With today’s rising difficulties in earning an income through employment, an increasing number of people are looking for other sources of passive income, and millennials are no exception.
Millennials are known as savers than investors. They are saving more than what the earlier generations did at their age. However, just saving is not enough. Millennials should be able to carve out a roadmap for their financial goals with the right timeline in achieving them. And what a better way to achieve these goals than investing such as in stocks or condo in Manila and the likes.
We have listed some smart money tips for adventurousmillennials like you who are tipping their toes in the investing world.
Begin investing early, even if it’s small
The primary rule of investing is to be best friends with time. When it comes to investing, time plays a very important role. The foremost thing to look for is whether your returns are compounding.
Compounding allows your money to earn money for you over time through interest. The more time you give for investment, the larger your money would get.
Therefore, millennials should start investing as early as possible even if it’s a small amount. This will help you learn from the small mistakes that won’t ruin you financially forever, and also benefit from the long period of time over which you can compound your wealth.
Contrary to the belief that investing conservatively is the best way to increase wealth, it is advised by many people that young investors should be investing aggressively. This means that they should be exploring various types of investments.
Invest in what you know
Another rule of investing is to understand what an investment is truly worth. You should learn about what you are going to invest on and make calculated decisions to purchase based on sound logic around what you are paying.
This can be a steep learning curve for most people, especially first-time investors, but it’s worth doing. Do not blindly follow any recommendations, instead, research about the type of investment that you are eyeing and understand how your money will grow when you decide to put your money into it.
Allocate your assets
We often hear from investors that you should not put all your eggs in one basket. This means that you have to allocate your assets to different investment avenues depending on your risk appetite.
Save for your retirement
It is recommended by financial experts to start saving for your retirement the day you get your first paycheck. You have to think and start investing in long-term options which can give you higher returns over time.
Depending on your current lifestyle, calculate the retirement money that you will need and start making contributions accordingly.
Manage your debt
It is often said that the millennial generation is prone to living from paycheck to paycheck. You must learn how to limit the use of credit cards to avoid splurging money on expensive and unnecessary things.
Secure an emergency fund
This pandemic is the best experience that made us all realize the importance of having an emergency fund. You must be prepared for medical contingencies, job loss, and salary cuts. As experts say, you should save at least 6 months' worth of your expenses.
Have a second source of income
Do not depend entirely on your job. Find multiple sources of income which can be a side business or earning dividends on your investments.
At the end of the day, your goal for investing is to make money. And in order for you to do so, the most important thing to do is pick the right investments for you.
Therefore, it is always a good idea to start making the effort to learn and understand how to invest well when you still have a lot of time left.
Starting early is an efficient way of providing both an opportunity to learn through small mistakes and a chance to let time create wealth for you.
If you are planning on putting your money in a stable investment like real estate, you may want to consider investing in a Vista Residences condominium property.
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc., which offers ready for occupancy and pre-selling condominium projects in Manila and Quezon City that is strategically located within inner-city areas, in close proximity to premium universities and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Vista Residences has ready for occupancy condo in Manila such as Vista Taft, Vista Heights, Vista GL Taft, 878 Espana, and Crown Tower University Belt. It also has pre selling projects in the said area which include Vista Recto, Plumeria Heights, Tennyson Heights, Bradbury Heights, Sky Arts Manila, and Kizuna Heights.
Meanwhile, its ready for occupancy projects in Quezon City include Wil Tower, the Symphony Towers, Pine Crest, and Vista 309 Katipunan. It also has pre selling condo projects in the said city such as Hawthorne Heights and Vista Pointe.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
Vista Residences is part of Vista Land’s roster of vertical housing brands that cater to millennials and young professionals. The other vertical brands include Camella Manors, COHO, and Crown Asia.