Millennial, GenZ and Alpha
If today we live in a society where the GenZ are living in the moment pursuing YOLO, focus on consumerism and posting everything on Facebook, and rely on the personal finance and investment advice from Finfluencers, then that leaves us Millennials the opportunity to bankroll from them.
For those Financial and Investment Advisors or those in Wealth Management, the field has changed. Let’s see how many of those with CPA or CFA certifications can profit from these GenZ. Guessing not many. Goodluck to those professionals doing the Youtube videos offering advice, if their hopes is to profit from the Youtube viewers since they won’t be hiring you guys, nevertheless, pay you for your services. Even if they decide to write their own book, doubt the GenZ would bother buying or reading their book. They’d rather get their financial advice by watching a 15-min Youtube clip. I’m not stating that it’s right right thing to do, just stating that its their way of doing things.
Us Millennials is the generation I believe has the foundation of personal finance and investment knowledge since we grew up with The Motley Fool, Vanguard, Fidelity, and Warren Buffet. As much as the GenZ believes that their salary is warranted through whatever means, eventually their fuel will run out. I’m a Millennial and one thing for sure is that we’re focusing on FI and can RE if we choose to. Normal people do normal people things. We’re not normal, and we create our own rules.
That leaves Gen Alpha. Makes me even wonder if Brandon would even need a college degree if society doesn’t respect education or put more focus on career motivation. Australia minimum per wage is decent compared to the US, but the taxes and cost of living is pathetic. I believe those who are currently earning minimum wage would never be able to retire, unless both their partners/spouses are working as well. However, I believe those who plan on retiring one day would need to work full time in corporate and receive annual bonuses and invest their earnings.
Our future is changing and hares to even say if the future corporate jobs would be impacted by technology. We would still need doctors and train/bus drivers, but not necessarily bankers or accountants or financial/investment advisors since their job can be replaced through automation (eg robo advisors, AI). For those more investment savvy, just focus on index funds/ETFs.
As for Brandon’s future and career will be up to him so long as he’s self sufficient, as we won’t be his bank and he needs to become a mature adult. If we’re savvy enough, we can retire early and still provide Brandon with a property for him and his spouse, so that they wouldn’t be priced out.
