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Millennials are taking a far different approach to life and money than their parents and grandparents. Here are several types of investments young professionals are leaning towards to secure their financial futures.
While it is true that today's newest generation of graduates and professionals are more technologically inclined then their predecessors, some might argue that they aren't all that different to their parents in the 60s, 70s, 80s and 90s.
They were hippies, punk rockers and ravers. Now many of them are hard to distinguish from other parents and grandparents that have homes, careers and kids of their own, along with dreams of retiring to sunny destinations.
For now, many Millennials are going through their own phase of being more efficient and frugal. Others might just see it as their own time to reject conventional norms. A new Globe and Mail report dubs this the €˜NOwner' generation. They don't want to own things. They use Zipcars or Uber instead of buying their own vehicles, they even rent or trade their clothes via services like Rent the Runway. In fact, about the only thing they are really clinging to according to the report is their smartphones, which they are prepared to pay at a premium.
Millennials, Money and Investments
In many ways the above applies to money and investments too. This generation has seen the ugly abuses of huge banks in the US and they prize their freedom. Although being frugal and cost conscious isn't a bad thing, Millennials still need to begin investing today and build up a strong portfolio if they hope to continue to enjoy this freedom. The key is finding investment options that fit their lifestyles.
Fortunately new real estate investment options are offering just this fit. Through new managed partnership and pooled investment opportunities Millennials can invest in brick and mortar real estate in bite sized investments, that are efficiently and professionally managed, which can all be monitored via their mobile devices.