As an investment strategist talking with investors and advisors, Zane Brown has increasingly encountered concerns specific to you and other millennial investors. These concerns include circumstances that compromise you financially and traits that position you poorly as an investor. Nationwide, you and other millennial investors, your parents, and investment advisors corroborate concerns about your financial future. At the same time, psychology professor Dr. Donalee Brown’s interactions with millennial university students have revealed unique psychological traits resulting from specific aspects of your environment. As a licensed psychologist, Dr. Brown’s examination of those traits and the circumstances that help create them, suggests you and your peers are approaching life decisions differently than your predecessors. Importantly she finds that a generational preference to delay those decisions could have serious unintended consequences.

These two diverse perspectives, one economic and the other psychological, complement each other in understanding those conditions that could lead to future financial disaster for you and many other millennials. This book explores those conditions and identifies remedial action that can help avoid future financial disappointment. Combining the perspective of an investment professional with that of a licensed psychologist creates a comprehensive approach to the conclusions of this book and the insights that fostered them.

Zane Brown has spent over 40 years in the financial services industry, most recently as Portfolio Strategist and before that, Director of Fixed Income, at Lord Abbett & Co. LLC, a leading asset management firm with over $250 billion in assets.

Mr. Brown is a seasoned expert in the field of asset management with particular emphasis on investment strategy and economic analysis. He joined Lord Abbett in 1992 and became a Partner in 1996. Prior to Lord Abbett, Mr. Brown was an Executive Vice President at Equitable Capital Management Corp., and before that, Manager of the Bond Department at Brown Brothers Harriman and Co.

Mr. Brown has been featured in The Wall Street Journal, Financial Times, and Pensions & Investments, and has been interviewed frequently on CNN and CNBC, among other media, discussing interest rates, portfolio strategy, and Federal Reserve Board policies. He has published over 100 articles, white papers and financial industry economic forecasts. In addition, Mr. Brown is published with Dr. Donalee Brown in the Journal of Behavioral Finance.

Donalee Brown, Ph.D., is a licensed psychologist and full Professor Emerita of counseling and psychology at Fairleigh Dickinson University (FDU). Dr. Brown is former Director of the Clinical Mental Health Counseling master’s program at FDU. In addition to her research for this book, her current research interests include human trafficking and the mitigation of sexual harassment by the process of natural mentoring. Her clinical work has focused on forensic psychology, sexual trauma and incorporating Christian principles into psychology.

Her research and explanation of psychological phenomena prevalent among the millennial generation connects psychological biases such as overconfidence bias, self-control bias, delayed gratification, risk aversion, interpersonal trust, and anxiety related to traumatic events with millennial behavior. The understanding of these phenomenon informs the assessment of millennial behavioral characteristics, particularly as they impact financial decision making. Her insights and conclusions are based on empirically validated studies that provide an understanding of unique millennial behaviors and their financial decision-making repercussions.

It is the unique collaboration of these two authors, combining psychology and investment decision making, that supports the insights, conclusions, and suggestions in this book. It is their hope that you finish this book with increased awareness of the financial difficulties that you are positioned to face, a better understanding of why those difficulties exist, and a plan to redirect your path toward a better financial future.

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