A bad way to think about money

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I came across an article yesterday with a compelling headline.

"Does Gen Z stand a chance at being one of the wealthiest generations?"

I actually began reading it expecting something different than what I got.

I thought it might be an article explaining why Generation Z (roughly 6-24 year olds) are unique incapable of building wealth like the baby boomers.

But it actually wasn't that.

In fact, the article argued that while Generation X and Millennials face unique challenges that will make it hard for them to ever catch the Baby Boomers, Generation Z is actually exposing itself to investments and the stock market at a much greater rate.

To quote the final paragraph:

"It may still be too early to tell if Gen Z stands to become the wealthiest generation. However, more Gen Z'ers have exposure to the stock market and have started saving for retirement earlier. These are significant factors that could allow them to accumulate substantial wealth over time."

(You can read the full article here).

It's certainly an interesting premise, and it was nice to see someone argue, "hey, the youngest generations are doing something right" for a change!

But at the end of the day, I want to point out that the whole premise is really wrong.

Because fundamentally, that is an unhealthy way to think about wealth-building.

Is it possible certain generations have better advantages building wealth than others? As well as unique challenges? Of course!

The Baby Boomers had the GI Bill, but they didn't have a TD Ameritrade account in their pockets on demand.

Millennials may have high student loan debt, but they also have electricity and have never been drafted into deadly combat.

Every generation has strengths and weaknesses at every level — practically, morally, and, of course, financially.

But when it comes right down to it, wealth-building is an individual responsibility.
It isn't helpful to think of yourself as uniquely blessed or cursed because of your generation.

It doesn't matter to any particular member of Generation Z if their peers are more stock-market knowledgeable than generations before them if that individual still doesn't know what an options trade is.

And Baby Boomers may have had much better opportunities for long-term investment stability, but if someone didn't take advantage, they still need to make up for it on their own.

I think my point here is to encourage you:

Whatever age you are, or whatever stage in life, whatever unique challenges you think you might have, it's nothing you can't overcome with the right strategies and techniques.

But it's not helpful to spend a lot of time thinking about whether your generation got dealt a bad hand.

Just pick yourself up, wherever you are, and get to work!

Happy Friday, and Happy Trading,

Markay

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