Hey, Gen Zers. We get it. Managing your money, especially when you’re just starting out in your career, can be overwhelming. But fear not, there are moves you can make to take control of your money in your twenties. Below, Taylor Price, a Gen Z personal finance content creator who uses her platform to demystify money matters, shares her advice for breaking the paycheck-to-paycheck cycle, getting a head start on growing your wealth, avoiding bad money advice on social media, and more.
Taylor Price - Gen Z personal finance content creator
How can you break the paycheck-to-paycheck cycle in your twenties?
First things first, don't let your money control you. Flip that script and take charge. By having a plan for each dollar, you can direct it exactly where it needs to go. That means mapping out your needs, your wants (because let's be real: we all want a little something), your savings, and your investments. When it's time to spend, be conscious about your choices. Opt for value and quality over mindless splurges, and make every dollar count. How do you do that? By hunting down those sweet deals, discounts, and special offers on the things you actually need and love.
What are some ways you can simplify your finances early in life?
Set up automatic payments for your bills to avoid late fees and maintain a good payment history. Automate your savings by arranging for a portion of your income to be automatically deposited into a separate savings account or investment account. And lastly, automate spending smart.
Tips for getting a head start on growing your wealth in your twenties?
Start investing early. Give your money time to grow with compound interest. Also, crush those debts. Pay off high-interest debts, like credit cards, to free up more money for investing. And stay curious and keep learning. Dive into books, blogs, newsletters (like Only Finance), podcasts, and attend webinars. Boost your financial know-how, make smarter money moves, and seize opportunities.
Red flags to look for when following a money influencer on TikTok?
Consider the influencer's credentials. Do they have any relevant ones? Another red flag to watch out for is any influencer promising you instant wealth or overnight success. Financial success takes time, patience, and consistent effort, not a get-rich-quick scheme that's more likely to get you into trouble than to fatten your wallet. Finally, be wary of influencers who promote risky investments, questionable strategies, or make outlandish claims without evidence to back them up. To avoid falling into that trap, look for influencers who provide legitimate, well-reasoned advice that aligns with recognized financial principles.
This interview has been edited and condensed for clarity.
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