4 Things Boomers Say Gen Z Should Buy Now
Written by
Cara Danielle Brown
Edited by
Brendan McGinley
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There’s nothing young people loathe quite like listening to their elders. But, when it comes to investments in the future, older generations have some sound wisdom to impart.
Here are four things baby boomers say Gen Z should invest in immediately:
Skill Sets
According to boomers, Gen Z often undervalues the ownership of skills. But not only do additional skill sets pave the way for expedited hiring and job advancement, they help individuals adapt to a world that is changing at an unprecedented pace.
David Yeskel, freelance travel journalist and media personality, has seen first-hand from his worldwide reporting, how tightly intertwined our future is becoming with China’s. He advised his daughter and all her friends to invest in Mandarin language lessons since “the need for bilateral communication will be paramount.”
Additional, high-demand skills currently include project management, data analytics and cybersecurity. Invest in the proper education to future-proof your resume.
Insurance
Why let one disaster spell financial ruin for you and your loved ones? Purchasing insurance is the safest hedge against the unknown. And, for many forms of insurance, it’s easier to lock in cheaper rates when you’re young and healthy.
For this reason, Sean Patrick Malloy, managing partner at Malloy Law Offices, advised Gen Z to purchase simple term life insurance and long-term care insurance — if they’re in the financial position to do so, that is. Tom Mann, VP of sales and marketing at Moorings Park Communities, recommended purchasing both disability insurance (to protect your earning power) and, arguably the most crucial form of insurance, health insurance (to avoid gambling with medical bills).
Additionally, property and liability insurance can protect your most valuable assets from complete financial loss. Theft and car accidents can occur at any time. Stay prepared.
Ergonomic Equipment
“Health quietly becomes more and more expensive if you ignore it at an early stage of life,” said CEO at TicTacToeFree.com, Hady Hadjiany — which is why he argued ergonomic equipment should be front of mind while young. And who can blame him?
In fact, a recently published study in the Journal of Health Economics and Outcomes Research, stated musculoskeletal conditions are “the most expensive and prevalent healthcare conditions in the nation,” costing over $400 billion annually.
To help prevent knee and back issues down the line, Hadjiany recommended investing in comfortable shoes, a good mattress and a supportive desk chair. You’ll be more than happy you did.
Diversified Portfolios
Purchasing a diversified portfolio of stocks, bonds, commodities and real estate is a wise investment while young — not only because its value compounds over time, but also because the longer one’s time horizon, the more they shield themselves from market volatility.
Any specific recommendations? Deric Ned, founder at GSE Retirement Solutions, advised investing in precious metals as an alternative to traditional stocks.
“Silver works better for younger, aggressive investors who can handle volatility,” he said, while “gold’s proven track record makes it the foundation of any precious metals retirement strategy.” Ned recommended a balance of “75% gold for stability and 25% silver for growth potential.”
In addition to high-risk, high reward stocks in industries like biotechnology and quantum computing, Ivan Marchena, senior economist at Just2Trade, recommended young investors incorporate government and corporate bonds. This is because bonds offer consistent, safe returns that fend off the threat of inflation and provide stability to one’s overall portfolio.
Finally, Joy Loverde, keynote speaker and author of The Complete Elder Care Planner, has been recommending her two Gen Z grandchildren purchase a multi-unit property in order to create “additional income streams outside of traditional employment.” In the short-term, they can live in one unit and rent out the others to cover their mortgage. In the long-term, this investment could very well fund their retirement.
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