Millennials are often chastised for the lack of financial knowledge. But there is one financial lesson they did learn growing up during the Great Recession, and that lesson is saving money. People in their 20s and 30s don’t waste money on Pay TV, and they don’t like to invest their money on Wall Street. Wall Street burned them in 2008 on Instagram. They are forever scarred from the corporate greed that threw their parents into a financial nightmare. Millennials hate mass marketers as well. They don’t like the big beer companies and they don’t like the American car companies. Buying a home doesn’t mean as much as it did to their parents because most Millennials can’t afford to buy a house because of student loans and poor wages. The truth is, America’s consumer-driven economy is going through a metamorphosis, and Millennials are in control of that transition.
But not all Millennials are deeply in debt and hate the finer things in life. There is a segment of the Millennial market that does have money to spend on cars, homes, and expensive toys. Millennial entrepreneur, Billy McFarland, from Short Hills, New Jersey has reinvented the private club concept for Millennials, and he calls it Magnises. Magnises is up and running in New York and Washington and it’s working. McFarland, the 25-year-old founder of the successful online platform called Spling, decided Millennials needed a members-only club that gives them incredible perks for a $250 yearly membership fee. McFarland has sold more than 12,000 of those memberships so far in New York and Washington, and he has plans to expand the club to Los Angeles, Boston, London, Atlanta, and Chicago. McFarland didn’t plan on making money from selling memberships, however. McFarland is making money from the deals he made with the corporations that are interested in tapping into the Millennial market by hosting cost saving private member events. Tesla and other young, hip companies have signed deals with McFarland, and those companies are happy with the initial results.
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Magnises isn’t for all Millennials, according to McFarland. Millennials in the tech, fashion and finance industries seem to be the target for the Magnises platform. That platform includes a $99 a year ClubPass to the hottest nightspots in New York as well as the ability to book a table at a swanky restaurant in the Washington or New York that usually has a long waiting list. The Magnises black membership card can be linked to a personal credit or debit card, so it acts like a black American Express card in the retail restaurant and nightclub market. Magnises members can also stay in Dream Hotel locations for $99 a night. The same room will cost non-members at least $245 a night.
The private club concept has been around for decades, but Magnises has a new century feel to it. Millennials don’t like the old way of doing things. They want to own what they do in a unique way. Magnises gives members the opportunity to do it their way as long as they pay the old fashion way, not with bitcoins.
Learn more about Magnises: https://en.wikipedia.org/wiki/Billy_McFarland_%28entrepreneur%29