For years, Gen Z or “Zoomer” kept their older relatives busy with throwaway Facebook accounts while they and their colleagues played in the digital mazes of Snapchat and the like. And by the time their elders started learning about snapping and short-lived social sharing, the zoomers had already moved on to TikTok.
Historically, the younger generations have embraced new technologies and emerging platforms, while their older generations have for the most part been intent on keeping them from growing up too quickly.
But what about money and financial technology? Could Generation Z be quietly mastering new fintech tools and solutions that will help inflate the next bubble? Could their bold and unconventional cash movements help them retire before you do?
Check out these cash movements zoomers make and find out why they aren’t all bad.
1. You are smarter and feel empowered to invest early
While previous generations may have waited until they were good and ready to invest their money, Generation Z tended to invest early.
About 22% of Zoomer investors said they dipped their toes in the market when they were teenagers, compared to just 9 percent of Millennials, so a survey carried out by MagnifyMoney.
Gen Z learned that you really don’t need that much money to start investing – and you can even get free shares if you know where to look.
Whether you have $ 5, $ 100, or $ 800 to spare, you can start investing Robin Hood.
Yes, you’ve probably heard of Robinhood. Both beginners and professionals love it because it has no commission fees and you can buy and sell stocks for free – with no limits. Plus, it’s super easy to use.
What’s the best? If you Download the app and deposit funds into your account (it won’t take more than a few minutes), Robinhood will deposit a percentage of free shares into your account. It’s random, however, so the stock can be worth anywhere from $ 2.50 to $ 200 – a nice boost to help you build your investments.
2. You take more risks
When it comes to investing, millennials focus on meeting personal milestones, and previous generations still believe in playing the long game. But Gen-Z investors seem, according to a. to be much more willing to take risks Barclays poll.
Almost half (49%) of Gen Z investors said they only wanted to invest their money for two to five years, while around 16% of them admitted adamantly that they just wanted to get rich quick, the survey found.
You’ve probably heard that the best way to grow your money is to put it on the stock market and keep it there forever. But there’s a middle ground between a YOLO on your dough and locking your money in a damp basement for aging.
Maybe you’re just looking for a place to safely store your savings – and still make money. Sure, you could tuck it under your mattress or in a safe, but millionaires know better than that.
Here’s her secret: a debit card called aspiration you can earn up to 5% cashback every time you swipe the card and up to 16 times the average interest on the money in your account. Plus, you never pay a monthly account management fee.
To see how much you could make, enter yours Email address here, link your bank account and add at least $ 10 to your account. And don’t worry. Your money is FDIC insured and encrypted according to military standards. This is nerd talk for “that’s perfectly safe”.
3. They would rather not consult you about their creditworthiness
May be Not trying to talk to zoomers about debt snowballs or avalanches? And in any case, don’t even try to lecture them on keeping their credit card usage low – they probably already know.
They also know that one of the hardest parts of paying off your debt is simply knowing where to start. Hence, these digital natives have no qualms about using online credit monitoring services to keep their scores healthy.
Which of your credit cards has a balance? Is Your Name Associated With Unpaid Loans? Are you behind on medical or utility bills you didn’t know about?
That’s where a free website like Sesame credit can help. It takes about two minutes to sign up and access your free credit score. From there, Credit Sesame will outline your debt – exactly what you owe and who – and give you personalized recommendations. It will even break down the interest rates and minimum monthly payments associated with your bills.
Armed with this information, you can create your payout plan more easily. Would you like to use the debt avalanche method where you pay off your highest interest first? Or maybe you prefer the debt snowball method, where you start with the smallest balances first.
You can still use Credit Sesame to track your progress and hold yourself accountable. And, hey, it might be fun to watch your credit score react to all of your hard work!
It takes two minutes to Start with Credit Sesame.
4. You will definitely go shopping
Some of the Gen Z members had social media accounts before they could even speak. So you shouldn’t be surprised that this generation tends to be savvy online shoppers who are the best price over a Well Price.
When was the last time you checked car insurance prices? Shopping like a zoomer can help you get a great price on auto insurance.
You should buy your options every six months or so – this could save you quite a bit of money. But let’s be honest. It probably isn’t the first thing you think about when you wake up. But it doesn’t have to be.
A website called Insurance.com makes it super easy to compare car insurance prices. All you have to do is enter your zip code and age and your options will be displayed.
With Insure.com, people saved an average of $ 489 a year.
Yup. That could be $ 500 in your pocket just to take a few minutes look at your options.
5. You like to make money from your personality
Talk to the zoomers in your life. And if you haven’t got it, you’ll likely learn that many of them would simply love to garner crowds of online followers and get sponsorship deals with brands that want to tap into that following.
Earning tens or hundreds of thousands of followers is often a lucrative endeavor, but it’s far from the only way Gen Z is taking to make money by simply being themselves.
If we told you that you could get paid to watch videos on your computer, you would probably be laughing.
It’s too good to be true, isn’t it?
But we’re serious. A website called Inbox dollars will pay you to watch short video clips online. One minute you might see someone baking brownies and the next you will get the latest updates on the Kardashian drama.
All you have to do is choose which videos you want to watch and then answer a few quick questions about them.
No, InboxDollars isn’t going to replace your full-time job, but it’s something simple that you can do while you’re already sitting on the couch wasting time on your phone tonight.
Unlike other websites, InboxDollars pays you in cash – no points or gift cards. It has already paid more than $ 56 million to its users.
It takes about a minute to sign up and you will be doing it right away receive a $ 5 bonus to get you started.
Quinten Plummer is a writer for The Penny Hoarder.
This article originally appeared on www.thepennyhoarder.com