Today, we’re unleashing some major truth about breaking free from the paycheck-to-paycheck cycle. But don’t worry, cause we’ve got your back with some insider tips that’ll change the game for good! 🙌
Get ready to dive deep into the world of Gen Z spending habits! 💸 As a proud member myself (🙋♀️), gotta admit, our money game is on point! We have this seriously unique approach when it comes to prioritizing our pretty penny.
In this post we are going over 5 bad habits that are keeping you poor.
In today’s edition:
- We will be unpacking the financial barriers that are keeping people down
- We are exploring how Gen Z approaches spending and whether the “treat yourself culture” is a blessing or a curse for our wallets.
- Girl power is on the rise, and we’re here for it! More women are becoming their own bosses and starting their own businesses.
🤫 Let’s fill you in on the secret
📩 Weekly serving of insider tips from the wealthy & healthy — take a sip.
This is Why You’re Still Poor
👉 You have a Scarcity Mindset:
If you have a poor money mindset money and wealth will evade you. If you have an abundance mindset, money and wealth will find you.
Thinks about it: What you put out into the world – is what you get back.
Instead of saying things like “I’ll never be able to afford that” or “I’m terrible with my finances,” switch up your language to and start sending some positive money vibes out into the universe! Practice this daily, and watch your money mindset transform
👉 You care too much about what others think:
There’s this perception that buying luxurious material items will earn you respect and admiration from others. But here’s the tea: people aren’t actually admiring you when you flaunt those lavish items. They’re just idealizing the object and daydreaming about owning it themselves.
The truth is: Keeping up with the Joneses is and always will be a losing game, because there will always be someone who has more and better than you.
Instead: Embrace your own unique financial goals and prioritize what truly matters to you.
👉 You are scared of taking risks:
You have to be uncomfortable first to get comfortable 👉 THAT PART!
Being willing to delay gratification is a hard thing to do. We want it all, and we want it NOW.
But here’s the thing: that instant gratification mindset doesn’t exactly play nice with our long-term plans.
Life begins at the end of your comfort zone.
Insider tip: ditch that comfort zone and shake things up! Take on that side hustle you’ve been dreaming about – it could be your ticket to financial freedom and personal growth.
👉 You care too much about short-term pleasures:
Here’s the tea: recent research has shown that experiences bring more happiness than material things. Yup, you heard that right!
Sure, material objects might give us a quick fix, but we adapt to them so fast that they lose their sparkle.
Researchers compared the happiness levels of people who bought things with those who soaked up experiences. The experience-seekers were feeling higher levels of happiness, no matter the price tag!
So, here’s an insider tip: opt for adventures and memories over the latest gadgets or trendy clothes. Invest in experiences that will make your heart soar and create memories that last a lifetime.
👉 You are a part of a marginalized group affected by the wage gap
We’re still living in a broken system, and if you’re part of a marginalized group, you already know that all too well. This can be a factor in why so many of us are stuck in the paycheck-to-paycheck cycle.
Here’s the truth: LGBTQ+ workers earn about 90 cents for every dollar that the typical worker earns. LGBTQ+ people of color, transgender women and men and non-binary individuals earn even less when compared to the typical worker.
About one in five LGBTQ+ adults in the United States (22%) live in poverty, compared to an estimated 16% of their straight and cisgender counterparts.
Women make up about 44% of the total workforce but only 41% of managers
- Overall, women earn about $.82 for every dollar a men earns; Hispanic or Latina women earn about $.58 and Black women earned about $.63 for every dollar white men earn.
- Women earn an estimated 82 cents for every dollar that men earn (an overall pay gap of 18 cents on the dollar).
Remember, this battle isn’t just about financial success – it’s about justice, empowering marginalized groups, and creating a better future for all. Together, we can smash those barriers, bridge those gaps, and build a society that values every individual’s worth.
American Express just dropped their latest report and found that younger generations are all about living in the moment while still saving for the future.
- Almost two-thirds (65%) of Millennial and Gen-Z consumers surveyed have been saving money over the past six months to pay for the experiences they’ll attend this summer
- Millennials and Gen-Z are eager to travel and plan to use “travel hacks” to make the most of money spent on travel
- From concerts to sporting events to dating, experiences are a priority for Millennials and Gen-Z this summer
Storytime: I used to be all about those material items, but then I had an epiphany. 💡 Why waste my $$$ on stuff I’ll forget about in a hot minute? 🤷♀ Instead, I realized that the experiences and memories I create while traveling is the ultimate priceless purchase.
So, Gen Z and Millenials, I’m right there with you on prioritizing experiences.
So if you want to start prioritizing experiences consider using these travel hacks to make sure you are saving that pretty penny while living your best life:
Top ‘travel hacks’ for Millennial and Gen-Z respondents include:
- Booking a trip during the ‘off-season’ to save money
- Using a credit card with travel benefits
- Paying with credit card points to book a trip/flight
- Using WiFi over roaming with data when traveling internationally