Sophia Bera – Gen Y Planning: Personal Finance For Millennials


Sophia Bera

Sophia Bera of Gen Y Planning is a new breed of financial planner who is reinventing how the industry approaches a new generation as she helps Millenials pay off debt and make investments in their future.

I recently had the privilege of spending some time with Sophia and am excited to share the interview with you.

Millennials and Student Debt

Are Millennials really just a big generation overwhelmed by student debt and still living at home with their parents? According to Sophia, while student debt is a real issue a large number of Millennials are showing a lot of financial wisdom and initiative early in life.

According to recent surveys, many Millennials view the new American dream as simply being debt free.

Sophia shares some great tips on how Millennials can pay off and even have their student debt forgiven. For those looking for extra help, Heather Jarvis is a resource Sophia likes to refer people to.

There is lots of great thinking and help in this interview for anyone struggling with student debt. In addition, Sophia tells us some very motivating success stories of clients who have paid off their student loans years early. Sounds great doesn’t it?

Millennials and Wealth Building

One thing that particularly intrigued me about the interview was when Sophia talked about how she believed that entrepreneurship was going to be the new job security for her generation. In her view, being able to develop multiple income streams is going to be the key to long-term wealth.

A few final takeaways from Sophia:

  • Take credit card debt seriously! Pay it off!
  • Maintain and emergency cash fund.
  • Take advantage of your company’s 401k match program.
  • Understand your student loans and pay them aggressively.

She also has some unique views on whether to invest in yourself or the stock market. For Millennials, she believes the greatest impact on future wealth is current income. What skills or courses could you pursue to help you earn more or start a side career?

Finally, if you’ve curious about passive index investments, Betterment, and robo-advisors, Sophia shares her thoughts and why she is a fan.

You can find the full interview below and links to it on your favorite podcast directories.

Thank you so much for joining us at Investor in the Family!

If you enjoy the podcast, please take a brief moment to leave a five-star rating and review (iTunes, Stitcher) and then subscribe as well while you’re there. The support makes a big difference for the show.

investor in the family radio-podcast-subscribe-itunesinvestor in the family radio-available-on-stitcher