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
Mark Cuban’s Top 5 Financial Wellness Tips
Before becoming a billionaire, Mark Cuban remembers the struggle in his 20s when it would be difficult to make ends meet....January 28, 2021
Shopping For New Windows? You Need to Have a Look at These Tips First
When redecorating your home, revamping the windows is one of the most crucial steps. A simple enhancement of the windows and...January 22, 2021
This Small Investment Will Set Your Career
In 2020, many people struggled with their careers. Millions globally even lost their jobs, and Singaporeans were no exception. Therefore, SAP...January 22, 2021
Tesla Enters S&P 500 Stocks – Here’s What You Need to Know!
Even though the U.S. economy entered a downturn recently, the securities exchange has been on fire. And one of its breakout...January 20, 2021
Is Valedictorian Enough to Succeed in Life?
In the modern world, especially in less developed countries, students are gauged and valued upon their school performance. This is ofttimes...January 19, 2021
Want to Invest But Have No Clue About The Market? Here’s What You Can Do
Everyone knows that investing in the stock market reaps big rewards. We’ve all come across rags to riches investment stories that...January 16, 2021
Writing a Kick-Ass Business Plan
When starting a business, the first and foremost thing you’d require is a business plan. A business plan acts as a...January 14, 2021
Tried and Tested Job Tips for 2021
Coronavirus has gobbled up every ounce of normalcy that was ever present in the world. Your Christmas dinner became a solemn...January 13, 2021
Here’s All You Need to Know About Job Hunting During The Pandemic
From patience to generosity, from looking out for each other to standing against racism, 2020 has taught us a lot. But...January 12, 2021