{"id":51693,"date":"2025-08-01T04:24:26","date_gmt":"2025-08-01T04:24:26","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/51693\/"},"modified":"2025-08-01T04:24:26","modified_gmt":"2025-08-01T04:24:26","slug":"gen-z-can-retire-as-millionaires-shark-tank-star-rashaun-williams-says-they-just-need-to-quit-doom-spending-and-follow-his-3-tips","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/51693\/","title":{"rendered":"Gen Z can retire as millionaires, \u2018Shark Tank\u2019 star Rashaun Williams says\u2014they just need to quit doom spending and follow his 3 tips"},"content":{"rendered":"

Dreams of a comfortable retirement feel increasingly out of reach<\/a> for young people\u2014especially as even boomers<\/a>, who spent decades saving, are now being forced back into the workforce. For Gen Z, it\u2019s easy to feel hopeless and turn to bad financial habits like doom spending<\/a> as a coping mechanism.<\/p>\n

But the possibility of Gen Z retiring as millionaires may not be as complicated as the generation thinks it is. With proper financial planning, Gen Z can easily have seven figures to their name, according to Rashaun Williams, a multimillionaire venture capitalist returning as a guest judge on Shark Tank<\/a> this upcoming season.\u00a0<\/p>\n

The secret, he tells Fortune, relies on just following three simple steps: establishing an emergency fund, maxing out retirement accounts, and keeping investments simple.<\/p>\n

The \u2018Shark Tank\u2019 investor\u2019s 3 steps for Gen Z wanting to become millionaires: 1. Create an emergency fund<\/p>\n

The path toward million-dollar wealth can\u2019t begin without planning for the unexpected, such as a job loss<\/a> or medical emergency. Williams says an emergency fund<\/a> should start with saving up three months worth of expenses into your savings account.<\/p>\n

\u201cMake sure you have enough cash for a rainy day, so you\u2019re not pulling from your 401(k) prematurely,\u201d Williams tells Fortune.<\/p>\n

For those who want to be a little extra careful\u2014or are unlucky enough to have\u00a0 life throw wrenches their way\u2014many financial institutions, like Wells Fargo<\/a>, suggest that up to six months\u2019 worth of expenses could be worth it.<\/p>\n

2. Maxing out your 401(k) and Roth IRA<\/p>\n

Saving money using tax-advantaged accounts, like a 401(k) or Roth IRA, remains one of the most efficient ways to grow your wealth. Williams says Gen Z\u00a0 should try to put as much money\u00a0within their budgets into retirement accounts.<\/p>\n

\u201cIf you just do that from 25 to 50 years old, you\u2019re going to retire a millionaire,\u201d Williams says. \u201c\u2026Just by maxing out your 401(k), it grows tax deferred, and it goes in tax-free. There\u2019s no better return than to get your returns without taxes.\u201d<\/p>\n

The standard 401(k) limit<\/a> for employee salary deferrals is about $23,500 in 2025. The maximum amount you can contribute each year to a Roth IRA<\/a> is $7,000 for those under 50 (though your income must be below a certain adjusted income threshold<\/a>).<\/p>\n

Fidelity recommends<\/a> individuals save at least 15% of their annual income for retirement\u2014something that can be a tough ask for those Gen Z early in their career.\u00a0<\/p>\n

But, it\u2019s a number that fellow Shark Tank star Kevin O\u2019Leary has echoed: \u201cTake 15% of your salary each week, or every two weeks when you get paid, and put it into an investment account, and never touch it until you turn 65,\u201d O\u2019Leary told Us Weekly<\/a> in 2023. \u201cThat\u2019s how you will retire a multimillionaire.\u201d<\/p>\n

In reality, the average savings rate is about 14.1%, according to Fidelity. Taking advantage of any employer match program<\/a> is also important.<\/p>\n

3. Keep investments simple<\/p>\n

While there are many ways to invest money\u2014including seemingly fun opportunities like individual stocks<\/a> or cryptocurrencies<\/a>\u2014Williams encourages people to keep their choices simple. He specifically called out S&P 500 indexes as one of the best places to invest, with a long history of sustained growth. After all, it delivered an average return<\/a> of about 10% over the last century, helping usher an unprecedented level of millionaires and billionaires<\/a>.<\/p>\n

\u201cYou don\u2019t have to get cute, you don\u2019t need international, you don\u2019t need bonds. You\u2019re not 90 years old. Just do S&P,\u201d Williams tells Fortune.<\/p>\n

4. A bonus tip for Gen Z wanting to become millionaires before retirement<\/p>\n

For many young people, becoming a millionaire is more than just a retirement dream\u2014it\u2019s an aspiration<\/a> they want to hit as soon as possible<\/a>. And while for some, hitting financial goals will mean temporarily saying goodbye to expensive lattes<\/a> or a vacation to Europe, one of the best ways to build wealth is to simply create your own venture.<\/p>\n

\u201cStart something that you can invest in, that you can grow, and start your own business,\u201d said<\/a> multimillionaire Shark Tank investor Robert Herjavec. \u201cIt\u2019s the only path to wealth.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Dreams of a comfortable retirement feel increasingly out of reach for young people\u2014especially as even boomers, who spent…\n","protected":false},"author":2,"featured_media":51694,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,152,153,20232,20233,2066,147,530,1666,3415,20234,1432],"class_list":["post-51693","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finances","tag-gen-z","tag-investing-advice","tag-millionaires","tag-money","tag-personal-finance","tag-personalfinance","tag-retirement","tag-savings","tag-shark-tank","tag-wealth"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/51693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=51693"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/51693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/51694"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=51693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=51693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=51693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}