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Here aresome common ones and how to avoid them.
Chakraborty advised Gen Zers to focus on financial goals that benefit them.
That could be investing, building an emergency fund or saving for retirement.
You dont need to drop hundreds on the latest trend to be successful, he said.
Saving is one of the most crucial financial actions you could take for your future.
There are numerous ways to make saving work for you.
Additionally, compounding interest can be a significant advantage.
This is a problem, said Shane Enete, associate professor of finance atBiola Universitys Crowell School of Business.
However, there are things that you’re able to do to avoid it.
To prevent this, do not use BNPL or credit to buy things.
Only debit cards and cash.
Credit cards arent evil, but using them recklessly can wreck your financial future.
Being Afraid To Lose Money
Gen Zs avoid investing because it seems too complicated.
I think this needs to be corrected as early as possible.
Start small and work your way up.
And if youre afraid of losing money, invest in low-cost index funds and exchange-traded funds.
This is a big one, especially now with thecurrent volatility and turbulencein the stock markets.
The reality is that timing the market is impossible, said John Foard, co-founder ofCrown Advisors.
you could avoid emotional investing by investing long term and dollar-cost averaging.
This way you dont have to worry about market headwinds.
The earlier you start saving for retirement, the better.
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