Re:Gen Z is giving up on college
by johnnyanmac on Monday September 11, 2023 @06:26AM
(#37465212)
even if I gave you the BOTD and assumed that the govt. simply gave every 18YO 80k to use as they see fit:
investing is an awful first thing to do unless you already have a job and stable life setup. Pretty much any sane financial planner will say
1. get your base costs covered
2. get an emergency savings
3. get a long term (3 months) savings
4. THEN you can invest
an 18YO trying to get their home situation put together will probably burn through a good portion just by renting out an apartment and getting the bare necessities. And ofc they need a few months to find what is probably a minimum wage job, which will probably not cover rent by itself.
If they can get over that huge hump, there won't be much left to invest (definitely not a 3 months savings).
investing is an awful first thing to do unless you already have a job and stable life setup. Pretty much any sane financial planner will say
1. get your base costs covered 2. get an emergency savings 3. get a long term (3 months) savings 4. THEN you can invest
an 18YO trying to get their home situation put together will probably burn through a good portion just by renting out an apartment and getting the bare necessities. And ofc they need a few months to find what is probably a minimum wage job, which will probably not cover rent by itself.
If they can get over that huge hump, there won't be much left to invest (definitely not a 3 months savings).