American Tik Tok celebrity Vivian Du shares basic tips on personal finance and investing. In his experience, he lists four money tips that today’s youth don’t understand. They are:-
Stop eating out and save money
Young people hate being told to stop eating out to save money. Older generations give this advice. They want to hear that if you work hard, if you do everything right. While some millennials and Gen Zs are heeding the advice to cut back on eating out, they prefer to set aside money to eat out with friends and simply enjoy their lives.
Work a second job to pay off debt
Vivian says that finding a second job with a primary job to pay off debt falls on deaf ears to today’s Millennials, 27-35-year-olds, and Gen Z, 25-year-olds. Their expenses have risen exponentially. Advice on getting a second job won’t fix the problems. Young people are tired of how expensive it is today to do the same things their parents did in their youth. They do not listen to such advice given then.
Be loyal to your full-time job
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The generation that joins a job and stays part of the same company until they reach retirement age is almost obsolete. They are only in government jobs. Millennials and Gen Zs are notorious for giving up. These are people who are changing jobs for higher pay, more benefits and better treatment. And makes it available to them. Go to them and be loyal to your work not for work. They like to say they know you won’t quit if you stay at a job for too long and lose thousands.
Loans are bad
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They do not accept the advice given to the younger generation to pay off all debt immediately or to avoid all debt altogether. Most of the youth are stuck with education loans. Debt is neither morally good nor bad. Like an investment account or a savings account, a loan is an instrument. They agree that young people need to learn how to use it. Thus says Vivian Du.
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