Yahoo Finance Video
75% of Gen Z want to launch their own business, according to new research from ZenBusiness. Neon Money Club CEO Luke Bailey joins Wealth! to break down his top tips for aspiring entrepreneurs. "I think the number one thing is getting capital right. And so if you're starting a business and you have a business plan and you can get a loan from a bank, that's traditional, go for it. If you're starting a bigger business, like a tech company or a startup, you're going to want to raise venture capital and that's going to be a bit harder," Bailey explains. He notes that on the venture capital front, it's more about investing in people rather than just a company. He also emphasizes the importance of relationship building, explaining the importance of being "genuine" when networking. Bailey touches on his entrepreneurial journey, telling Yahoo Finance, "I had been working in banking for about 20 years. So I worked for four of the biggies. I worked for Wells Fargo, I worked for Morgan Stanley, I worked for JPMorgan not once, but twice, and I worked for Citigroup. And so I have been waiting for someone to do financial wellness in a way that I wanted to see it, which was a more personal touch, you know, not the whole 'don't buy the cup of coffee' approach." All this led to him starting Neon Money Club, which is now the "exclusive home" of Cream Card through American Express. "I wanted people to understand you didn't have to be one way or look one way in order to achieve this dream of financial wellness." He points to Amex and Neon Money's Club's Cream Card as a great tool for finances: "Our members, they pay off their cards in full each month because we don't want them to carry debt. We don't want them to be charged interest." For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Melanie Riehl
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