In 2019, the Jet Future Business Leaders Scholarship was created to bring college students a chance to win some money to put toward their future education. There were about 400 applicants, and with 4 finalists, Sofia collected the most votes, making her the winner of the $1,000 award.
Sofia will be a Sophomore at the University of Miami. She is studying Entrepreneurship and Real Estate Finance. Sofia is a captain of the University's student-run Bollywood Fusion dance team.
Buying a home is considered a great investment. Baby Boomers and Generation X were able to better apply their accumulated wealth into real estate than Millennials before the age of 40. Will that trend continue for Generation Z? Do you believe Gen Z will share the belief that homeownership is a great financial idea before 40 years old? If so, explain why. If not, what other use of income would better serve Gen Z?
Among many things, the members of Generation Z are wild, bold, empowered, unpredictable and fiercely independent. Gen Zers strive to mold their own path in life. They have little ties to tradition and they have absolutely no regard for trying to fit in. In fact, I believe more are willing to step too far “out of line” than to follow directly in their family’s footsteps. If you ask most people what is something they are most afraid of, they might tell you sharks, the dark or death. However, a widespread fear of many Gen Zers is ending up at the same desk, in the same room, with the same fluorescent lights, 9:00-5:00 every day for the rest of their lives. To older generations, such a scenario was sought out, as it could provide them with support for their goals and values. This job provided a sense of stability, first of all in the form of a steady, gradually increasing income that they would use to purchase a home, support and raise a family. It also gave them a sense of community and routine: work buddies and familiar faces to see everyday. Today, Gen Z is all about the spontaneous. They want to follow their hearts and not feel tied down to anything or anyone. Social media is being swept by thousands of Gen Zers who are posting about living the Van Life and traveling around the country in their little van homes. Influencers who make money teaching people how to work from their phones have millions of Gen Z followers who aspire to live like them one day. I believe more and more members of generation Z will not share the belief that homeownership is a great financial idea before the age of 40, and even if they did see the monetary value in it, I don’t think it would compel them to act on it. I believe they will want to spend their time and money exploring other options, renting apartments in different cities or traveling from hostel to hostel all over the world. They will work remotely, participate in communities online and live out their early adulthood in search of adventure, rather than security. They will take the risk and trust the universe to let everything fall back into place once they are ready for something else.
If you know of a future businessperson entering or currently attending college/university, encourage them to apply to our current Jet Future Business Leaders Scholarship at https://jetsurety.com/scholarship.