How Millennial Money Woes Are Reshaping the American Dream

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 21 September 2023

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Experts discuss how millennials are redefining the American dream and finding ways to thrive despite hard economic times. Have you ever wondered how younger generations are maneuvering around traditional milestones in the face of mounting financial hurdles? That’s what Personal Finance Nerd Tiffany Curtis discusses with Dr. Jatali Bellaton, a neuropsychologist and the founder of Brilliant Minds Unite, a youth and adult financial literacy movement. She dives into the daunting financial realities of skyrocketing home prices and crippling student loans, and the impact these have on the dreams and aspirations of millennials and Gen Zers. She explains how to think about investments to make life easier down the road, and the pitfalls of rushing into societal norms without taking time to first reflect on what it is that you really want. Dr. Michael G. Thomas, Jr. then joins the podcast to unpack the emotional turmoil brought about by financial struggles, particularly within marginalized communities. He analyzes the damaging effects of comparison and the role of shame in deterring people from seeking financial support, and advocates for a shift in perspective in order to alleviate feelings of anxiety and embarrassment. Tiffany wraps up the show with host Sean Pyles in a brief reflection on our special series on millennial money, as well as what it means for how younger generations are redefining the American dream. In this conversation, you’ll learn about: financial uncertainty, the new American dream, economic challenges unique to younger generations, millennials, gen z, economic barriers, median home prices, societal norms, emotional weight, marginalized communities, how to take advantage of financial opportunities, financial wellness, student loan debt, financial anxiety, and the psychology behind financial shame. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Prime Video brings thrilling entertainment.
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0:10.0	Treat yourself to the lovably chaotic Bridget Jones mad about the boy available to buy.
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0:19.0	Yes! And it was amazing!
0:23.0	Whatever you're into, it's right here.
0:25.3	Prime Video.
0:27.1	Click or tap the banner to find out more.
0:30.0	It's the American dream.
0:32.0	Get a good job, buy a house, retire.
0:35.6	You've heard it all practically sense the cradle. But it's not so easy
0:39.6	these days to achieve that dream, especially for the younger generations, including millennials.
0:45.1	So some are giving up, and some are finding their own version of the dream.
0:50.4	I think that we have to take fair off the table because there's very little in life that is actually fair.
0:56.0	What we can do, though, is that we can tool up in such a way to actually understand core tenets of economics, core tenets of entrepreneurship, core tenets of financial literacy, core tenets of investing.
1:23.8	Welcome to Nerd Wallet's Smart Money podcast. I'm Sean Piles.
1:27.9	And I'm Tiffany Curtis.
1:29.7	This is the third and final episode of our nerdy deep dive into millennials and money.
1:35.4	Today we're going to address some of those milestones we all expect and are told to expect from our financial lives.
1:43.9	What do those milestones mean?
	...

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