Posted on 12/29/2022 4:33:26 AM PST by EBH
Ahmed says the COVID-19 pandemic showed plenty of young people how quickly their “normal” can be stolen away — so she has prioritized making up for those missed years with exciting experiences and good memories.
With all the economic uncertainty going on right now, many young folks may be seeking some sort of control, says Lauryn Williams, a certified financial planner and founder of Worth Winning, a company that helps young professionals organize their finances.
She points to stubborn inflation — the consumer price index was a distressing 7.1% in November — and stock market volatility. Americans are facing financial strain due to rising housing and grocery costs. It's also difficult to put faith in the stock market, which has seen some significant ups and downs this year.
Williams said a client recently told her,“I don't want to lose anything else, I feel like I'm losing money all the time.” That may lead to people holding onto their cash or putting their money into things they can control — even if it’s not the most strategic way to spend their money.
If they’re feeling uncertain about the future, Williams suggests young people consider investing in themselves and their professional growth — like starting their own businesses or furthering their education.
That’s exactly what Ahmed has planned. A first year student at University of Virginia,she intends to major in commerce with a concentration on information tech and management. And she’s mulled starting her own business as well.
Right now, when she’s looking at which degree to pursue and even which classes she’ll take, she wants to make sure they’re ones that will give her a “high return on investment” at the end of it.
“It's like, you make yourself better so that you can make more money in the long run.”
(Excerpt) Read more at msn.com ...
One would have thought the pandemic would have had them looking to save for the rainy day. Instead, they are spending like crazy.
While this is focused on this generation, I wonder just how deeply this has run through the entire nation? I know what the article says, but with the Fed making little headway on inflation or cooling consumer demand, just how deeply does this FOMA reaction run?
FOMA=fear of missing out
Got shafted by crooked student loan program, then the housing bubble, then pandemic shut down. I do see why many would have a jaded view of society.
This is the generqtion they tortured financially to set the stage for communism.
The US Dollar. It is just as hard to save one in 1974, 1999, or 2022. The act of saving is a mind set and not a conscious act. Once you start leaving some extra money set aside every day, week, month and year it is simply loving yourself enough to do what is necessary to make a purchase more than you earn. Saving is not osmethin you put off.
It’s a rigged game financially and politically. You are going to get screwed. So why play the game at all?
*** Right now, when she’s looking at which degree to pursue and even which classes she’ll take, she wants to make sure they’re ones that will give her a “high return on investment” at the end of it.***
At least she understands that a degree in gender studies may not prove to offer her a sound future.
The trick seems to be playing your own game without crossing to the prison shower ending.
The “Me” Generation redux.
Tribalism.
GenZ will listen ONLY to another GenZ for life-advice.
And that tribe member must be famous for internet advice.
They have pointed their jaded eye toward all the generations before them who they believe have ruined their society.
Only GenZ can rescue GenZ.
The title of the article wildly overstates the case. It’s not unusual for people in their twenties to neglect long term financial thinking, and spend money on themselves. Certainly investing in themselves via education and acquisition of skills is a reasonable alternative to “savings” at this point in one’s life.
Ironically my savings rate greatly increased during the so-called pandemic. As everybody decided to shut everything down, I wasn't able to go out and do anything much so I was able to shove a lot more money into my savings accounts.
That is a valid point.
It has been my experience (including my own) that most people don’t start thinking seriously about saving for the future until they are in their thirties.
I began buying Savings Bonds in my mid-Twenties, but didn’t get serious about saving and investing until after I got married.
Another reason why the institution of marriage is important-having two people to bounce things off each other results in getting things done. It makes it much more difficult to rationalize any kind of delay in preparing for the future, and there is other “skin in the game” that has a say in things.
“It’s like, you make yourself better so that you can make more money in the long run.”
It’s like, she’s a genius, you know?
“Ahmed says the COVID-19 pandemic showed plenty of young people how quickly their “normal” can be stolen away — so she has prioritized making up for those missed years with exciting experiences and good memories”
I hope those good memories aren’t remembered in a cardboard box under an overpass.
Apparently her parent(s) never had her read
The Ant and the Grasshopper
Book by Aesop
You can’t save “money” if “money” is something that can be seized or rendered valueless by government action.
It’s a good lesson to learn. One would hope that a major consequence of this learning experience is that people shouldn’t trust any of the institutions that dominate the American landscape anymore.
Saving money during high inflation is counter productive, anyway. Where are the CDs offering 15%? They will be a day late and a dollar short. Inflation won’t “reverse” during any “normalization”, either.
Biden has created the economy for his grasshopper peep’s.
It's been raining for years, but putting usurers in charge of the Treasury has acted like an umbrella.
I hope they've got their bags packed.
For many people, the best financial move to make in an inflationary cycle is not to save at all, but to manage fixed-rate DEBT wisely.
“people shouldn’t trust any of the institutions that dominate the American landscape....”
Certainly not crypto!!!
“She points to stubborn inflation —“
Yeah the inflation is stubborn not the ideologues who brought it into being. They CREATED this vampire. It’ll live as long as they rule.
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