With all they’ve seen, they’ve got plenty of advice to shell out to their children, who are hoping to earn their own riches. But for some reason, those millennial kids just won’t listen.
Part of it is surely they haven’t enjoyed the same good luck their folks had. Millennials were born during a recession, entered the job market during a recession, and now are trying to start a family and buy a home during yet another potential recession. Oh, and throw in a global pandemic too.
Which means while their baby boomer parents made hay while the sun shone, millennials may need to figure out how to tend to their fields for themselves without many of the benefits their parents had. Fortunately, they have options for getting started right now.
Get invested
Baby boomers managed to invest in low housing prices, with real estate one of the best ways to create wealth. That’s no longer the case, with housing becoming unaffordable across the United States. But there are other ways that millennials can invest to boost their income.
Now of course I’m not suggesting you start trying to time the stock market, or try to pick the next “big thing.” Instead, looking into exchange-traded funds (ETF) that provides diverse exposure to global markets are a conservative place to invest. If they offer a dividend yield, even better. You can use that to reinvest in your portfolio as well.
And remember, it’s really not about timing the market, but time in the market. That’s where millennials certainly have an advantage over boomers.
Meet with your advisor
Just because you don’t have wealth doesn’t mean you can’t seek out financial help. It doesn’t cost anything to meet with your banker, and that’s exactly what they’re there for. A financial adviser can help you make the most of your income. They can see where you can afford to invest, and where you can afford to cut.
An adviser will also likely help guide you through [making a budget](. And once you have a budget that works for your household, stick to it. By doing so, this is one of the fastest ways to create wealth.
Pay off debt
If you want to be wealthy, stop paying lenders so much to borrow money. Interest rates are rising, inflation is rising, and your credit card and student loans aren’t going anywhere. So create a strategy to pay down your debt as soon as possible.
