How Can Young People Help Their Families Build Generational Wealth?

Some people start thinking about building generational wealth when their children are born or when they start to think seriously about having children.  They stress about providing a financial cushion so that their children can have an easier time getting established financially as adults and, simply, to grow up in an environment where financial catastrophe does not lurk around every corner.  Of course, for people in their early 20s, the future seems as distant as it does uncertain.  It is easy for journalists to say that young people only care about posting heavily filtered pictures of their faces online and aren’t making any plans for the future because they are so sure that the Earth will be uninhabitable a generation from now, but this is not an accurate representation of the financial behavior of all of Generation Z.  Many young Americans are taking the initiative to learn about personal finance and are sharing their resourcefulness not only with their peers but also with their older family members.  A Plantation debt lawyer can help you build on the good financial habits you have established early in life.

“The Gamification of Personal Finance” Is Not Always Just a Euphemism for Risky Investment Scams

If we are playing the game of generational stereotypes, it has always been painfully obvious to Generation X that the financial behaviors of the wealthy differ from those who live paycheck to paycheck.  After all, the novel Generation X, which described the emotional and financial struggles of people born in the 1960s, also coined the term McJob.  The stereotype goes that this led to a lot of grumbling and more than a few multilevel marketing schemes that promised to unlock the secrets of the wealthy.  The stereotypes about the younger generation are just as ugly and just as untrue.

Many of today’s young adults have more formal education than their parents and, regardless of education level, they are resourceful about finding information online.  Therefore, personal finance apps such as SUMA have gained a following among college students and the youngest members of the workforce.  These apps do not promise to make people rich; their activities simply provide information about personal finance in an interactive format, something like a financial version of Khan Academy.  Users learn about topics like credit, retirement savings, and the stock market through interactive games.  The original target audience of SUMA was Latina women under the age of 35, but the app and its lessons are becoming popular with older folks, too.

Of course, it is not possible simply to click your way to prosperity.  It is, however, possible to spend wisely as much as your resources allow and to benefit from the financial advice of people who are not trying to make money off of you.

Work With a Debt Lawyer About Taking Charge of Your Finances Early in Life

A South Florida debt lawyer can help you exercise your right to protection against unfair lending and debt collection practices.  Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.

Source:

nbcnews.com/news/latino/can-app-build-generational-wealth-latina-creators-say-yes-rcna76570