5 WORKING IDEAS FOR MILLENNIAL INVESTORS

As baby boomers slowly retire from work and investment, millennials are increasingly gaining ground in investing. With their economic power rising, millennials now want to invest more, but they’re different in how they are approaching it. Read along to find out what millennials are investing in and their investing strategies.

Today’s millennials have more economic power than previous generations, which is the driving force behind millennial investing. 

Data shows that millennials earn more, work more, save more, and invest earlier. Millennials are investing at a higher rate compared to other previous generations, and they also have lofty goals such as starting a business or retiring at 40, which affect their financial goals. For example, 31% of millennials began investing before 21 years old, compared to 14% of Gen X and only 9% of boomers.

Millennials invest in a distinct approach and preferences from their parents. In addition, they don’t want to associate with a business or company that is not serving society or the planet’s best interest. 

Millennial investing is rooted in technology with strategies that balance their obligations and financial responsibilities. The following are five investing ideas that are working or have worked for millennials:

1. Stocks

Although millennials are sometimes wary about investing, they never shy away from risks. A survey by asset manager BlackRock depicted that 45% of millennials are interested in investing in the stock market today. However, most millennials only invest in tech-oriented companies, respect the environment, and have higher respect for social responsibility. They just need to learn how modern stock trading works. For this, they can check out places like Don’t Work Another Day for the learning resources they need to get started. 

2. Technology

Millennials are exploiting various social media and high-tech tools that allow them to choose their preferred investment vehicles. They’re leveraging websites, social networking platforms,  and mobile apps to invest, from following stock analysis and investing in information to finding ideal financial planners. Technology is their key operation tool and informant. 

3. Creation

With the COVID-19 pandemic, and hybrid work models, millennials have found a way to balance their jobs and other sources of quick income. Most of the creative ideas and approaches that millennials use to get more income are:

• Online stock trading 
• Writing e-Books, or training courses and selling them online  
• App development, web design, programming
• Creating and selling music, art, designs, photography
• Freelance, affiliate marketing, and creating sponsored posts on social media and the web
  

4. Cryptocurrency

While people are still skeptical about cryptocurrencies, nearly half of millennials are comfortable owning cryptocurrencies. Millennials believe cryptocurrencies are the best form of investing and will overtake any other form of investment in the future. Now, 40% of stock investors aged 18 to 40 now own one or more forms of cryptocurrency. Companies are already lining up to adopt cryptocurrencies for payment, while countries are also adopting them as a legal tender. As many millennial investors become millionaires from the cryptocurrency economy, they’re more likely to keep it a central element of their investing in the future.

5. Precious objects (including NFTs)

Although few in number, millennials are now part-owners of precious objects such as fine art, collectibles, and precious metals. With the emergence of NFTs (non-fungible tokens) in 2021, more millennials (between ages 25 and 40) spent large amounts of money buying NFTs and bigger-ticket items, including spending over $1 million on art. More millennials (one in three) are more likely to be art collectors — including NFTs — either for income generation or for fun.

Generational wealth is changing, and it’s changing fast. Crypto investing is already creating a dilemma for wealth managers. NFTs are already disrupting physical collection. Content creation is now a key item in wealth creation. Where do you want to invest? Don’t be left behind.