Millennials tend to be more non traditional than the older generations in all areas of their lives, including their investment strategies. They are more apt to invest with their conscience and in a cause they believe in more than what will provide the best return on their investment. Below are some tips for millennials from the President and Founder of Generation Capital Management, Scott Nasca, CFA.
Invest as early as possible. Millennials can benefit by investing in a 401(k) plan or a Roth IRA. Both of these will pay larger dividends as retirement comes closer.
Millennials have an increased risk tolerance. When you are younger you can take more risks without it ruining your retirement plan.
Carve out a little bit of money for what you believe in. It is okay to invest in something you support but it should not be the main focus in your investment portfolio.
Investment apps can be good for tracking performance and convenient to use but too much information can create a paralysis because it is overwhelming.
Millennials often have different work schedules, especially if they are young business owners, and priorities other than their financial investments. Our firm is prepared to be flexible with your schedule and discuss your portfolio on your time-- whether that is in person, over the phone or through email. Contact us here if you would like to discuss your financial plan with us.