Where should young people put there money? The age old question that has existed since Dustin Hoffman got pitched by everyone at the party in “The Graduate”. But seriously, with so much opportunity out there to grow your assets, what should you do with your money.
The Motley Fool says that “Millennials are doing lots of good work with our savings. We’re saving earlier than our parents did. We’re saving more too. All that despite making around 20% less than our parents did at the same age.”
At the same time however, just because you are saving doesn’t mean your assets are growing.
According to a recent survey by Bankrate, young adults favor cash (30%) and real estate (30%) over stocks (13%) as their preferred investment vehicle.
Ok so what? Why does it matter? I’m still saving money you may say.
“Choosing stocks is worth an extra $1.4 million in savings compared to real estate, and over $1.5 million compared to cash.” The upside potential of the stock market offers investors far greater returns, and does not carry all the risk that it is always made out to have. Find out why here.
If that isn’t a missed opportunity I don’t know what is. The bottom line is if there is money to be made, millennials should seriously look at potential investments outside the norm.
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