Building Wealth Early w/ James Bowman of Gen-Z Mon-E

The Financial Griot

How to Build Wealth Early w/ James Bowman of Gen-Z Mon-E

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In this episode of the Financial Griot Podcast, Alainta and Lawrence get schooled by James Bowman of Gen-Z Mon-E podcast.

With over 45 episodes as of September 2022, he gives starting early a run for its money. James is fast becoming a networking expert in the Financial Influencer space. We chatted about his financial pivot point, how he became a real estate owner who is closing on his next property during a period of high inflation and pessimism, as well as what’s next.

The opportunity to get active is long overdue. Jump in there!

Table of Contents

Up Next, Generation Z. Are they the new Millennial?

Generation Z colloquially known as Zoomers or Gen-Z for short. This demographic is succeeding Millennials and preceding Generation Alpha.

Their parents are usually those in Generation X and Baby Boomers with Silent Generation grandparents.

Generation Z is defined to be those with birth years roughly between 1995 to 2010. Generation Z are always shopping, because they are always connected. They buy on any device and in any format or channel.

Gen Zers want to stand out, not fit in, so brands are not as important to them. Rather, they are looking for the next unique product.

Although Millennials are more likely to splurge on things like travel and luxury hotels, Gen Zers care about enriching experiences.

What makes Gen-Z different?

Less validation expectations
More independent
More entrepreneurial
More communicative
More competitive
More motivated by security
Driven by career/financial goals

Stepping Into Financial Independence

More than half of Gen Z adults are already invested—with 26% of that group invested in the stock market—yet only one in four feel they understand the stock market well enough to explain how it works to a friend. And of all financial concepts, they feel most confident about spending and saving.

As a reaction to the 2008 Recession sparked by subprime loans and the global pandemic, they are taking their money seriously. Investopedia noted these key takeaways from their 2022 survey:

One in three (31%) feel confident that they can explain how the stock market works to a friend.
A quarter hold cryptocurrencies and stocks, and one in 10 own NFTs.
With an estimated their spending power at over $140 billion.
On average, $20,900 in student debt, 13% more than millennials.
And finally, they carry around $7,000 worth of credit card debt.

About The Financial Griot and How we want to bridge the gap:

The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. The show is ran by three first generation Haitian Americans who did not come from wealth.

As such we learned quite a few lessons that Gen Z can pick up from. With inflation and cost climbing, the next generation can blink on building wealth.

You can become a Millionaire in 20 years or less? Yeah it’s possible. 80% of millionaires are first generation. Partnering and sharing the Gen-Z Mon-E podcast episodes, is a unique opportunity to show that 1. we can get along with the youngins and 2. we want everyone to win in the game of wealth.

Connect with TFG Crew aka the Hosts:

Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
Lawrence Delva-Gonzalez – Federal Auditor, Blogger and Tax Specialist @theneighborhoodfinanceguy

How to Connect with Gen-Z Mon-E Podcast:

James Bowman – Financial Podcaster, Military Veteran and Real Estate Investor @genzmone

The one stop shop for personal improvement for your mindset and finances. Teaching Gen-Z how to earn and invest their Mon-E! Support the podcast: https://anchor.fm/genzmone/support

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