Success
Gen X places a large emphasis on their monetary position with an average of 5 million being the value that signifies true success. While this is not universal across all demographics of people in Gen X it can represent what is deemed successful to others.
Importance Beyond Finances
The value of monetary stability is important for Gen X members but there are more factors. Such as their happiness as well as their mental health and the luxury of being able to make their own choices on how time is spent.
Side Hustles and Entrepreneurship
Gen X is also more open to non-traditional working settings like the gig economy . Creativity, technology, and many of their different skills set a perfect storm to create side income options while they also focus on main source of revenue.
The Gig Economy and Freelancing
This particular generation has helped to drive freelance positions where there are demands for skills in media design social management and event planning. Flexibility and work/life balance is prioritized for those pursuing those paths.
Diverse Opportunities for Growth
Many have found an increased sense of profitability in certain work environments that may have previously been looked over by society. Reselling online digital products tutoring photography and becoming a virtual assistant have increased in interest across a broad base of new entrepreneurial figures.
Utilizing Skills
Creative paths with a high degree of flexibility are all important to mention including social media management , content creation , e-commerce as a reseller, transcription, dog-walking, upcycling. All these items make use of their knowledge with flexibility.
Overcoming Challenges
Even though they have become well versed in having side hustles some may be prone to feeling overwhelmed with ideas not having any sense of focus. Time management as well as a sense of imposter syndrome when beginning something new may also make them fall behind the mark with their goals.
Strategic Thinking
For these new businesses they do not want to neglect the aspects of a long-term approach by having a proper business structure so the gig can not just sustain them in short term but also in the longer range with the many changes in life. That often means more business tactics are in line with their approach and require them to go from just performing the creative act to handling business logistics.
Financial Planning and Goal Setting
For most of Gen X they focus less on what is required to signify they are "successful" financially, as long as bills are paid and their families needs are taken care of. The general public believes this was learned by how prior generations would often push certain paths only to be met with different struggles from their own making.
Understanding Priorities
With experience they value having free time, stability and having financial independence over high value luxury items. These values are not universal in all those belonging to Generation X but it shows more focus on inner peace and satisfaction. Retirement is often discussed with the need for financial freedom to have access to what one wishes without working all the time.
Key Takeaways
- Generation X values both financial success and time freedom to balance both a private and professional life.
- Side hustles and entrepreneurial pursuits have become prominent ways to supplement an income as they seek non-traditional paths.
- Many value inner satisfaction, self-reliance and a stable future over large luxurious lifestyles.
- They have often found themselves as a bridge between traditional ways and new paths of thought using various experiences from past generations for growth.
- A large percentage of those in the generation have utilized their creative gifts and marketable talents to pursue careers that make them thrive as individuals.