Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow and short term cash infusion. Laforte and his team are famous for the quick turnaround, amazing reputation and a very long record of closing loans. They helped a huge amount of small and mid-sized businesses manage their capital and also increase their growth. Joe is a very passionate investor, and he likes to positively impact anyone that gets in touch with him. Laforte shared his thoughts on millennials and their money habits. He says the millennial generation is more creative, stylish and bold. Their sense of humor is amazing, and they have the ability to quickly learn and master any technology in a real short time period. However, he states that this generation has “financial insecurities” due to them being from the age of “The Great Recession.” Watching their parents losing or failing their investments in the stock or real estate market, left them uncomfortable and insecure about making investments on their own. Laforte says that millennials are really committed in eventually achieving their financial independence and even if some make a couple of mistakes along the way, they still have their parents and families to lean on if needed.
About eighty percent of the millennials believe that as their jobs improve they will be able to invest more in the future. On his LinkedIn page here you can find more about his past and what he does in case you want to learn more about Laforte. Joseph explains more about the money habits of the millennial generation. According to him, millennials are faced with a dilemma. About fifty percent of them are forced to use credit cards so they can pay their regular monthly bills. Upon falling in a debt cycle, about twenty-five percent of them have to deal with late payments and bill collectors. This is where luckily they can get the previously mentioned “family support.” According to Laforte, even though millennials are labeled as the “entitled generation,” they are aware that when it comes to financial status and achieving their “dream jobs,” they’re starting with a slight disadvantage. On his CrunchBase consulting profile you can find more information about his work and influence. Joseph says that millennials tend to look at how their peers are doing and try to spend money the same way. He says this is solely because of the huge influence social media has over their lives. Joe explains this with an example where he says that a millennial would almost always want to keep up with the new car and technology innovations. And this is certainly true because when you constantly keep looking at social media and seeing people with brand new cars, gadgets, and smartphones, you feel like you’re lagging behind if you don’t own them as well. It’s a weird philosophy, but millennials really do think like this sometimes. This doesn’t mean that they’re completely unable or not financially savvy.