Taylor Price, known as @pricelesstay on TikTok, is a Gen Z financial activist and money mentor. Price says she started a blog and founded Pricelesstay after recognizing the lack of financial education taught in schools. With the goal of ending financial illiteracy, she has educated more than a million Gen Zers on budgeting, saving, investing and paying off debt. Her work has been featured on Fox Business and shows like “Good Morning America,” as well as outlets like The Wall Street Journal, The New York Times, Business Insider and MarketWatch.
Recognized by GOBankingRates as one of Money’s Most Influential, here she shares why the bear market is actually a good thing for young investors and what she’s currently investing in.
What do most people not know about investing that you wish they knew?
As a speaker for the Gen Z audience, I wish more young investors knew the buying opportunities in a bear market. A majority of young investors are scared of today’s market conditions. However, I believe this is a time when young people may take advantage of this opportunity — they can purchase assets at a discount and seek longer-term returns.
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What should everyone be doing to build their wealth, no matter how much money they currently have?
Build your wealth by improving your financial literacy by researching free, credible resources online. According to the Global Financial Literacy Center, people who have received a financial education tend to have a higher level of financial literacy. In turn, this can lead to people being less likely to face financial difficulties and ultimately build wealth.
What investments are you focusing on in 2022 to make the most of your money?
To make the money of my money in 2022, I’ve looked towards I-bonds, currently earning a composite rate of 9.62%, indexed to inflation every six months. For this asset class, interest accrues monthly and compounds semiannually.
What investments are you avoiding?
Personally, I am not avoiding any investments in stocks, bonds, stablecoins, real estate or startups because of my age — 22 — and risk tolerance level. I am more cautious about investing in alternative cryptocurrencies and NFTs at this time, but would not say I am completely avoiding these asset classes.
Jaime Catmull contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: TikTok’s Taylor Price: Gen Z Should Take Advantage of the Bear Market