I'm a Financial Planner: 3 Things Gen Z Should Never Spend Money on If They Want To Be Rich
The fundamental rules of personal finance still apply to Gen Z, no matter how many viral money videos they scroll through on TikTok. When we asked financial advisors which purchases Gen Zers should avoid making if they want to be rich, their responses echoed similar advice we’ve heard passed off on millennials – and Gen X and baby boomers. Certain purchases, as it turns out, are just not suitable for anyone.
We spoke to Jordan Taylor, independent financial advisor at Core Planning, who shared his take on the top things Gen Z needs to steer clear of and focus their attention on building wealth instead.
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Here’s what this generation doesn’t want to do with their money.
Designer Brands
Hearing the phrase “designer brands” often means seeing a brand-new BMW, Chanel handbag and Gucci belts in your mind’s eye. And to be clear, Taylor isn’t saying Gen Zers can’t buy luxury handbags, cars or apparel and accessories ever. Rather, he’s advising this age group waits until their in their thirties to make these purchases if they still really want them by then.
“When you stick a few thousand dollars into a bag, shirt or pair of shoes over the course of the year, this amount might be a full month, or more, of your income,” he said.
Instead of funneling this much money into a singular purchase, Gen Z should avoid buying overpriced goods and save their money instead.
Timeshares
When Taylor told us Gen Z needs to steer clear of timeshares, we did feel like this was not only obvious but slightly antiquated advice. Aren’t timeshares technically associated with the boomer generation?
Not anymore. A 2025 report from ARDA, the trade association for the timeshare industry, revealed 57% of timeshare owners are ages 45 or younger. Gen Z has made up a significant percentage of timeshare owners dating as far back as a 2022 ARDA study, which indicated the age of those owning timeshares is getting younger rather than older.
But just because many others are doing it doesn’t mean you need to hop on the bandwagon. Taylor said Gen Zers are being sold on timeshares because it’s profitable for the sellers. In actuality, it’s not a good vacation deal for anyone.
Fad Investments
Fad investments have existed since Taylor was born and to date, he said he hasn’t heard a significant success story.
Gen Zers might be compelled to invest in cryptocurrency, for instance, but it’s critical they remember who is trying to sell them on this idea. Like timeshares, the only people who profit are the sellers.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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