Michael Bloomberg says young people tend to make the same mistake when choosing a job

Michael Bloomberg

Kristina Bumphrey/Variety via Getty Images

• Michael Bloomberg said he opted for a lower-paying job when he started his banking career.
• Bloomberg said young people are "looking at the wrong thing" and are too focused on pay and titles.
• Gen Zers in particular value work-life balance and flexibility, sometimes more so than pay.

Michael Bloomberg may be worth more than $100 billion, but he doesn't think that salary is everything when it comes to early jobs.