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Next Gen Personal Finance & Self Branding
The outdated personal finance techniques are approaching their expiry date. Next-gen personal finance is soon to be dominant.
Back in the day, personal finance was quite simple.
Retire and live off your savings.
Then we evolved.
Save and Invest it.
Retire and live off your savings.
Then we evolved even more.
Create a passive income stream.
These three steps above vary based on each and every person. However, one thing is for sure. The phrase "Personal Finance" is known more than before.
Nowadays, some educational systems are implementing personal finance in their curriculums to educate students on what‘s good and what‘s not.
However, there is one thing that took the world by surprise—Gen Z.
Each era results in an evolutionary concept that everyone follows. For example, the internet.
Yet, with Gen Z, this is happening faster and more frequently. A simple mobile application like TikTok spreads faster than any imaginable software.
So then, I started exploring what this Gen Z is doing and how they operate, which led me to a conversation with a 21-year-old entrepreneur that enlightened me.
Gen Z are aliens compared to earlier generations.
What used to surprise the older generation does not make the new one flinch.
—Gen X: "He has a video that made him 1 million views. That‘s it, this guy‘s famous. Life is probably uphill from here."
—Gen Z: "Oh, you had one million views on your video, so?"
So then, I spoke to 21-years old Catalina Valentino, and I was quite surprised.
She showed me that at the age of 21, you could already be going places by simply opening your mind. With her, it started with a viral LinkedIn post reaching 200 likes. That‘s it. Not 2,000,000 or 20,000. Nope, just 200 likes.
What she did is she capitalized on this viral post and created another, then another. She ended up having quite a strong presence on LinkedIn, with over 50,000 followers. From there, she moved into creating her own personal branding agency, Pivot, as she believed this was high in demand and that she could create valuable output for clients.
She then worked on scaling her business to a six-figure. Personally, as a business consultant, I assess a startup‘s success by traction. She has quite a good one. That means there is demand for her product in the market. Mr. Market is accepting Cat‘s product and embracing it. That‘s the ultimate desire of any entrepreneur.
Then I spoke to her even more. I figured out she has some skills, which is why she‘s going places.
She‘s consistent and determined.
She has some motivational boosters when she feels like something is not going according to plan.
She learned from multiple entrepreneurial ventures.
She‘s also working on a tech product that she owns.
She feels the biggest win when a client informs her of their success.
This crossed my checklist of future potential. She has what it takes to move forward without stopping since she deeply cares about the end consumer. She knows that scalable products are the way to go.
This, coming from a young 21-year-old, took me by surprise.
This enlightened my mind about the concept of — "Next Gen Personal Finance"
Then I remembered how hundreds of videos on TikTok are all about this financial revolution. Passive income has become very doable and highly demanded. It‘s the new age of working where the gig economy is prospering.
Finally, the ways that worked before, will be obsolete in a few years. If you intend to stick in your corporate job for ten or twenty years, you‘d be dooming yourself.
They used to say people should work smart instead of work hard. Now, it’s work differently and do not let anything stand in your way.
A simple example would be how Bitcoin has trended in the past few years. If a similar concept had been introduced 50 years ago, it wouldn‘t have lasted a week. However, due to this new mentality and generation, it exceeded all expectations.
Where‘s this next-gen personal finance and branding?
It‘s everywhere. You will see it on LinkedIn, where people are bragging about how they made money. Additionally, how they are making money from their followers.
You will see it on TikTok if you just search for a similar hashtag. People, young and old, tell their experiences of how they made money using software or a website and how you could too.
You will find it on Youtube, where millionaires are making a living out of just stating some facts about the current market.
It‘s transforming into a game of influence. The more followers you have, the more you are part of the next-gen personal finance movement.
How can I be a part of this?
Create a social account and treat it as a business. Do not give me the old, "I don't use this platform often.“ Instead of that, use the platform. Start building your first follower, then your second, then your thousandth. Why? Because the world is migrating to the necessity of influence. You will be competing with a Gen Z person that has 2 million followers who actually listen and get influenced.
As a business consultant, I‘d advise you to choose one of the platforms you are most comfortable with. However, make sure there‘s a future in that platform.
These are a few examples of platforms that are still growing. Choose your weapon, and start learning how to use it.
Follow people like Catalina and learn from her tactics. These individuals will be a big part of the future, whether you like it or not. So, instead of rejecting change, start riding the wave.
I’m Al, a business consultant in Zurich, Switzerland. I believe in the power of delivering value to you, the reader. For value-adding content, follow me on various social media platforms.