Multimillionaire Says Gen Z Is Doomed — 'You Don't Understand How Money Really Works'

Can't we all just get along? For one reason or another, it seems like Gen Zers are the punching bag for every other generation. They're always catching heat for something they did or didn't do.

Here's some proof in the form of a recently published TikTok video by real estate investor and self-proclaimed multimillionaire thetroykearns.

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The video starts out mincing no words.

"If you're a GenZer out there you might be screwed."

That's harsh but intriguing. 

From there, Kearns jumps right in on his rundown of why Gen Z is in trouble.

"Most of you grew up with an iPad in your hand so you have zero social skills."

While this may hold for some Gen Zers, the same can be said for the social skills of people in every generation. 

Moving on.

"You have inherited the worst debt we've ever seen."

Now, he's talking facts. Gen Zers are indeed stepping into the working world at a time when the United States is saddled with some serious debt.

At the time of writing, the U.S. national debt is $34.6 trillion. That number is bigger than most people can comprehend. It's enough debt for $102,830 to be assigned to every person in America.

And that's just the start.

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Consider student loans. Student loan debt has reached an all-time high of $1.58 trillion. Roughly 45 million Americans have student loans.

Back to multimillionaire real estate investor Kearns. 

"Things like NFTs [non-fungible tokens], Bitcoin are all new, to you, so you don't understand how money really works."

That's shortsighted, at best. Yes, NFTs and Bitcoin are relatively new to Gen Z. They're also relatively new to everyone else in the world. It's not like baby boomers were investing in NFTs or buying Bitcoin in the 1970s. 

Many people would argue that the introduction of cryptocurrency is a massive opportunity for Gen Z, providing them with new financial tools and independence unheard of in previous generations. 

It offers a decentralized approach to money management, potentially leading to greater financial literacy and innovation in digital transactions and investments.

And if all that isn't enough, Kearns leaves viewers with one final half-baked idea.

"You've given up all your stuff free to Google, you've given up all your stuff for free to Facebook, they own you. You've signed your life away. You're screwed. They know everything about you."

Huh? Isn't that the same Google and Facebook that billions of other people are using?

The comment section wasn't kind.

"Gen Z here. I disagree. We have far more information than our parents did. If you act on it, you'll thrive and do great."

"Got anything positive to say about Z? Or is this just another biased boomer take? I'm not a Gen Zer being defensive, but this a cringy perspective."

"I'll tell you why we're screwed, your generation ruined this world in many different ways, and it's gonna be up to us to fix it."

When it comes to your finances, you're best off listening to the professionals. Not what you watch on TikTok or read on Reddit.

Gen Z or not, consulting a financial adviser can help you manage your finances today and prepare for a better tomorrow. 

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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Chris Bibey has written about personal finance and investment for the past 15 years in a variety of publications and for a variety of financial companies. He is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Bibey believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.

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