“Millennial” is the name given to the generation born between 1981 and 1996. Millennials are so named because they were born near, or came of age during, the dawn of the 21st century—the new millennium. We have lined up key investments every millennial should make, they are:
i) Start a Business
ii) Invest in Real Estate
iii) Buy Cryptocurrency
iv) Be knowledgeable about FinTech
v) Focus on building Revenue
Start a Business
If you dream of living a better life, or you don’t want to be bossed around at work anymore, you should start your OWN business. As Millennials we have it all at our fingertips especially because we were all born into the technology era. Starting a business is more simplified now more than ever with the support of technology. You don’t need to have an office with big wooden desks and chairs and hire as many as 50 – 200 employees, that really shouldn’t be the case. It’s time to turn your passions into profit making schemes and bask in financial freedom. Start small, take baby steps, it could be a store, you could sell products online, it could also be a service like web design, app design, video editing, there are many other skill driven businesses to tap into. We are all, also in an era where you could make money off content creation.
To start a business as a millennial, you only need to know the key aspects of business and they are pretty much;
Capital & Expenses
Product or Service
Marketing & Advertising
Profit & Loss
Once you can wrap your head around the key aspects of running a business, start and run one effectively. You are on your way to financial freedom. If you have a great idea and some capital, you need to ask the big capital question, is my business a low or high capital intensive one ? Do i have twice the capital to keep the business going ? Can i take care of expenses and keep the business running? And then, majorly you need to get in front of customers or clients with good marketing and advertising. I would suggest the use Facebook Ads as the go to marketing option to run a millennial business as it gets in front of target audiences of your choice effectively. Once you can sort the first three key aspects: Capital & Expenses, Product or Service and Marketing & Advertising, out properly the rest is pretty much history, then you make SALES! and there you have it, you are in business. Make sure you keep the business running and grow as you gain experience.
It takes a special type of person to have the dedication, commitment, and drive to work for themself to make their dream a reality. In the beginning you’ll only have yourself to answer to and while you will put in all the hours under the sun to grow your idea into something tangible, this is completely different to working for someone else, you are investing in your future.
If this is exciting to you and the thought of not working the standard 9-5 is appealing and you know your idea has legs, then why not take the leap?
Invest In Real Estate
90% of millionaires become so through owning Real Estate. – Andrew Carnegie
Now you’ve got your business up and running, the next big step every millennial should be investing in real estate. Owning property would make you skip so many levels, it is the safest and most valuable way to make high returns as real estate always increases in value and poses very little risk. You can buy property and hold for a few years and reap profit. Don’t wait to buy land, buy land and wait. You can buy to sell later for 10x the amount you purchased, you can develop rental property, you can lease the property while it’s not in use and also make money. This investment would be the wise one nobody told you about.
There’s just something wrong with having a Land rover, A Land Cruiser and a Landlord *-Will smith*
Real Estate has many advantages over investing in stocks, bonds or mutual funds. Real estate offers predictable cash flow; it appreciates in value, thus keeping up with inflation; it provides a higher return because of positive leverage; and it offers equity growth.
While we can sell or build rental property in the long run. We should all be thinking of owning our own home. Paying rent forever just doesn’t sit right with me, think how much it would benefit you to skip rent forever and build a long lasting fortune. The best time to invest in real estate was yesterday. Work hard, grow the capital and purchase some land in areas with a great neighborhood and features and work on your dream, your vision for your future.
How many assets do you have left? Let me guess ? None ? Real estate is the asset we all need and need now! Invest in real estate and build your asset portfolio.
Millionaires all have one thing in common, foresight. The ability to predict what will happen 10 years from now, or better yet create it, is a skill we should all have, and with the world going digital on all our asses, it’s probably too late to tell you about Cryptocurrency, if you didn’t know already.
Cryptocurrency is a kind of digital electronic-only currency that is intended to act as a medium of exchange. It’s become popular in the last decade, with Bitcoin becoming the leading digital currency. Crypto has become a hot property in the last few years in particular, as dollars have flown into the asset, pushing up prices and drawing even more traders to the action.
Bitcoin is the most widely available cryptocurrency, and its price fluctuates a lot, attracting many traders. For example, from a price below $10,000 a coin at the start of 2020, Bitcoin soared to around $30,000 at the start of 2021. Then it doubled from there soon after.
This wouldn’t be the safest investment to make compared to real estate of course but it’s definitely worth a few bucks at a great entry point. Buy in LOW & Sell HIGH, and you’re good to go. It will be safe to buy in and hold crypto rather than day trade it, because day trading is a whole lot riskier if you don’t know much about trading in the financial markets. My advice would be to invest only what you can risk losing, learn from the untapped experience and grow. It’s worth a lot as well to be knowledgeable about crypto, so, say your come across a whole lot of capital, you know what to do with some of it right?
It would suck to sit in a bus 10 years from now and just sulk about not investing in crypto years back while everyone else is in a Lamborghini.
Be knowledgeable about FinTech
Stocks right? Big deal. Every billionaire raves about it we really should be spending more time on it. Read some books on Finance and grow your financial intelligence because they never taught us none of it in school. Stocks are where the big leagues play, and for every other financial asset like ETF’s, mutual funds, index funds we should be on the need to know? There are a lot of trading apps where we can buy stock and just invest in, which is why we should be more enthusiastic and knowledgeable about FinTech.
Financial technology means relying on innovations and updates in traditional financial and financial services, facilitating the management of corporate financial operations, managing money for people, using smartphones in banking services, telephone investment services and encrypted digital currencies to facilitate access to these services to customers at any time and in any a place.
Financial technology encompasses all areas where innovation comes in to facilitate business dealings, such as digital money, financial activities, such as remittances, check-in on the smartphone, request for credit from the bank’s branch, fundraising for start-up businesses and financial investment management.
FinTech? Do some research and learn about trading apps, digital wallets, cryptocurrency, stocks and all the financial intelligence you will be needing in your fortunate future.
Focus on Building Revenue
From here on out, i want you to think of one thing and one thing only, Revenue.
As a millennial, it’s time to muster up some courage and focus on what pays income. What brings in cash flow? Shift your focus to that and push aside what doesn’t profit you. It may be time to push aside that passion and move on to something new, more establishing for your future. Switch up your approach to life and fight for your income no matter what. You can’t keep at what doesn’t pay you anymore, keep at it for so long, everybody else might own a yacht while you’re still.. you know, at it. So grab your coins now and stack them up and focus on one thing, What Pays?
In summary, we have lined up the best investing tips for millennials and think you should note a thing or two. Millennials are all in phases where we need to focus on finance gymnastics. So, go out there and get rich! See you in your 60’s.