Money is Harder for Young Adults with Dana Thibodeau - 17

Action Item: Write down three financial goals you think you "should" have. Next to each one, write whose voice you hear when you think about it. Is it your parents? Instagram? Your friends? Then circle the one goal that feels like it's truly YOURS. That's where you start.SummaryIn this episode, I tackled one of the biggest questions on every young adult's mind: why does money feel so impossible right now? I shared how my wife and I have been wrestling with the pressure to buy a house and how we finally realized we were chasing goals that weren't even ours. Through my research, I walked through the real data on why things are genuinely harder for our generation, from skyrocketing housing prices to student loan debt that's 13% higher than what Millennials faced. But I also highlighted the advantages we have that previous generations didn't, like access to free financial education, low-cost index funds, and the power of automation.Then I introduced Stacy, a 27-year-old teacher making $67,000 with $40,000 in student loan debt who feels like she's drowning with only $245 left each month. My guest Dana Thibodeau and I dug into how Stacy (and anyone feeling stuck) can move the needle by focusing on both sides of the financial equation, building momentum with small wins, and shutting down societal pressure about what you're "supposed" to do with your money. Yes, things are harder, but you're not powerless, and your goals should reflect what you value.Resources & Links MentionedPew Research: "On the Cusp of Adulthood and Facing an Uncertain Future: What We Know About Gen Z So Far" - https://www.pewresearch.org/social-trends/2020/05/14/on-the-cusp-of-adulthood-and-facing-an-uncertain-future-what-we-know-about-gen-z-so-far/LendingTree Study: "Millennials Better Financially Than Previous Gens" - https://www.lendingtree.com/debt-consolidation/millennials-financial-condition-study/Newsweek: "Gen Z has a serious debt problem" - https://www.newsweek.com/gen-z-struggling-pay-debt-student-loans-1868611Bankrate: "Gen Z's Unique Money Mindset And Approach To Financial Wellness" - https://www.bankrate.com/personal-finance/gen-z-money-mindset/#sources-of-financial-stress-for-gen-zIntuit: "Beyond the Budget: How Younger Generations Are Easing Stress with Financial Wellness Habits" - https://www.intuit.com/blog/innovative-thinking/beyond-the-budget/Dana Thibodeau's Instagram: https://www.instagram.com/learnmoneywithdana/Dana Thibodeau's website: https://danathibodeau.com/Timestamps[02:30] My personal story: How my wife and I stopped chasing the housing goal that wasn't ours[07:08] The net worth paradox: Why being "richer on paper" doesn't mean we can afford life[11:00] Why delaying milestones might actually open up better opportunities[12:28] The good news: Gen Z's tech savviness and unique money advantages[13:50] Financial stress affects 61% of 18-35 year olds and why talking about money matters[18:04] Interview with Dana begins: What young adults have going for them[20:00] How to take advantage of time and risk when you're young[22:00] Using technology and automation to build momentum[25:19] How to avoid getting stuck in the mud of negative financial news[28:29] Stacy's dilemma: Drowning on a decent salary with competing priorities[38:31] How Stacy's COVID stimulus win can build momentum going forward[39:21] Compare down, don't compare up: Celebrating your financial wins[41:34] Getting started: The power of a financial audit and learning everything you canEmail me at [email protected]