Gen Z Can Retire as Millionaires, Says ‘Shark Tank’ Star Rashaun Williams—But Only If They Quit Doom Spending

The key? Stop “doom spending” and adopt a disciplined money mindset.“Doom spending is the silent killer of financial dreams,” Williams said in a recent interview. “It’s when you’re emotionally drained by bad news, inflation, or job stress—and you spend to feel better. But that retail therapy comes at the cost of long-term wealth.

”Williams, who has invested in over 150 companies and mentored hundreds of young entrepreneurs, believes that Gen Z has more tools and access than any generation before. Yet, many are falling into financial traps driven by instant gratification and social media pressures.

Here’s what Williams says Gen Z must do to build lasting wealth—and yes, retire as millionaires.

1. Automate Investing Early

Williams emphasizes one powerful strategy: start early and automate. “Compound interest is the closest thing to magic in finance,” he says. “If you start investing just $100 a month at age 20 in an index fund averaging 8% annual returns, you could have over $500,000 by 60. Double that amount, and you're a millionaire.”

Apps like Acorns, Robinhood, and Fidelity now allow users to automate micro-investments, making wealth-building almost effortless.

“You don’t need to be a stock market genius. You just need consistency.”

2. Own Assets, Not Liabilities

Williams urges Gen Z to shift focus from consumerism to ownership. “Instead of spending $300 on sneakers, invest in the stock of that sneaker company,” he explains. “Don’t just be a consumer—be an owner.”

He recommends building a portfolio that includes:

Stocks or index funds

Real estate (even REITs for small investors)

Side hustles or businesses with scalable potential

Williams also warns against lifestyle inflation: “Every time your income increases, don’t upgrade your life—upgrade your investments.”

3. Get Financially Literate (Like, Now)

According to Williams, financial literacy is the ultimate flex. “You can’t build wealth if you don’t understand how money works,” he says. “Spend time learning about taxes, credit, investing, and budgeting. The sooner you learn it, the fewer financial mistakes you’ll make.”

Resources like YouTube, podcasts, online courses, and finance-focused creators on TikTok offer Gen Z an edge—if they choose to use them wisely.

The Bottom Line

Despite all the financial challenges Gen Z faces, the opportunity to retire with a million-dollar portfolio is real—and accessible. But it requires discipline, long-term thinking, and a break from emotional spending patterns.

“Don’t let TikTok trends or a bad day at work dictate your spending,” Williams concludes. “Wealth isn’t about how much you make. It’s about how you manage what you make. Start now, and your future self will thank you.”