Lil Yachty is the new face of financial wellness

Personal finances look different for today’s youth as they overcome investment barriers

Miles McCollum, 24, of Mableton, Georgia, has invested millions in the exchange, his own cryptocurrency, 25,000 coins of which sold in less than 22 minutes, and several houses full of rare collectibles. Its wealth is not intergenerational and the rare collectibles are indeed sneakers, some of which are valued at thousands of dollars in resale. Their value would likely go up if worn by McCollum, known professionally as the Lil Yachty.

Money in abundance isn’t uncommon for those who dominate the rap game like Yachty is. It’s an integral part of the lexicon of rap lyric poetry and serves as a tangible demonstration of self-made fame. Yachty may differ from its predecessors in that its interest in money extends beyond huge jewelry and luxury vehicles. While he carries the gold and collects the cars, he also shows financial skill.

Yachty is a Millennial Gen Z-Cusper who was born in 1997 – the dawn of the Internet generation. His sensitivity is clearly Gen Z. A pop-in grill, which is often hidden behind brightly colored pearl braids, and a fascination for financial well-being are also products of its time. Yachty explains the driving force of inspiration behind his far-reaching pursuit and self-education; “Money money.”

A 2020 report by Data for Progress confirms the obvious: Millennials are well on their way to being the first generation who won’t surpass their parents in terms of jobs and income. Unsurprisingly, Generation Z are fighting for financial health, desperately trying not to fall into the same patterns as their discouraged predecessors. Yachty does not completely succumb to his financial well-being to a hired advisor, and his peers share a similar desire for control.

Where millennials grew up during the Great Recession and a masturbatory war on terror, Gen Z’s entry into adulthood is best illustrated by a tyrannical reality star turned politician who danced between “WAR” and “with a power-drunk finger” FONDLE “characterize with fire threats, the philosophical burdens of great social reckoning, and the angry generations who built everything,” ungrateful “hissing in their direction.

Millennials’ insurmountable debt hit a nerve with Generation Z as the younger generation’s fear of student debt led to slower education rates. A survey by the fintech company Greenlight found that young people have little confidence in their financial literacy, but understand what it means and are eager to learn. With less than half of the US states requiring personal finance courses for high school students, teens have found their own educational alternatives.

Finance, a sector that once bristled with mustiness and self-sufficiency and limited itself to the greedy elite, is now cool, thanks in part to Yachty and those like him. Its coolness stems from its easily digestible accessibility to learn more about the systems (see: Tax Code Explainer on TikTok and a Variety of Personal Finance Podcasts) and new ways of subversion of its barriers to entry (see: Investment Apps and Copycats of Probably Subsidiary Congressional Share Activity).

Gen Zers, along with millennials desperate to change their narrative, have found new ways to pay off debts and pay their expenses. A report by E * TRADE Financial Corporation found that during the pandemic alone, the risk tolerance of investors under the age of 34 rose to 23 points above the general population. Younger investors also trade stocks and derivatives at higher prices than the general population.

Presumably a decade ago Wall Street suits would scoff when confronted with the question of whether they felt threatened by a web forum that was likely dominated by the hollow-chested teenagers who taunted Invisalign by badly laundered teenagers . However, when the r / WallStreetBets subreddit penetrated national consciousness after driving Game Stop stock to unlikely heights, the financial elite screeched with the fervor of a slimy, beetle-eyed creature whose precious livelihood was threatened. The old guard of the stock market generally required players to have at least enough cash to purchase a brokerage account that would be valued by someone for a fee. The new guard only needs a smartphone with enough storage space to download an app with which he can exchange pennies for free. (For his part, Yachty has turned to more traditional investment strategies. “I don’t even know how to use damn Reddit,” he insists.)

Robinhood, the app that acted as the hire horse for Redditors who stormed the stock market, is specifically aimed at those looking to invest in smaller amounts, and young investors in particular. The app offers students $ 15 to start trading, a tempting proposition for those in debt. Since the app launched, 10 million user accounts have been drawn, a quarter of which are first-time investors.

After the GameStop fiasco, in which some underdogs on the stock market and billions in losses for private equity short sellers paid off, the Securities and Exchange Commission announced its investigation into Reddit’s private investors for alleged market manipulation. “Extreme stock price volatility can expose investors to rapid and heavy losses and undermine market confidence,” warned Allison Herron Lee, acting chairman of the SEC, in a joint statement with SEC commissioners.

The Securities Exchange Act of 1934, which restricts such alleged tampering, largely interprets tampering as deception. While the actors involved in r / WallStreetBets coordinated the share actions, there were no clear attempts at deception.

The Reddit talks, which represent the new guard of stock market players, have sold the stock short with sheer optimism and hope for the group as a whole. This community-minded thinking is absent in similar old-guard short-selling.

Bill Ackman, a notorious short seller, last made headlines when he bet against the market in the early days of COVID. Just a week after telling CNBC hell is coming, Ackman made a $ 2 billion profit. While Robinhood users turned to Reddit to coordinate with one another, Ackman went on television to implore the public to take action that will pay off directly for him.

With apps like Robinhood and a generation of teenagers eager to take advantage of the perks that have long dominated the older elite, the hypothetical bouncer left the doors of the world’s largest casino.

The appeal of making money is undeniable, however small or large that sum of money may be. The exchange was once a giant, benefiting almost exclusively those who could (and didn’t need to) afford it. Yachty has a larger pool than its peers, but it is representative of the loud-mouthed, sharp-eyed youth who push themselves between the stuffed shirts. Now, with increasing accessibility and looming debt, stocks are everyone’s game.

Comments are closed.