For some, being a 20-year-old means you get to slack, party, and grind a little.
Still, more and more millennials and Gen Z individuals are interested in investing in various industries to secure a stable future.
The question, however, is what business or industry to invest in.
Below are collated investment tips to help millennials and Gen Z members grow their finances and put their hard-earned money to good use.
1. Venture Into the Food Business
The past years have seen various small-time snack, coffee, or milk tea shops pop up, which could be explained by most young people’s love for food.
However, venturing into the food industry, no matter how in-vogue delicious food is, can be quite a risk owing to the countless competitors. To receive good profit from this industry, a young entrepreneur would have to rely on a couple of things – social media presence and their products’ uniqueness.
Depending on word of mouth alone, you can already do so much for your venture, but having a massive social media presence can provide you with a much wider reach and help you appeal to more possible customers. Tapping into this industry also means you’d have to enhance your creativity.
Aside from a collection of shops, the past year also spawned unique snacks, including rare drinks and pastries. Even though these snacks aren’t necessarily brand new, since social media came into play and combined with their inherent uniqueness, these foods have become flavors of their respective months.
2. Become a Shareholder
Setting your finances in motion and choosing to invest always has a risk. Circulating your savings can cost you peace of mind since questions about the possibility of your investments returning would most likely arise.
Aspiring to earn big time would always be coupled with taking huge risks. Fancy as it may sound, being a shareholder is one of the most high-risk investments one could make, but when the right stock is purchased and sold at the perfect time, your investments are sure to return in leaps and bounds.
Looking for the best online broker is the first step to becoming a shareholder. But despite being able to hire an esteemed broker, you would still need to do your fair share of work.
To determine the best company to invest in, researching the corporation from every angle is most important. For starters, creating a stock portfolio, investing using mutual and index funds, and buying multiple stocks can be cheaper and provides you with a reduced amount of legal work.
3. Explore Land Banking
Daunting as it may sound, acquiring land properties is one of the most lucrative investments one could have. It is a tangible asset that holds great potential for drawing in revenue.
Regardless of how the land might look – developed or undeveloped, vacant or occupied, it could still generate more money than the amount you shelled out to purchase it.
You may opt to leave it devoid of any structures, giving potential tenants the leeway to build and develop it, or you can also construct a building and lease your own real estate property.
Another option, though not one that could generate money, but an investment, nonetheless, is for you to build your future home on your purchased lot.
Young people nowadays choose stability and security above all else, and what investment could give anyone the most stability other than owning a land?
There are various ways to go about purchasing lots, you can look one through property websites, but it is always best to talk to a professional realtor for enhanced safety.
4. Upgrade Your Career
A slow but sure way to earn money, investing in your education could never go wrong. If your goal is to climb the corporate hierarchy of a company or advance your career, then acquiring your bachelor’s, master’s, and doctorate degrees would be your best weapon.
Unlike other common investments, the fruit of investing in your education can be enjoyed for a lifetime.
Likely the best investment you can give yourself, getting a higher education can give you a better social standing and lets you actively learn throughout the different stages of your life.
Additionally, going back to school also lets you learn skills and knowledge relevant to modern times, thus allowing you to acquire and be adept in your newly found set of abilities.
5. Invest in a Retirement Plan
You can never be too early in getting a retirement plan. For a stable and secure future, contributing little by little to a good plan won’t be able to hurt your current savings but could do you great service during your retirement years.
To kick start your plan, you can enlist the service of institutions offering such programs, or you can set your own income goals and start your own savings plan.
A good investment is a key to a secure and comfortable future, no matter the industry. Smartly handling your finances and letting them grow can help you achieve the life you aspire to have.