The Old Rules for Building Wealth Are Obsolete

Illustration: Janet Sung

Certainly, there are things that must remain in the past and based on that, Sophia Bera wants to make something clear, she is not your father’s financial planner. This is established as the marketing motto of Bera, and evidence of it is found throughout the website. Thus, this is the personal brand on display in your company, Generación Y Planning. There is a focus on values and meaning: “Money doesn’t have to be scary or serious all the time. Money can be about joy, security and confidence”. Thus, there is the way this certified financial planner works: virtually and with a monthly subscription.

In this way, both Bera and other young planners strongly press “not your father’s planner line”, it is because it resonates with an audience that is skeptical of traditional and financial advisors. Even so, it is claimed that in any case, you would not get much-personalized attention from most of them.

A certified industry

Young planners understand the competitive priorities for the millennium cash flow. In this way, do not expect some traditional things in them because they will not. It is clear that they will not give condescending conferences about the importance of saving for retirement since Day 1 or telling them not to spend money on travel.

In fact, Douglas Boneparth, who is the founder of 34-year-old New York City-based Bone Fide Wealth has said, “If you’re 65 and your closest interaction with millennials is your kids, you might not have the perspective you need to address the realities of what it’s like to have two working spouses who commute, who bear student loan debt and are trying to start a family and save for a home”.

It is necessary to consider the defining characteristics of the millennium generation: starting careers in the shadow of the Great Recession and behind an eight-ball student debt ball, focusing on more manageable milestones begins to make sense.

Thus, there is no doubt that the industrial student loan complex will not care if you pay interest for the rest of your life. Even so, we must not ignore other unhappy economic realities faced by millennials and Generation Z, which could include salaries that have stagnated during the last decade and the costs of housing, childcare, education and health that have increased dramatically.

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Source: Suzanne Woolley | Bloomberg