Jordan Eilers takes a lot of pictures of herself, even for a 25 year old. She describes her Instagram feed as “literally just selfies and like different makeup photos and stuff like that.”
But like about millions of other young Americans, Eilers has what’s called a “side hustle:” a fun job to complement her regular gig.
For Eilers, the side hustle is selling makeup, and she uses social media to help her do that.
“I wanted the extra money [so] my whole paycheck can go toward bills or savings, and this is my fun money.”
Eilers, in a lot of ways, meets all the criteria of a typical millennial, someone age 18 to 35. She saves for retirement---but not for a house, because she lives with her parents. She spends money on opportunities, not things. She has student loans.
“I always hate that, when people assume that because I don’t have a house I don’t have a lot of money saved or I’m not well off financially.” But at the same time, she adds this: “Just because I’m traveling so often doesn’t mean I have so much money in my bank account, it just means I choose to spend it differently.”
And as bold as millennials can be, the latest annual USA Today survey of millennial spending finds a generation that’s proceeding with caution. Only 16% say they’re “very optimistic” about their financial future. Most say they’re worried about being able to support the lifestyle they envision; that could be why they’re opting to spend on experiences that look good on social media.
“It maybe costs more but after a long time, I’d rather invest in the memories than like physical things.”
But like so many other millennials, Eilers comes home to St. Louis. As a recent article in The Economist puts it—millennials really like us. Pew research finds St. Louis is their fourth most popular post-grad destination.
“There have been plenty of studies that show they don’t just care about the money, they care about making an impact,” said David Alexander, a metro east native who lives in the city and works as an entrepreneur.
Millennials are the second largest age group in St. Louis county—behind the baby boomers. And there’s reason to argue that while St. Louis is good for them, they are also good for St. Louis.
“If the companies [here] understand how to attract millennials, they are going to make a massive impact in their company if they get with the community,” said Alexander. “If we create the space, and environment, this is a space where they [millennials] can move forward and create the most good.”
