Gen Z is becoming more financially savvy, with many young Americans taking steps to retire early. According to the Transamerica Center for Retirement Studies, two-thirds of Gen Z has already started saving for retirement, a significant increase compared to previous generations. This shift in mindset towards financial planning and early retirement is evident in the stories of individuals like Cody Berman, Jubilee Bosch, Amber Smith, and Cory Sarkisian.
Cody Berman, a 28-year-old entrepreneur and “passive income expert,” achieved financial independence at 25 but has no plans to retire early. Through a series of successful and failed business ventures, Berman learned the value of creating passive income streams that would generate revenue even when he wasn’t actively working. His diverse portfolio of investments, including index funds and rental properties, has allowed him to build a net worth of $2.8 million while still pursuing his passion for entrepreneurship.
Jubilee Bosch, a 26-year-old engineer, is taking a sabbatical after accumulating over $190,000 in net worth. Raised in a frugal household, Bosch prioritized saving and investing early in her career. By keeping expenses low and maximizing her investments, she was able to reach financial independence and take a break from her corporate job to explore other career paths. Bosch’s story highlights the importance of strategic financial planning and the flexibility it can provide in pursuing one’s passions.
Amber Smith, a 27-year-old tech worker turned online reseller and content creator, decided to leave her corporate job to focus on her side hustles full-time. With a net worth of $250,000, Smith recognized the potential for financial independence through aggressive saving and investing. By leveraging her skills in reselling and content creation, she has been able to generate income and grow her net worth despite the challenges of leaving a stable job. Smith’s story showcases the power of diversifying income streams and adapting to changing circumstances in pursuit of financial freedom.
Cory Sarkisian, a 27-year-old enlisted sailor in the Navy, has saved and invested $375,000 over eight years while supporting his family. Despite the challenges of being a single-income household, Sarkisian prioritized saving and investing in index funds and real estate. His disciplined approach to financial planning has allowed him to build a substantial portfolio while enjoying experiences like travel and homeownership. Sarkisian’s story demonstrates the importance of long-term financial goals and the rewards of consistent saving and investing.
Overall, these stories of Gen Z individuals pursuing financial independence and early retirement reflect a broader trend towards increased financial literacy and proactive planning among young Americans. By taking control of their finances early on and making strategic investments, these individuals are setting themselves up for long-term financial stability and the freedom to pursue their passions. As more Gen Z individuals embrace the principles of the FIRE movement, the landscape of retirement planning is evolving to reflect a new generation’s values and aspirations.
