Gen Z faces a daunting reality when it comes to achieving financial success. As economic inequality worsens, many young Americans feel they must strive for ever higher income levels to get ahead. In fact, the new dream salary for this generation has reached an astonishing $500,000 a year.
Meet Arumandhira Howard, a 28-year-old “zillennial” who earns over $200,000 in Los Angeles with her fiancé. Despite their comfortable income, they still make sacrifices, such as living about half an hour away from pricier neighborhoods where friends reside. They pay $4,000 a month in rent, along with hefty student-loan payments and car expenses.
Howard’s financial priorities are clear: setting aside 10% of her income for retirement and managing a budget for entertainment and dining out – although she admits to feeling guilty about not saving more quickly. “It’s comfortable, but you still have to make some sacrifices,” she said.
For Howard, enjoying comforts like travel and concerts is crucial to living a fulfilling life while also working towards long-term goals like homeownership. However, the pressure to save more and achieve financial stability weighs heavily on her shoulders. Her story highlights the struggles faced by Gen Z in their pursuit of financial success – a reality that may come as no surprise to many.
Source: https://www.marketwatch.com/story/why-its-no-surprise-that-gen-z-thinks-it-needs-500-000-a-year-to-succeed-5073f8b4