Millennials are in a uniquely tricky situation financially. Compared to many previous generations, they are developing and coming to adult fruition in a world which is in the throes of much uncertainty and confusion. Because of the way in which socio-economic and political confusion affect the financial world, it is hardly surprising that right now is a very stressful time for people of this particular age range.
Of course, we each have to work with the hand that we are dealt, and it is not necessarily the case that just being a millennial means you are going to struggle forever to make ends meet. There are still smart moves you can make – including a number of smart investments.
If you thought that this would be all about turning your back on the old ways of investing, think again. Actually, plenty of those tried-and-tested methods for making more money are still going to hold true, and it is important to be fully aware of which of them are likely to sustain you and which you should set aside. There is absolutely no reason that a millennial cannot invest money in the stock market. With a sensible approach, investing in the stock market is going to be potentially very lucrative, and it is a simple enough thing to do. It’s definitely worth considering.
A much more modern way of investing, and something that many more millennials will probably be considering, is cryptocurrency. It’s highly unlikely that you don’t know at least a little something about cryptocurrency trading and investing, and the truth is that it is something that can be a very powerful means of investment. You need to have a strong ability to know what is going on at any one time in the crypto world, but as long as you can do that, there is no reason you won’t be able to make money here. See https://guiabitcoin.com/robot-bitcoin/bitcoin-loophole for an example of the kind of platform that might help you out.
Not all investments are these high-flying deals, of course. There is also much to be gained from simply putting your money aside in something that will increase its value over time. A good savings account could do that, but the interest rates that you generally get on a normal account are not as high as you might hope. With an IRA, however, you could soon be earning a lot of money from your money just sitting there. It’s definitely worth looking into this, as you can invest several thousand per year into an IRA under current laws, and that could even increase in the next few years. See https://moneycheck.com/investment-ideas-for-millennials/ for more on IRAs.
As you can see, there are plenty of opportunities for millennials to invest their money – and there are lots more than we have listed here. As long as you are sensible and you keep your options open, there is no reason to suppose that you won’t be able to turn your cash into even more.