In this episode of Capital Conversations, CERTIFIED FINANCIAL PLANNER™professional Colin Day sits down with Sophia Steinbecker, one of Correct Capital’s newer additions, to answer some of the pressing questions people just starting out in their careers have about finances, budgeting, retirement saving, and more.

About Correct Capital Wealth Management
⁠⁠⁠Correct Capital⁠⁠⁠ is an independent, privately held wealth advisory firm offering independent, objective, unbiased investment and financial planning services to St. Louis area businesses, individuals, and families. As a fiduciary wealth management advisory, we prioritize our clients and their own financial journeys. No matter where you are in life, we are here to help you plan for today, tomorrow, and your future.
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*Legal Disclaimer: The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. Correct Capital Wealth Management is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Correct Capital Wealth Management and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Correct Capital Wealth Management unless a client service agreement is in place….(read more)

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Answering Gen Z’s Most Pressing Financial Questions

Generation Z, also known as Zoomers, is the cohort of individuals born between 1997 and 2012. This generation is coming of age and facing unique challenges when it comes to managing their finances. As they navigate through the complexities of the modern financial landscape, there are several pressing questions that they need answers to in order to achieve financial stability and success. Here are some of the most important financial questions facing Gen Z, along with some guidance on how to address them.

1. How can I start building credit?

Building credit is a crucial step towards financial independence. Without a good credit score, it can be difficult to secure loans, rent an apartment, or even get a job. To start building credit, Gen Z individuals can apply for a secured credit card, become an authorized user on a family member’s credit card, or take out a small loan. It’s important to use credit responsibly and make timely payments in order to establish a positive credit history.

2. What are the best ways to save money?

Saving money is essential for long-term financial security. Gen Z individuals can start by creating a budget and allocating a portion of their income towards savings. They should also take advantage of employer-sponsored retirement plans, such as 401(k)s, and consider opening a high-interest savings account or investing in low-cost index funds.

3. How can I pay off student loans?

Many Gen Z individuals are burdened with student loan debt, which can be a major obstacle to achieving financial stability. To pay off student loans, it’s important to understand the terms of the loans and explore options for repayment, such as income-driven repayment plans or loan forgiveness programs. Making extra payments towards the principal balance can also help to reduce the total amount owed.

4. What is the best way to invest money?

Investing money can be a smart way to build wealth over time. Gen Z individuals can start investing by opening a brokerage account and purchasing stocks, bonds, or exchange-traded funds (ETFs). They should also consider investing in a diversified portfolio to minimize risk and maximize returns. It’s important to do thorough research and seek advice from financial professionals before making any investment decisions.

5. How can I secure a stable job and income?

Securing a stable job and income is essential for financial stability. Gen Z individuals should focus on developing in-demand skills and staying updated with industry trends. They should also consider pursuing higher education or vocational training to increase their job prospects. Networking, internships, and freelance work can also help to build a strong professional network and secure stable employment.

6. What are the best strategies for budgeting and managing expenses?

Budgeting and managing expenses are critical skills for financial success. Gen Z individuals can start by tracking their spending, setting specific financial goals, and creating a realistic budget. They should also prioritize essential expenses, such as housing, food, and healthcare, and look for ways to cut unnecessary costs. Using budgeting tools and apps can also help to stay on track with financial goals.

In conclusion, Generation Z faces a number of important financial questions as they begin to take control of their finances. By addressing these questions and taking proactive steps to manage their money effectively, Gen Z individuals can build a solid financial foundation for the future. With the right knowledge and discipline, they can achieve financial success and security.