As a millennial, you’re at an age right now where you should be earning a regular income. You may be in your first job, or you could’ve been working already for a few years. Regardless, now is the best time to start spending that money, and investing it in profitable ideas.
We’re very lucky in that we currently live in a world where new opportunities and ideas are around every other corner. But, at the same time, this means there are more chances to fail and lose your hard earned money too. So, here’s my essential investment advice for millennials.
Don’t Get Sucked In By The Bitcoin Hype
You’re probably very surprised to see me say something negative about Bitcoin. It’s the big thing right now, and everyone is keen to invest in it. I say; don’t. For one, it’s too expensive, and the price fluctuates like crazy. Two; no one really knows enough about Bitcoin to predict what will happen next. Three; there are alternative cryptocurrencies out there using blockchain technology similar to Bitcoin. What’s more, these cryptocurrencies are more practical investments as you can actually use them on different platforms. So, don’t go for Bitcoin, look for alternatives instead, because the crypto market is definitely where the future’s at.
Try And Invest In Something That Generates Passive Income
Passive income is great because you don’t really have to do much and yet money comes into your bank account. Finding investments that generate passive income is a very clever idea. The most common thing that comes to mind is investing in rental properties. You buy a house or an apartment, someone rents it, and you get money every month from them. We’re lucky enough to live in a world dominated by the internet, which has thrown up new opportunities for rental property investors. There are online platforms like Roofstock that list properties to buy with existing tenants already in them. As many of the Roofstock reviews point out, this is a big bonus as you can start earning right away. So, there’s no better time than the present to start this type of investment, given the great technology out there to assist you.
Diversity Is Key
No matter what you do, don’t put all your eggs in one basket. Yes, real estate and crypto are great but don’t only invest in one market. Invest in multiple different things, diversifying your assets. Own a few stocks, gain passive income from a property, puts some money into the crypto market, start an investment savings account, and so on. If you only invest in one thing, then what happens if things turn sour? You end up losing loads of money because it’s tied up in that one market. But, if your money is spread out elsewhere, then you could lose some due to one market crash, but gain more thanks to a boom in another market.
Everyone needs to start investing at some point in their life. As a millennial, you’re approaching that age right now where you should really get involved. Read my advice, and proceed with caution.