However, when it gets down to the probability of being stuck in a permanent cycle of renting, things look a bit bleak for this generation. Inspired by a recent AskReddit thread, here are various realistic strategies that Redditors offered up as ways they could see Gen Z breaking free from the cycle of eternally renting.
WFH And Buy A Home Far From The City
As more companies across numerous industries shift to full-time remote work, the prospect of being able to set yourself up for working from anywhere that has solid Wi-Fi has grown increasingly feasible. The key to really hacking this new working world reality for the utmost financial impact is to aim for home ownership in a cheaper area. All you need to do is make sure that you won’t have to deal with such terrible Wi-Fi that it ends up costing you your job in the process.
Delay Pursuing A Low-Paying Dream Gig, Secure A High-Paying Job First
There’s nothing wrong with cultivating passions and setting your sights on devoting significant time to mastering those very passions, hobbies, and skills. However, there is something to be said about the literal financial value of summoning the willpower to put your passions on the back burner and prioritize gaining the necessary skills to secure a high-paying job.
Once you’ve set yourself up with financial security, then the window of opportunity can open up for shifting gears into a career that is potentially less financially fruitful, but rewarding in almost every other capacity.
Learn To Cook
You’ve seen it just as much as the rest of us. The idea of eating out at a restaurant every now and again has evolved into a financially formidable event. We’re not saying you should never eat out. However, if you can carve out enough time to learn to cook simple yet economically affordable meals from home, your bank account will thank you many times over. Sure, groceries aren’t exactly cheap these days, but eating out is a whole other level of extra.
Related: 50 Ways to Spend Less When Eating Out
Steer Clear Of “Lifestyle Creep”
“Lifestyle creep” is, per Investopedia, “where discretionary consumption increases on non-essential items as the standard of living improves.” This can start with something as seemingly innocuous as a few new wardrobe upgrades — then suddenly you’re buried in the creeping debt that comes with paying off a pricey new coat in installments as opposed to paying the total cost upfront. Resist the urge, stay strong.
Related: 11 Signs You’re Getting Scammed While Shopping Online
Invest
It’s but one word, yet the power of taking the time to map out a multiyear investment strategy from a young age can’t be overstated. There’s this absolutely wild thing called compound growth, and when that ends up gracing your investment portfolio, you can find yourself being boosted into unprecedented levels of financial health. So, should you find yourself in a financial situation where you have the resources necessary to meet with a professional to create a feasible investment strategy, do it.
