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Optimistic About Their Financial Future

The GenZ crowd is excited and optimistic about money.

It's interesting to see how others define wealth, and wealth has so much and so little to do with money itself. You can see that driving a 'lambo' is at the bottom of this list and simply living comfortably without financial concern is at the top.

Owning a home isn't as important now for the younger generations as it was to the older ones, but they lived through inflationary periods. Inflation will drive a change in attitudes as once you live through rent spiraling upwards - you want to lock down your cost of living in the future. (see above 'feeling financially secure')

My definition of debt is the amount of money you borrow that you can't repay today. In other words, if you owe $200,000 and you have $1,000,000 in other assets you are not a debtor, you are an investor. You have chosen to borrow because you have better things to do with your money. If you owe $200,000 and you have $50,000 in other investments, you are a debtor. You had to borrow for some reason and you can't repay it now.

Lastly we see the optimism - GenZers and Millennials expect to be wealthy, and they expect to do better than their parents.

Read the whole thing: Magnify Money

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