Cynics have decided that I’m a “Gen-Y Princess” floating oblivious amongst the clouds, here and here.

More specifically, that I’m a high-maintenance spoiled brat. But who’s counting.

I appreciate criticism, even if it’s lackluster on the constructive side. I want this blog to recognize and appreciate the foundation that previous generations have laid and build upon it. To greatness. I want it to be about dialogue and community. And kicking some major butt. This includes realizing when I haven’t given the full picture. Here are seven concessions to the Gen-Y naysayers:

1) Gen-Y will fail. Miserably. We won’t change the world straight away. You have to fail to succeed. When you haven’t wiped the crud off your shoes, you can’t develop emotional intelligence, which is an important factor for career advancement. Only experience will help us learn. Let us take the reins quickly so we can learn quickly.

2) We’re idealistic and naïve. We want to believe in the dream of changing the world a little longer. Why are other generations so intent on crushing the dreams of idealistic youth so swiftly? What sense is there in bringing us to the dark side? Don’t break my knees just as I’m training for the marathon.

3) You have to play the game to win. I know that. I’ve talked about it here. But guess what? The current game sucks. So, along the way, we’re going to break every rule and change what it means to win.

4) Patience is a virtue too. Millennials are an impatient bunch. We want to change things right away, right now, this instant. Patience is crucial in this process to avoid burnout. We understand change takes time, and don’t mind, as long as we’re taking action. Gen-Y patience is about perseverance.

5) You have to pay dues. No one gets to skip paying dues all together. I didn’t like my first job, but I moved on. Good things are learned from bad experiences. The key is to learn those things and move on as soon as possible. The real world isn’t all that great sometimes. Young workers shouldn’t have to pay dues to a workforce that is often dirty, unethical and shameful.

6) We can’t all be leaders. Not all of us are suited to be leaders. True. But the last time I checked, we need leaders to encourage positive change. Most movements today – political, environmental, social – all greatly suffer from lack of visionary leadership. The more quality leaders we can cultivate, the better.

7) Loyalty is important. Gen Y plays the field of careers. It’s not good. But it’s not bad. We’re twenty-somethings; loyalty means something different to us. It’s not about time, but the value that the company and the Gen-Y employee offer each other.

And now the challenge…

The discussion surrounding Generation Y should center on how we can leverage our weaknesses into strengths and how we can use our unique talents effectively in our professional development, entrepreneurial, social, public policy, and philanthropic endeavors.

So please, tell me:

How can Generation Y show respect and learn from previous generations so that we may fully engage in meaningful interactions to our mutual benefit? How can we work together to fulfill our dreams?

Really, I want to know the answer.

Come together.

Cynics have decided that I’m a “Gen-Y Princess” floating oblivious amongst the clouds, here and here.

More specifically, that I’m a high-maintenance spoiled brat. But who’s counting.

I appreciate criticism, even if it’s lackluster on the constructive side. I want this blog to recognize and appreciate the foundation that previous generations have laid and build upon it. To greatness. I want it to be about dialogue and community. And kicking some major butt. This includes realizing when I haven’t given the full picture. Here are seven concessions to the Gen-Y naysayers:

1) Gen-Y will fail. Miserably. We won’t change the world straight away. You have to fail to succeed. When you haven’t wiped the crud off your shoes, you can’t develop emotional intelligence, which is an important factor for career advancement. Only experience will help us learn. Let us take the reins quickly so we can learn quickly.

2) We’re idealistic and naïve. We want to believe in the dream of changing the world a little longer. Why are other generations so intent on crushing the dreams of idealistic youth so swiftly? What sense is there in bringing us to the dark side? Don’t break my knees just as I’m training for the marathon.

3) You have to play the game to win. I know that. I’ve talked about it here. But guess what? The current game sucks. So, along the way, we’re going to break every rule and change what it means to win.

4) Patience is a virtue too. Millennials are an impatient bunch. We want to change things right away, right now, this instant. Patience is crucial in this process to avoid burnout. We understand change takes time, and don’t mind, as long as we’re taking action. Gen-Y patience is about perseverance.

5) You have to pay dues. No one gets to skip paying dues all together. I didn’t like my first job, but I moved on. Good things are learned from bad experiences. The key is to learn those things and move on as soon as possible. The real world isn’t all that great sometimes. Young workers shouldn’t have to pay dues to a workforce that is often dirty, unethical and shameful.

6) We can’t all be leaders. Not all of us are suited to be leaders. True. But the last time I checked, we need leaders to encourage positive change. Most movements today – political, environmental, social – all greatly suffer from lack of visionary leadership. The more quality leaders we can cultivate, the better.

7) Loyalty is important. Gen Y plays the field of careers. It’s not good. But it’s not bad. We’re twenty-somethings; loyalty means something different to us. It’s not about time, but the value that the company and the Gen-Y employee offer each other.

And now the challenge…

The discussion surrounding Generation Y should center on how we can leverage our weaknesses into strengths and how we can use our unique talents effectively in our professional development, entrepreneurial, social, public policy, and philanthropic endeavors.

So please, tell me:

How can Generation Y show respect and learn from previous generations so that we may fully engage in meaningful interactions to our mutual benefit? How can we work together to fulfill our dreams?

Really, I want to know the answer.

When a new client who had recently received an inheritance opened up an account with me, he transferred this new portfolio from a well-known brokerage firm. After the transfer was completed, we sat down to review his current holdings and adjust the portfolio. Some of the client’s stocks were showing large losses. However, he explained that since he had received them as an inheritance, he felt awkward about selling them. He felt attached to them and didn’t think they should be sold. He then said that as he realized that such attachments were not beneficial to investment, he was going to wait for them to move back up to the price for which his recently deceased father had bought them. Then, he would sell them.

This is a very common scenario. Children often refuse to make changes to a portfolio that they have received as an inheritance. Very often, this is due to sentimental reasons. In other cases, investors stick with a losing position for years in the hope that it will return to the original price they paid for it. However, this is not the best approach to investing.

We All Make Mistakes

Sometimes you may have a little extra money at your disposal, and you decide to invest it. Maybe a friend gave you a handy stock tip, or you read about a company that sounded like an interesting prospect. After doing some research, you decide to invest in this company because it seems like an obvious winner.  But when you receive your first statement, you see that the stock has dropped. So you decide to follow the policy of being patient. As time goes by, you keep checking, but the stock keeps dropping. Eventually, you become living proof of the old adage that patience is a virtue. The stock market may be moving up, but you are stuck with a loser.

In fact, chances are that if the stock starts dropping by 10, 15 or 30 percent, there could be problems with the company, and it may potentially pay to sell. However, many of us find it psychologically difficult to admit that we have picked the wrong stock. It’s hard for us to say that we made a mistake.

Opportunity Cost

Very often, the longer you hold onto an under-performer, the more money it costs. The reason for this is that the investor could have put his funds into something that actually made money. Therefore, stubbornly holding onto a losing stock will only cause financial harm to the investor. In economics, this situation is referred to as opportunity cost. Opportunity cost is defined as the cost of an alternative that must be forgone in order to pursue a certain action, or the benefits that could be received from taking an alternative action.

Profit from Losses

Never think that all is lost. Some good can actually be derived from losing stock positions. When the position is sold, the investor realizes the loss, which may have certain tax advantages. The loss can be used to offset other gains, thus lowering the tax bill. In fact, although they may not realize it, for many investors tax-loss selling may be the most important way to reduce their tax bill. If done correctly, receiving the appropriate advice before making any trades, it can save the investor money and help diversify the portfolio in various ways.  

Working with licensed and experienced financial advisers can help you evaluate objectively whether you are holding bad positions. It is then worthwhile working with an accountant to create a tax-efficient portfolio. Many professional investors live by the credo that you should ride your winners and dump your losers. The reason is simple. There may be a reason why the stock is performing poorly, namely, that the company is not executing their business up to its potential. This indicates that is probably a good place for you, the investor, to avoid putting your hard-earned money.

There is a good chance that the relative that left the money for you as an inheritance would like you to gain from it. Speak with your financial adviser to see if your newly inherited portfolio matches your investment goals and needs and whether it is invested in an efficient manner.

Aaron Katsman is President of Global Investments at Profile Investment Services.  He is a licensed financial professional both in the United States and Israel, and helps people who open investment accounts in the U.S. Securities are offered through Portfolio Resources Group, Inc. a registered broker dealer, Member FINRA, SIPC, SIA. For more information, go to www.profile-financial.com  or email aaron@profile-financial.com