Houston expert on tips on overcoming financial uncertainty across different generations

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Houstonians in particular expressed more stress than other communities in terms of household finances and physical and mental health. Photo via Getty Images

Whether you’re a millennial or baby boomer, financial uncertainty is not limited by age, with new data from Northwestern Mutual’s 2023 Planning & Progress Study revealing that most Americans are losing sleep at night because of it. Houstonians in particular expressed more stress than other communities in terms of household finances and physical and mental health, according to a recent survey.

While the types of financial stressors might vary across generations and cities, the most important step to managing financial uncertainty is initiating a conversation with an adviser. Just like going to the doctor regularly, routine financial check-ups are incredibly important to catch financial headaches early on and stay ahead of long-term financial health.

As a Houston-based financial adviser, I help my clients overcome their unique generational financial uncertainties by equipping them with tips and resources to get them on the path to financial wellness.

Understanding where financial uncertainty comes from generationally

  • Gen Z: Studies have shown that even while Gen Z is the most confident that they’ll be prepared for retirement when the time comes, they still struggle with feelings of uncertainty on how to achieve their specific financial goals. In my experience, I have found that uncertainty among this age group often stems from a lack of financial literacy surrounding their finances. A recent financial literacy study revealed that Gen Z respondents averaged the lowest at 43 percent in answering finance-related questions correctly.
  • Millennials: Millennials equally suffer from feelings of anxiety about money, with 54 percent of millennial respondents in the P&P study indicating that financial anxiety causes them to feel depressed compared to just 20 percent of baby boomers. Millennials have lived through a pandemic, The Great Recession and slow economic growth, making their mental health and financial wellness a top priority.
  • Gen X: Even while financial uncertainty typically starts to recede later in life at this age, Gen X is facing a turning point as they get closer and closer to retirement. Studies have shown that most Americans believe they will need about $1.27 million to retire comfortably and yet, I see many individuals only recognizing the importance of retirement planning between the ages of 40 and 50. With Gen X holding about six times more debt than their parents did at that age, it’s important for this age group to consider some proactive debt and retirement strategies.
  • Baby boomers: This group has the lowest amount of financial uncertainty, but that doesn’t mean it is nonexistent. I hear a lot of baby boomers state that they wish they had started investing sooner or they wish they had conversations about their finances sooner. As such, this group is typically the most concerned about managing their existing assets and living comfortably for the rest of their lives.

Overcoming financial uncertainty

  • Increase financial literacy: Both millennials and Gen Z grew up in the digital age and expect their financial experiences to be reflective of that. For employers with Gen Z employees, working with a Northwestern Mutual financial adviser on resources to increase financial literacy can be a helpful first step. This could include on-demand webinars, digital toolkits and interactive online portals to access and view their finances.
  • Ensure every dollar has a job: Across all generations, it’s important to ensure no dollar is wasted. In other words, understanding how much of your income should be allocated toward expenses, retirement, savings, etc. is crucial. I typically recommend a budgeting rule that no more than half of an individual’s income goes toward expenses.
  • Initiate financial planning discussions early on: While it may seem daunting, results from the P&P study show that an average of 76 percent of individuals who work with a financial adviser have an overall boost to confidence. With Gen Z often heavily relying on family members for money management, it is important that family members from older generations encourage them to start saving or to consult with a financial adviser at a young age.
  • Take proactive steps toward your finances: No matter what age you are, there are always active steps you can be taking with your finances. Consider increasing the contribution amount to your 401(k) savings plan or working with a financial adviser to diversify your existing investments – or talk to your financial adviser about refinancing opportunities or debt strategies that tackle higher interest loans you may have.

Whether you’re in your 20s or your 50s, financial advisers are uniquely prepared to help you at any stage of your life – and overcome whatever uncertainties you may be facing.


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Chelsea Williams is a financial adviser at Northwestern Mutual. She's based in Houston and has clients across the country.

One in two Houstonians say they have a great business idea — and two-thirds have gotten the ball rolling on making their idea a reality. Getty Images

New data shows over half of Houston has an idea for a business

City of innovation

If you're sitting on a game-changing business idea, you're not alone. According to data from Northwestern Mutual, over half of Houstonians surveyed said they they've got something up their sleeves for a startup — and a third of that group said their idea has the capability to change the industry.

Of the respondents who said they had a business idea, almost 60 percent have already taken first steps to making their idea a reality. But for those yet to take a plunge, the factors holding these aspiring entrepreneurs back were primarily financial. More than 60 percent said not having enough finances were what's stopped them from taking the next step, while over a third indicated that they weren't sure what their next step would be. About 30 percent identified the fear of failure as what's held them back.

Similarly, when asked what the biggest hurdle in starting a company for their business idea, almost half of those surveyed said financial support, followed by "making money" with 17 percent. Of course, that's what Carrie Neumann, director of Multicultural Market Strategy at Northwestern Mutual, expected. Enter: Northwestern Mutual's financial advising services.

"A personalized, holistic plan sets business owners on track to achieve their goals, and it also puts protections — for the business, the owner and current or future employees — in place for the expected and unexpected," says Neumann in a release.

"For entrepreneurs, a trusted financial adviser is not only a great resource for the many questions that come up when starting a business, but an adviser can also help plan for the longterm."

Northwestern Mutual conducted a survey in partnership with OnePoll with a sample of 8,000 individuals in the United States. Houston was one of the 12 major metros included in the survey — and the lone Texas city. The other cities included in the survey were Chicago; Cincinnati; Denver; Miami; New York; Los Angeles; Omaha, Nebraska; Raleigh, North Carolina; Richmond, Virginia; San Francisco, and Washington D.C.

Houston skewed a tad more ambitious than the other metros surveyed. Across the sample, 41 percent of survey respondents said they have an idea for a business compared to Houston's 51.4 percent. Miami, New York City, and Los Angeles all had a higher percentage of respondents that said they had a great business idea. Los Angeles had over 60 percent of its surveyed participants respond affirmatively to that question.

The city of Houston has its advantages for entrepreneurs. A recent study shows that salaries stretch further in Houston, with the Bayou City ranking as No. 7 nationally. The study conducted by BusinessStudent.com factored in average pay of common jobs and the cost of living.

Every penny counts when you're starting a company. Getty Images

4 financial concerns to keep in mind when launching a startup

Must be the money

You have been working on a new creative technology idea for months, an idea that will solve a problem or make a current process even better. Your innovative idea is ready for the next step, and you, in turn, are prepared to begin your tech startup. Building a company can be stressful and exhausting, but also exhilarating and rewarding. As you begin your product launch, keep these financial tips in mind when starting out.

Consider your funding
Determine how much funding you can use from your personal accounts to jumpstart your business. By investing some of your own money into your company, you show good faith in your business plan and product. This method is appealing to investors because it shows you have a long-term commitment to the company. Next, determine how much you will need from other sources and what those other sources should be. Potential options of funding in addition to traditional bank loans are venture capitalists, angel investors, government grants, and support from business incubators.

Determine your budget
An essential step of starting up is concluding how much funding you need to get started. Establishing a realistic budget is crucial. It can make the difference between having a successful business or joining the 50 percent of small businesses that fail in the first four years. The hiring of employees, leasing office space or lab space, purchasing office equipment, paying for insurance (health and liability) and providing yourself a salary are all items that need to be included in your budget.

Unanticipated extra costs occur from time to time, so overestimate your expenses. Underestimating expenses can sink your startup. Ensure your business is solvent by preparing your budget for more. Additionally, keep in mind different types of expenses, and budget accordingly. For example, you may have one-time costs and on-going costs or fixed costs and variable costs.

Cash flow
According to a U.S. Bank Study, 82 percent of businesses that fail do so because of cash flow problems. Managing your cash flow is crucial to success. Without positive cash flow, you are not able to pay your employees, rent, or taxes. Having profits does not necessarily mean you have positive cash flow. Keep ongoing cash flow work sheets to ensure you have the cash you need to continue on a successful path.

Managing for life
As mentioned earlier, make sure you pay yourself something. It does not have to be a big salary in the beginning, but you need to eat. Additionally, you need to save for emergencies. An old rule of thumb states that an emergency fund should consist of three to six months' worth of expenses. As a result, an emergency fund can make the months where business is slow, or between projects, more sustainable.

Meanwhile, it is a good idea to separate your personal and business banking accounts. Doing so will allow you to stay more organized and help tracking and managing expenses easier. Additionally, separate accounts may be beneficial when paying taxes. Consult a tax professional for additional guidance on taxes. Finally, do not forget to save for your retirement. While it is important to focus on your new business, do not neglect to take care of your personal financial health.

With proper planning and continued financial monitoring, starting your own tech business can be done well and bring years of career satisfaction.

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Joseph Radzwill is senior vice president and a financial adviser with the wealth management division of Morgan Stanley in Houston.

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Innovative Houston-area hardtech startup closes $5M seed round

fresh funding

Conroe-based hardtech startup FluxWorks has closed a $5 million seed round.

The funding was led by Austin-based Scout Ventures, which invests in early-stage startups working to solve national security challenges.

Michigan Capital Network also contributed to the round from its MCN Venture Fund V. The fund is one of 18 selected by the Department of Defense and Small Business Administration to participate in the Small Business Investment Company Critical Technologies Initiative, which will invest $4 billion into over 1,700 portfolio companies.

FluxWorks reports that it will use the funding to drive the commercialization of its flagship Celestial Gear technology.

"At Scout, we invest in 'frontier tech' that is essential to national interest. FluxWorks is doing exactly that by solving critical hardware bottlenecks with its flagship Celestial Gear technology ... This is about more than just gears; it’s about strengthening our industrial infrastructure," Scout Ventures shared in a LinkedIn post.

Fluxworks specializes in making contactless magnetic gears for use in extreme conditions, which can enhance in-space manufacturing. Its contactless design leads to less wear, debris and maintenance. Its technology is particularly suited for space applications because it does not require lubricants, which can be difficult to control at harsh temperatures and in microgravity.

The company received a grant from the Texas Space Commission last year and was one of two startups to receive the Technology in Space Prize, funded by Boeing and the Center for the Advancement of Science in Space (CASIS), in 2024. It also landed $1.2 million through the National Science Foundation's SBIR Phase II grant this fall.

Fluxworks was founded in College Station by CEO Bryton Praslicka in 2021. Praslicka moved the company to Conroe 2024.

5 Houston scientists named winners of prestigious Hill Prizes 2026

prized research

Five Houston scientists were recognized for their "high-risk, high-reward ideas and innovations" by Lyda Hill Philanthropies and the Texas Academy of Medicine, Engineering, Science and Technology (TAMEST).

The 2026 Hill Prizes provide seed funding to top Texas researchers. This year's prizes were given out in seven categories, including biological sciences, engineering, medicine, physical sciences, public health and technology, and the new artificial intelligence award.

Each recipient’s institution or organization will receive $500,000 in direct funding from Dallas-based Lyda Hill Philanthropies. The organization has also committed to giving at least $1 million in discretionary research funding on an ad hoc basis for highly-ranked applicants who were not selected as recipients.

“It is with great pride that I congratulate this year’s Hill Prizes recipients. Their pioneering spirit and unwavering dedication to innovation are addressing some of the most pressing challenges of our time – from climate resilience and energy sustainability to medical breakthroughs and the future of artificial intelligence,” Lyda Hill, founder of Lyda Hill Philanthropies, said in a news release.

The 2026 Houston-area recipients include:

Biological Sciences: Susan M. Rosenberg, Baylor College of Medicine

Rosenberg and her team are developing ways to fight antibiotic resistance. The team will use the funding to screen a 14,000-compound drug library to identify additional candidates, study their mechanisms and test their ability to boost antibiotic effectiveness in animal models. The goal is to move toward clinical trials, beginning with veterans suffering from recurrent infections.

Medicine: Dr. Raghu Kalluri, The University of Texas MD Anderson Cancer Center

Kalluri is developing eye drops to treat age-related macular degeneration (AMD), the leading cause of vision loss globally. Kalluri will use the funding to accelerate studies and support testing for additional ocular conditions. He was also named to the National Academy of Inventors’ newest class of fellows last month.

Engineering: Naomi J. Halas, Rice University

Co-recipeints: Peter J. A. Nordlander and Hossein Robatjazi, Rice University

Halas and her team are working to advance light-driven technologies for sustainable ammonia synthesis. The team says it will use the funding to improve light-driven catalysts for converting nitrogen into ammonia, refine prototype reactors for practical deployment and partner with industry collaborators to advance larger-scale applications. Halas and Nordlander are co-founders of Syzygy Plasmonics, and Robatjazi serves as vice president of research for the company.

The other Texas-based recipients include:

  • Artificial Intelligence: Kristen Grauman, The University of Texas at Austin
  • Physical Sciences: Karen L. Wooley, Texas A&M University; Co-Recipient: Matthew Stone, Teysha Technologies
  • Public Health: Dr. Elizabeth C. Matsui, The University of Texas at Austin and Baylor College of Medicine
  • Technology: Kurt W. Swogger, Molecular Rebar Design LLC; Co-recipients: Clive Bosnyak, Molecular Rebar Design, and August Krupp, MR Rubber Business and Molecular Rebar Design LLC

Recipients will be recognized Feb. 2 during the TAMEST 2026 Annual Conference in San Antonio. They were determined by a committee of TAMEST members and endorsed by a committee of Texas Nobel and Breakthrough Prize Laureates and approved by the TAMEST Board of Directors.

“On behalf of TAMEST, we are honored to celebrate the 2026 Hill Prizes recipients. These outstanding innovators exemplify the excellence and ambition of Texas science and research,” Ganesh Thakur, TAMEST president and a distinguished professor at the University of Houston, added in the release. “Thanks to the visionary support of Lyda Hill Philanthropies, the Hill Prizes not only recognize transformative work but provide the resources to move bold ideas from the lab to life-changing solutions. We are proud to support their journeys and spotlight Texas as a global hub for scientific leadership.”

Investment bank opens new Houston office focused on energy sector

Investment bank Cohen & Co. Capital Markets has opened a Houston office to serve as the hub of its energy advisory business and has tapped investment banking veteran Rahul Jasuja as the office’s leader.

Jasuja joined Cohen & Co. Capital Markets, a subsidiary of financial services company Cohen & Co., as managing director, and head of energy and energy transition investment banking. Cohen’s capital markets arm closed $44 billion worth of deals last year.

Jasuja previously worked at energy-focused Houston investment bank Mast Capital Advisors, where he was managing director of investment banking. Before Mast Capital, Jasuja was director of energy investment banking in the Houston office of Wells Fargo Securities.

“Meeting rising [energy] demand will require disciplined capital allocation across traditional energy, sustainable fuels, and firm, dispatchable solutions such as nuclear and geothermal,” Jasuja said in a news release. “Houston remains the center of gravity where capital, operating expertise, and execution come together to make that transition investable.”

The Houston office will focus on four energy verticals:

  • Energy systems such as nuclear and geothermal
  • Energy supply chains
  • Energy-transition fuel and technology
  • Traditional energy
“We are making a committed investment in Houston because we believe the infrastructure powering AI, defense, and energy transition — from nuclear to rare-earth technology — represents the next secular cycle of value creation,” Jerry Serowik, head of Cohen & Co. Capital Markets, added in the release.

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This article originally appeared on EnergyCaptialHTX.com.

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