How Gen Z Can Make Getting Wealthy ‘Inevitable,’ According to Self-Made Millionaire Rachel Rodgers
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Tiffany Lew
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Zuri Anderson
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Some of Gen Z are already years into the workforce. Self-made millionaire Rachel Rodgers, author and founder of Hello Seven, in an extensive interview with Jessica Moorhouse explores ways the generation, often cited as born between 1997 and 2012, can make getting wealthy inevitable.
Here are four of the considerations.
Have That Million-Dollar Dream
As the classic song goes, don’t stop believing. Dream big — and dream beyond college.
Rodgers points out that the path to success looks different today. What do you envision for yourself?
“The plan can’t just be to go to college, get a good job,” said Rodgers. “Because those good jobs are not enough anymore to live off of comfortably.”
For a growing number of high school graduates, trade school is the way to go. Trade school enrollment has increased almost 20% since the spring of 2020, according to The National Student Clearinghouse Research Center.
No matter the chosen path, leadership experts tend to agree that dreaming big reveals your full potential.
Get a Job That Funds Your Side Hustle
Rodger recommends Gen Z find “a side hustle that feels like a hobby that you enjoy that makes you money.” Then, you amass enough wealth to start investing. Be strategic.
“The ultimate goal is always to separate your labor from your earnings and be able to earn money when you’re not laboring,” said Rodgers.
Side hustles have become increasingly common. A recent The MarketWatch Guides survey found that one in two Americans (51%) have worked a side hustle in the past year, and the rate among Gen Z is even higher (72%).
Pay Attention to Your Money
Rodgers suggests a “sacred” weekly meeting with yourself that she calls “Money Church.” While everyone has a personally preferred way for tracking expenses, it’s not just dollars and math for Rodgers.
“How do you feel about the decisions you made around your money,” she asked. “Do you want to return anything you bought? Look at what happened and what’s coming up. And, come up with ways to earn more money.”
The key is training your brain for money-making opportunities.
Be Investing
Put a small amount into your investments each month and watch it, said Rodgers who was well into her thirties when she started investing. She suggested generally putting more money into investments than into savings. Investing for growth may have long-term benefits, according to Fidelity.
“Look at the history of stock markets over years and decades — the movement is consistent in a positive way,” she said, although also pointing out that “nothing about building wealth is guaranteed.”
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