- Date : 18/01/2022
- Read: 3 mins
Here are some personal finance lessons everyone can pick up from Gen Z.
Gen Z, also known as the zoomer generation, is breaking labels with every move. Whether it is gender equality, gender fluidity, personal style, or personal finance, this generation is all about accepting and promoting new norms. While there may always be a battle between them and the millennials gen, there is a lot that the latter can learn from the former. The most important of which is financial planning the new-age way.
Also Read: How Does India's Youth Invest Its Money?
Here are some financial lessons Gen Z can teach you:
Start investing early:
Gen Z is a firm believer in early investing. Many of these youngsters started investing in their teens or college even before hitting their 20s. With the advent of investing apps that charge minimal fees and the heap of free information on the internet, Gen Z has adopted investing at a young age. This has given them a good head start in their financial planning journey. Other generations can certainly adopt these money habits and start investing soon.
Take more risks:
The older generations had focused on building their retirement fund. The millennials gen altered this notion a bit, but a large majority still believes in taking a calculated risk. However, Gen Z is open to taking more risks. They believe more in making money for their immediate needs. They are open to using new technology like YouTube, non-fungible tokens and cryptocurrencies, TikTok, and the likes to earn quick money. This generation is also not hesitant to build wealth by stepping into the stock market even if they lack expert knowledge of the same. While it is always advised to be prudent when dealing with money, having an open mind and making timely bets can help you reach your financial goals sooner.
Be a smart shopper:
Gen Z was born with technology, which is why they have naturally adopted it as a part of their lives. Online shopping has always been their forte. But the generation is not just enjoying the ease and convenience of online shopping. They are also using it to save money. Gen Z compares different products, prices, quality, and utility online before purchasing an item. This way, they get the best deals and end up saving money. You can also start using this approach to get high-value products and services and save money.
Invest in yourself:
Gen Z has several millionaires and billionaires who have made money by showcasing their skills and building their businesses online. This generation has used basic skills and personality traits to earn profit on the web. Right from making funny videos to singing, dancing, cooking, painting, designing, writing, home décor, fashion and skincare advice, and more, the generation is not afraid to put themselves out there and create a source of income for themselves. You can follow in their footsteps and receive compensation from online money making websites like Instagram, YouTube, and more.
To sum it up
Hiring a financial advisor and chasing long-term interest rates for better security may be good. But taking risks and rolling with the changing times may be the need of the hour. Gen Z has undoubtedly taught us that.