A Wake Up Call for Millennials and Gen Z
A Wake Up Call for Millennials and Gen Z
A recent conversation with a 42 year old client left me with a profound realisation about the times we live in. After wrapping up his retirement planning, he said, “You know what, Prakhar? In our time, scarcity ruined us, and now abundance is ruining this generation.” It was a simple statement, yet it perfectly captured the stark contrast between generations and the unique challenges we face today. In an era where choices are endless,
the real question is: Are we making the right ones?
The Era of Scarcity
A decade or two ago, financial planning was not as accessible or structured as it is today. Options were limited to real estate, fixed deposits (FDs), and recurring deposits (RDs). Real estate, while lucrative, was often out of reach for the average middle class family. Fixed income schemes provided safety but lacked the potential for wealth creation.
Some ventured into speculative ventures, chasing quick returns through gambling-like behaviours. Unfortunately, many ended up losing more than they gained, leaving them financially vulnerable. Looking back, many people in their 40s and 50s now wish they had met someone who could have guided them to build a comprehensive financial plan, ensuring a more comfortable and secure future.
The Era of Abundance
Fast forward to today, and we are drowning in abundance. The rise of technology has brought a variety of financial products, DIY tools, and online platforms. From stocks and mutual funds to crypto and NFTs, the options are endless. However, this abundance often leads to confusion, mismanagement, and mis-selling.
Our generation has cultivated a dangerous belief: “I can handle it all because I have the tools.” But having tools without knowledge is like owning a car without knowing how to drive - it’s not just ineffective but potentially disastrous. This overconfidence, coupled with the attraction of fancy financial products, distracts us from what truly matters: building a solid, lasting financial foundation.
The One Advantage: Time
Despite these challenges, we have a powerful ally: time. Millennials and Gen Z have the benefit of starting early. Time allows us to compound wealth, correct mistakes, and align our financial goals with our life aspirations. However, to harness this advantage, we must move beyond the noise and focus on the fundamentals:
- What do you want your money to do for you?
- Are you making informed decisions, or are you being influenced by trends?
- Should you seek a second opinion or professional guidance?
It’s time to step out of the abundance trap. Financial planning is not about chasing every new product or trend; it’s about clarity, discipline, and aligning your money with your aspirations. Imagine owning your dream house, driving a Benz, or retiring comfortably. These aspirations are within reach, but they require thoughtful planning and decisive action.
Remember, no great achievements come from small, impulsive decisions. Let’s not wait until we turn 40 to regret missed opportunities. Instead, let’s take charge of our finances today. At Infinity Wealth Advisor, we’re not just financial planners; we’re your partners, friends, and guides who treat your money with the same care as our own.
Don’t Wait for Regret
Years from now, when you look back, wouldn’t you want to say, “I’m glad I made the right decisions” rather than “I wish I had done this sooner”? Take a moment to reflect, plan, and act.
Infinity Wealth Advisor is here to help you create the life you’ve always dreamed of - a life where your money works for you, not the other way around.
Let’s make it happen together. Reach out today and take the first step towards financial freedom.