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2 smart pieces of money advice for Gen Z to avoid the financial fate of the last generation, according to a financial adviser for wealthy millennials

May 26, 2020

Gen Z needs to get comfortable with being uncomfortable.

The oldest members of the generation, which as of 2020 spans those turning ages 8 to 23, are bearing the brunt of the economic toll of the coronavirus. College students are seeing jobs and internship opportunities diminish, while Gen Zers already in the workforce are facing furloughs and layoffs.

And many Gen Zers aren't eligible for stimulus checks if they were claimed as a dependent on someone else's taxes. Those working part-time or in an internship would fit that bill.

It's a situation reminiscent of what happened to the oldest millennials, who graduated into the Great Recession. Twelve years later, those millennials are still dealing with how entering a weak job market negatively affected their career paths and their ability to build wealth. Research finds that stagnation in financial growth can afflict recession graduates for almost 15 years.