Norristown Millennial Advises Peers on Wealth-Building: A Savings Account Is Not the Way
Norristown resident Deniesha Scott knows all about Millennials and their current financial struggles. She’s been schooled formally, yes, with a finance degree from Temple University. But she’s also lived the life of a monetarily rocky young adult. Lynette Hazelton reported Scott’s insights on how her generational peers can accumulate wealth in The Philadelphia Inquirer.
Scott is quick to recognize that millennials like her have been set back by inauspicious economic times marked by recession, student debt, pandemic layoffs and cutbacks, inflation, and child-care costs.
To share success tactics, she launched a coaching firm, Money Elevation, and targeted non-wealthy people of color, as clients.
Her biggest warning is not to dwell in a “scarcity mind-set” that concentrates primarily on paying today’s bills rather than building tomorrow’s wealth.
Her baby-step counsel includes measures such as:
- Reframe a view of money as not a scarce resource
- Establish a goal and work it backward. In other words, set a desired income for retirement while still between 20–30 years old. Then save/earn enough to get there.
- Learn how to invest. Interest on savings accounts is no way to build assets
More on Deniesha Scott and Money Elevation is at The Philadelphia Inquirer.
Another take on the economic struggles of Millennials.
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