The financial habits and priorities of young people have evolved significantly in today’s rapidly changing economic landscape. Unlike previous generations, today’s young adults often approach saving and spending with a more forward-thinking and strategic mindset.
This change is driven by a combination of factors, including increased financial literacy, access to technology, and a desire for financial independence.
According to a CNBC report, a 22-year-old Google employee wants to retire at 35 with Rs 41 crore (about $5 million) saved.
Ethan Ngu learned from his parents that investing money is more valuable than keeping it in a savings account because savings can dwindle over time.
These lessons led him to start investing at a very young age.
“(My parents) really explained it to me very well. If you leave your money here (in a savings account), over time it will become worthless,” and they said you should really learn to invest it in something,” he told CNBC.
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Nguonly graduated in computer science from the University of California. He finished his bachelor’s degree in just two years, avoiding student debt.
After that, he got a job at Qualtrics, a software company. At the same time, she began her master’s degree in information and data sciences and completed it in August 2022.
He joined Google in December 2021 and now earns around Rs 1.6 crore annually, which includes bonuses.
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He has invested 1.1 million rupees (equivalent to $135,000) in his retirement accounts and other investments and in houses in California and Florida. He intends to expand his real estate portfolio in the future.
“When I was younger, the main thing I thought about was, ‘All this money keeps growing, keeps growing, and I’m not going to work for it.’ This really exposed me to the idea that my investments could make me money instead of having to work actively to achieve it”, Nguonly added.
Nguonly purchased an investment property in Riverview, Florida, in early 2022, and about a year later, he purchased his primary residence in La Palma, California.
“I love living in Orange County where the sun never ends and the beaches are stunning.” he said.
Nguonly doesn’t spend much on food because Google offers complimentary breakfast and lunch three times a week. Instead, he likes to invest in global travel, taking three or four trips a year.
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Source: vtt.edu.vn