Young Americans say working a traditional 9-to-5 job is 'soul-sucking' — but they’re still trying to build wealth and retire early
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Gen Z has made no secret that they’re bewildered by corporate culture and how they’re not taking home enough cash to withstand the cost-of-living crisis. Just look at all the TikTok videos out there on the subject.
In fact, about 60% of the younger generation said traditional 9-to-5 jobs are “soul-sucking,” according to a recent survey conducted by Qualtrics on behalf of Intuit Credit Karma.
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But 57% of these same respondents also reported subscribing to the FIRE (financial independence, retire early) movement, which involves saving money and building wealth in order to retire before the traditional age of 65.
Here’s why these young Americans are tired of being burned and how an early retirement could be the solution.
Gen Z plans to ditch their day jobs
Gen Z’s grievances don’t necessarily mean they’re fed up with the grind in general. For some, it all comes down to a lack of fulfillment in their current jobs, while others said their mental health is suffering from their 9-to-5s.
Many are also unhappy with their pay — even respondents who earned more than six figures — and are concerned their salaries aren’t keeping up with the cost of living. However, some of them are considering major lifestyle changes in order to help them leave their jobs faster.
With the help of Zoe Financial these Gen Zers could get some guidance on how to change their financial lives for the better. Zoe Financial is a modern wealth platform that connects users with vetted financial advisors so that you can get professional advice on managing your finances and achieve your goals.
When you answer a few questions about yourself, Zoe Financial will match you with a curated list of financial professionals, and you can book a free, no-obligation consultation to see if they’re the right fit.
More than 40% of respondents said they’d cut back on non-essential spending, like shopping for non-essential items and dining out, while a third are thinking of working various odd jobs to make ends meet.
Additionally, you could make your essential spending into a saving opportunity by using Acorns, an automated investing app.
With Acorns, all you have to do is link your bank account and spend as you normally would. From there, they will automatically round up the total of your purchases and invest the remainder in a diversified portfolio.
Read more: Thanks to Jeff Bezos, you can now use $100 to cash in on prime real estate — without the headache of being a landlord. Here's how
Could FIRE be the answer?
Whether they’re fed up with hustle culture or the humdrum of their 9-to-5s, some Gen Zers are turning to an early retirement strategy made popular by millennials to hasten their golden years. Typically, FIRE followers sock away up to 70% of their yearly income and quit their day jobs after they accumulate roughly $1 million — or 30 times their annual expenses.
The idea is to budget, save as much money as possible by cutting back on non-essential purchases and invest or consider other income streams early on in your life.
After retirement, depending on the size of their nest egg, they might have to restrict themselves to small withdrawals each year or rely on some source of passive income to boost their savings.
Those looking for a source of passive income should investigate commercial real estate, which has proven to generate regular returns and potential for appreciation. First National Realty Partners (FNRP) allows individual investors to access institutional-quality commercial real estate investments without the leg work of finding deals yourself.
FNRP’s secure online platform makes investing in commercial real estate convenient and simple. You can engage with experts, explore available deals and easily make an allocation, all in one personalized portal.
Another option would be to tie your retirement savings to a traditionally secure asset like gold.
A gold IRA can help you stabilize your finances by allowing you to invest directly in physical precious metals rather than stocks and bonds.
One of the country’s most trusted precious metals companies, with an A+ rating from the Better Business Bureau, American Hartford Gold has helped thousands of clients protect their retirement.
So, for those feeling burnt out, unsatisfied and underpaid — and who watched older generations sacrifice their work/life balance for decades in order to enjoy their golden years later on — an early retirement could be the solution.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
