There is nothing that young people hate as much as listening to their elders. But, when it comes to investing in the future, older generations have some wisdom to impart.
Here are four things baby boomers say Gen Z should invest in right away:
According to boomers, Generation Z often undervalues the possession of skills. But additional skill sets not only pave the way for faster hiring and career advancement, they also help people adapt to a world that is changing at an unprecedented pace.
David Yeskel, a freelance travel journalist and media personality, has seen firsthand, through his global reporting, how closely intertwined our future is becoming with that of China. He advised his daughter and all her friends to invest in Mandarin lessons, as “the need for bilateral communication will be paramount.”
Additional skills currently in high demand include project management, data analytics, and cybersecurity. Invest in the right education to prepare your resume for the future.
Find out: Generation X hopes to retire like boomers: here’s why they can’t
Read next: 6 Smart Ways to Earn an Extra $1,000 This Month
Why let a disaster mean financial ruin for you and your loved ones? Buying insurance is the surest protection against the unknown. And, for many forms of insurance, it’s easier to get cheaper rates when you’re young and healthy.
For this reason, Sean Patrick Malloy, managing partner of Malloy Law Offices, advised Generation Z to purchase simple term life insurance and long-term care insurance—that is, if they are in the financial position to do so. Tom Mann, vice president of sales and marketing for Moorings Park Communities, recommended purchasing disability insurance (to protect your earning power) and, arguably the most important form of insurance, health insurance (to avoid gambling on medical bills).
Additionally, property and liability insurance can protect your most valuable assets from total financial loss. Thefts and car accidents can happen at any time. Stay prepared.
“Health becomes increasingly expensive if ignored early in life,” said TicTacToeFree.com CEO Hady Hadjiany, which is why he argued that ergonomic equipment should be a priority in young people’s minds. And who can blame him?
In fact, a study recently published in the Journal of Health Economics and Outcomes Research stated that musculoskeletal conditions are “the most expensive and prevalent healthcare conditions in the country,” costing more than $400 billion annually.
To help prevent knee and back problems in the future, Hadjiany recommended investing in comfortable shoes, a good mattress, and a supportive desk chair. You will be more than happy you did.