I’m a Startup CEO: How I’m Helping Gen Z Invest Without FOMO
Written by
Cameron Diiorio
Edited by
Jairo Rodriguez
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Twenty-four-year-old Miles Cole is the co-founder of startup Follow, and is helping tackle one of Gen Z investors’ biggest issues: FOMO, or fear of missing out. Gen Z experiences FOMO regularly, especially when it comes to stocks — if they see their friends investing in the hottest stock, they’ll want to jump on it as well.
To aid young investors, Cole created Follow, an application that provides real-time advice from personal finance influencers. GOBankingRates spoke with Cole to get his tips on how young investors can stay updated on the latest and best stock trends.
Preventing FOMO
Because so many new traders are getting their information online — whether it’s market insight from experts or a viral meme stock that everyone on Reddit is putting their money into — people can potentially feel left out watching everyone else invest. This FOMO is what can lead uneducated traders to make poor decisions that end up costing them in the long run.
“FOMO has led many people to buy whatever the hot financial investment is,” Cole said. “Our platform gives them the ability to put money behind someone who is in the know and up to date.”
By following the top content creators in the field of investing, young investors are automatically making informed decisions regarding where they put their money, and the fear of missing out is eliminated by the comfort of knowing that they’re backed by top finance creators.
Educating Young Investors
Say a young investor wants to begin building their portfolio. Friends or family have recommended stocks as a viable way to make money, and now this person is fully on board and wants to start investing.
Then, they are faced with a problem. One of the biggest issues that Gen Z investors encounter is not knowing where to start.
“People will get educated, copy [content creators’] trades for a little bit and hopefully […] can make informed decisions in the future,” Cole said.
Follow helps young traders being investing and learning along the way, as their portfolios will be exact copies of top experts in the field. This method of learning allows young traders the ability to invest right away while educating themselves on top investment practices.
Follow serves as a guide to young investors and gives them the support they need early on so that in the future, they will be ready to make educated choices regarding stocks.
Providing Opportunity
The media has spread a false narrative about young investors, according to Cole. Contrary to popular belief, Gen Z are financially savvy and empowering themselves to stay up-to-date on the latest investment news.
“A lot of these Gen Z investors are incredibly sophisticated and their returns are insanely good,” Cole said.
Cole believes one thing that is holding back young investors is lack of capital. With the internet allowing for worldwide connectivity and access to limitless information, just about anyone can become a prolific investor. But a 19-year-old living at home or going to school lacks one major thing — the money to invest.
Follow provides a way for young investors to easily watch their money grow through copying the profiles of top financial influencers. Follow’s goal is to connect these influencers with customers in order to help investors get started.
“The main constraint is not skill, it is really just capital — and seeing that gap is how we created our company and saw it as a solution,” Cole said.
Follow helps young, cash-strapped investors go far with the limited capital they do have. By emulating a content creator’s stock portfolio, they are less likely to make a poor decision and their money has the potential to grow exponentially.
More From GOBankingRates
