Russell Robb - Your Money Mentors: Expert Advice for Millennials

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British Library Cataloguing in Publication Information Available

Library of Congress Cataloging-in-Publication Data

Names: Robb, Russell, author. | Meehan, Katharine Robb, 1992-author. | Tabatsky, David, author.

Title: Your money mentors : expert advice for millennials / Russell Robb and Katharine Robb Meehan, with David Tabatsky.

Description: Lanham : Rowman & Littlefield, [2022] | Includes bibliographical references and index.

Identifiers: LCCN 2021032027 (print) | LCCN 2021032028 (ebook) | ISBN 9781538149485 (cloth ; alk. paper) | ISBN 9781538149492 (epub)

Subjects: LCSH: Finance, Personal. | Generation Y.

Classification: LCC HG179.R54414 2022 (print) | LCC HG179 (ebook) | DDC 332.024dc23

LC record available at https://lccn.loc.gov/2021032027

LC ebook record available at https://lccn.loc.gov/2021032028

The paper used in this publication meets the minimum requirements of American National Standard for Information SciencesPermanence of Paper for Printed Library Materials, ANSI/NISO Z39.48-1992.

To Lee

I have so much to be thankful for, not only in the creation of the original manuscript, but with the substance of the final text and writing.

The genesis of the books topic is a result of monthly breakfasts with two of my former schoolmates from the 1950s: Dr. Fred Lovejoy, associate physician-in-chief of Boston Childrens Hospital, and Thomas Piper, PhD, former deputy dean of the Harvard Business School. On numerous occasions, we discussed how we could advise our grandchildren, who are millennials, during this challenging period in their life.

A critical element in publishing a book about millennials was to secure a top-notch literary agent who would present the manuscript to a major publisher and have it accepted for publication. I engaged Nancy Rosenfield of AAA Books Unlimited, who in turn secured a contract from Suzanne Staszak-Silva, executive editor of Rowman & Littlefield, a well-known publisher. An important part of the drafting process was my assistant of forty years, Liza Redheart, of Naples, Florida, who has been invaluable to me as a friend and an associate.

As a deadline with the publisher loomed, I was diagnosed with an aggressive form of melanoma, followed by a successful operation. The side effects of toxic medication caused a malaise that seriously threatened my ability to complete the project. Nancy Rosenfield came to the rescue and urged me to engage David Tabatsky, an accomplished writer and editor, as a co-author to complete the book. I cannot say enough about David, as I may have been forced to default on my publishing contract without him.

With reinvigorated energy and insight, David vastly improved the content. He also initiated Katie Meehans critical participation as a twenty-eight-year-old millennial (and my granddaughter), who has had a very successful career. Her keen perspective on the millennial generation, along with contributing her observations in each chapter through Katies Korner, have added a great deal to the book.

Thanks, too, to Meghan McEnery and Max Lemper-Tabatsky for their contributions.

I am indebted to many others, including my eldest son, Scott Robb, business development director for CBIZ Company, with 100 offices, and assistant professor at Dudley College, who introduced Emily Sprague, his former student, as a case study on how to find a postgraduate career/job, and my second son, Eric Robb, a partner in an investment firm and father of Katie, for describing his mentorship with David Wendall.

Again, my thanks to Fred Lovejoy, who wrote about his mentor, Dr. Charles Janeway, and Professor Tom Piper, a lifelong friend and advisor, Tom Tremblay, whose case study on finding a business to buy is certainly unique, especially regarding his entrepreneurial approach and willingness to stay with it once there is a chance to succeed, and Alan Lightman, a close friend and author of more than a dozen books, including Einsteins Dreams , which sold over a million copies, who advised me on my writing endeavors.

Finally, and most important, my partner and wife of more than fifty years, Leslee Robb, who has been an inspiration for mealwaysthanks for her unbelievable love and support during my medical problems. She has been a saint and encouraged me to continue this journey.

M illennials have come of age in a complicated world. This generation, also referred to as Generation Y, or Gen Y, includes those born between 1982 and 2000. They face obstacles like no other generation before them as they try to build careers, start families, and plan for the future. Even with an unprecedented amount of information available online, its up to older generations to help these young people navigate this tricky climate so that they can get ahead.

This is what Your Money Mentors strives to accomplish.

This generational group accounts for 72 million folks out of Americas 330 million people, which equates to approximately 25 percent of the total population and roughly one-third of the workforce. They are considered the high-tech generation, one which is employed more than any other so far in history.

Millennials have now eclipsed the baby boomers (52 to 70 years old) as the nations largest living generation, and they now make up 50 percent of the workforce. According to the Bureau of Labor Statistics, that number will climb to 75 percent by 2030.

Millennials are better educated than previous generations and are highly computer literate. However, members of Gen Y need seasoned advice when it comes to facing lifes challenges. They need to know what different jobs entail and how to go about selecting the best ones for themselves at various stages of their development. In todays hyper-competitive world, millennials need a blend of old (networking) and new (internet) job-hunting skills.

This book is targeted to those of you who need and want advice during a difficult and challenging time. Then, again, you may be a parent or grandparent of a millennial, seeking to help a younger family member or friend while gaining a better understanding of their lives.

Many millennials are transitioning from college to the workforce and/or seeking careers and are seeking advice and direction. This book provides what parents might have overlooked or failed to take the time to advise their children on as they were growing up. There is no perfect pathway in raising children, but this book supplements the learning process.