Millennials make up approximately 25% of the total population in the United States and they are now larger than the Baby Boomer generation.
This has welcomed a new trend—increased spending. The spending power of Millennials is estimated to reach a whopping $3.39 trillion by the end of 2018. A higher education level and more spending power haven’t yet translated into financial literacy.
As financial literacy is not taught in schools, most individuals grow up having no idea of investing and saving options. Most millennials will soon have to start making life decisions—whether it is to buy a home or start a family.
They need to find a way to overcome mounting student debt, skyrocketing rents, a saturated job market, and stagnant wages, while saving enough for retirement.
Sounds tough? Sure. But you need not worry. Here are six financial tips that will help millennials save a few bucks—all the while maintaining financial discipline.
VIDEO: 3 Things You MUST Know About Your Credit Score
We all know what a credit score is. Sort of. But what really goes into your credit score? In this video, Investopedia breaks it down. Here are the top 3 factors that affect your credit score — and what you can do about it.
INTERVIEW: Kevin O’Leary On How To Survive A Market Downturn
Market downturns are inevitable. Just as the boom drives home the big bucks, recession can plunge many into despair with low employment, weak wages and dwindling upbeat market sentiments.
In this video, Shark Tank host, Kevin O’Leary talks about how you can win during the market downturn.
How To Invest Your Way To Your First $1M (In 8 Steps)
While being a millionaire most certainly offers a sense of privilege and extravagance, it also provides comfort.
Despite the idea that many of life’s luxuries can cost you your bank (plus a large chunk of your future earnings), achieving comfortable wealth is possible—if you’ve got a solid investment plan you’ll follow religiously.
Here are eight investment strategies to work your way to your first million dollars.
1. Say No To Fees (Of Any Sort!)
Investing comes packed with hidden and some obvious fees – broker fees, distributor fees, exit and entry fees, maintenance fees, and a string of other service-based fees. If you can manage your own investments and money, you can save hundreds of thousands in fees over the lifetime of your investment.
2. Don’t Try To Time The Market
This can be one of the biggest blunders one can make—simply because it’s impossible, speculative and you’re gambling with your savings. While there are indicators that show market trends, this does not promise that your investment will most certainly move up or down.
#BQPortfolio | Don't try to time the market, Sunil Pandey learns as he plans his retirement.
— BloombergQuint (@BloombergQuint) July 10, 2018
3. Think Long Term And Diversify
If you put all your investments into one asset class, your investment will tank the minute the asset class goes into free fall. How do you beat this? Plan and diversify your investment – it could be debt, treasury bills, equity, real estate, startups, business ideas – anything, as long as you think long-term. This can pay off in the long run.
4. Think Like An Owner
When you buy your stocks or make your investments, think and act like it’s yours – you’ll be doubly careful to make the right checks and invest smart. When you invest in solid, robust companies with this in mind, the returns would also be equally strong. Good companies can pay you high dividends that can up your total income.
5. Invest In Yourself First
Be it education or investing for your retirement, put yourself first and then try to budget for the other frills in life.
6. Borrow If You Can, Don’t Buy
With a growing shared economy, you now have plenty to choose from – co-working spaces, ride-hailing and ride-sharing services, shared rentals and accommodation, and the list goes on. Here’s where you can really cut costs – be it while running your business or as a regular looking to channel the savings elsewhere.
7. Set Goals (And Stick To Them)
Make sure you start saving as early as possible and invest it – even a dollar can compound over time. As time goes, set bigger goals and get excited about them! Once bonuses and income increases come your way, bump up your investments – it can soon touch a quarter of a million.
8. Max Out Early
Your 401K can be one of your biggest retirement funds and maxing out your annual contribution by the end of June can be a great way to boost your retirement savings. How does this help? It gives your money an additional six months to compound.
5 Epic Money Posts From 5 Epic Instagram Channels
Here’s Why You Should Never Sit On Too Much Cash…
COVID-19 Investing: Easy Way to Make 4-6% Tax Free
EXCLUSIVE: This Entrepreneur Built A $7B Business Without Outside Funding. Here’s How He Did It
Real Estate Rockstars: 5 Millennial Realtors Who Are Crushing It In 2018
The No. 1 Strategy To Build A Rental Property Empire
Warning: count(): Parameter must be an array or an object that implements Countable in /homepages/28/d742565295/htdocs/clickandbuilds/WealthLab/wp-content/themes/zox-news-child/single.php on line 683