Hassan Thomas is the Founder and CEO of the brand FYI FLI (For Your Information: Financial Literacy and Investing) where the mission is to promote financial literacy, and teach millennials how to manage and grow their money. On this episode of CFO at...
Hassan Thomas is the Founder and CEO of the brand FYI FLI (For Your Information: Financial Literacy and Investing) where the mission is to promote financial literacy, and teach millennials how to manage and grow their money. On this episode of CFO at Home, Hassan and Vince discuss differences and common ground on how each of us views credit, debt, investing, and more.
- Financial areas where Gen Z/Young Millennials need to increase their knowledge
- Education about credit
- The importance of maintaining a favorable credit score
- Understanding the importance of compounding interest
- Millennials, Gen Z are embracing the idea of “Good debt” and “Bad debt”
- Good debt - debt used to generate income. Plays into the entrepreneurial nature of this generation
- Student loan debt
- The burden of student loan debt is driving young people to start out their financial lives deeply in the red, causing anxiety and depression
- This generation is developing a more cautious view of student loan debt than their parents
- Cutting the cost of college
- Attending community college for the first 2 years
- Dual credit courses - classes taken in High School that also count as college credit
- Trading Apps
- Good for educational purposes and short-term trades. More traditional brokerages may be better for long term investing because there is less emphasis on frequent activity.
- The most effective way to reach Gen Z/Young Millennials with a message is through either entertainment or an experience.
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