Two Money Tips that Millennials Should Never Take from Their Baby Boomer Parents
Parents only want the best for their kids. However, not all of the advice they give would be helpful even if they only have good intentions in giving them.
Millennials are living in a vastly different time. Society has changed since your baby boomer parents were the same age as you are now, so many things that might have worked for them in the past probably won’t work for you.
Here are two money tips millennials shouldn’t take from baby boomers.
Invest in a House
One of the most common pieces of advice you’ll ever receive from baby boomers is buying a home. Unfortunately, following this isn’t really feasible for a lot of millennials.
While previous generations got massive returns for investing in real estate, millennials might enjoy the same perks. Putting down a 20% down payment for a house can be devastating to the age group’s net worth.
And to see substantial returns from investing in a home, millennials would have to hold onto their property for a long time, which might not be possible for those who plan on moving somewhere else in the coming years.
What’s more, another housing crash might decimate the value of their home. Not to mention, the costs of owning property is more than just the price you’d pay for them.
Keep Your Money in Savings
Another piece of advice you might hear from your parents is to keep your money in savings. While setting aside money for the future is a wise move, amassing cash in a place where it can’t grow much and won’t beat inflation.
Some financial experts recommend that you use your cash savings as investment capital to earn more money. Investing in high-growth companies is a good way to put your money to work in the short term.
One of the most promising stocks you might want to consider investing in today is Lightspeed (LSPD).
Investing for Millennials
Millennials are poised to benefit from stock investing these days thanks to the rise of platforms like Robinhood, Ellevest, and Acorns. What’s more, they are also lucky to have all of the information they need to make informed decisions right at their fingertips.
Thus, it’s no surprise that a BlackRock survey found that 45% of millennials said that they are more interested in investing in the stock market than they were a couple of years ago.
More in Pocket Change
These Are the Internship and Job Searching Mistakes You Need to Avoid
Sometimes an unintentional mistake can prevent you from finding a good job or internship opportunity. Here are some tips to help...November 21, 2020
Tips to Adhere to When Seeking a Job in Uncertain Times
Securing a job is everyone’s topmost priority. The monthly paychecks you receive from your regular job act as a gateway to...November 18, 2020
5 Habits to Avoid in Order to Achieve Career Success
Have you failed a few times in your career? Have you ever thought what the reason behind your failure was? Do...November 16, 2020
3 Tips for Your “Encore” Career After Retirement
For many retired people today, the key to a comfortable retired life is an oxymoron- it won’t be comfortable unless you...November 14, 2020
This Is What Zara & Mike Tindall’s Married Life Looks Like
Your favorite book, the best classic movie, and your iPod playlist may end one day, but the stories of the royal...November 13, 2020
5 Things Fathers Learned When They Gave Up Their Job for Full-Time Parenting During COVID-19
The Coronavirus pandemic has thrown a lot of challenges into every individual’s life. Even if one did not catch the deadly...November 6, 2020
Tips For Saving Money While Holiday Shopping
Get ready for the good times ‘coz the holiday season is right around the corner! The most joyous time of the...October 30, 2020
Want to Re-Enter the Professional Workforce? Expert’s Tips for Stay-At-Home Parents
Staying-at-home parents lose their confidence and feel less-competitive when they decide to restarted their halted careers. They feel they would not...October 30, 2020
Digitalization is the Only Way Small Businesses Can Survive and Thrive in the “New World”
There’s no denying that the world, as we know it, is undergoing a massive transformation. With the realities of coronavirus still...October 30, 2020