Millennial investing is a subject close to the heart of many banks and financial advisors. This is especially true as many wealthy millennials in the United States now want to be in charge of how their money is invested. They appear to be unwilling to exactly follow the steps of early investors who had to rely on financial consultants and management. They’d rather pick their own equities or put their money into digital investments.
The most common and supposedly ideal methodology investors have been using before now has always been to seek out financial managers. Many of these people benefited from this since they invested based on the advice of these trained professionals serving as financial advisers.
However, Michael Martocci, a wealthy millennial, recently made headlines when he openly rebuffed invites from a Goldman Sachs Group Inc. financial consultant who was attempting to acquire him as a client.
So, where are these millennials putting their massive fortunes and why? Let’s find out in this post.
What are the Investments Making Young Rich Millennials Snub Financial Advisers?
There is a seemingly superior investment alternative that these wealthy millennials in America trust today. Michael Martocci, a 26-year-old business founder, has insisted that whatever he is clinging to is worth it by dismissing offers from financial gurus. But what could it possibly be?
According to a survey, the majority of millennial investors are now heavily investing in Cryptocurrencies, which are digital or virtual currencies that are safeguarded by cryptography. They are decentralized networks based on blockchain technology—a distributed ledger enforced by a distant network of computers—making counterfeiting or double-spending practically impossible.
The survey further shows that many of those young people put their stimulus checks into crypto assets like Bitcoin. Over 60% of young people in the United States believe that digital assets are long-term investments. And they’ve already embraced the new digital assets, putting a lot of money into Bitcoin in particular.
Bitcoin is generally seen as being easier to access and manage than the stock market by young people. They tend to have more liberty in acquiring, studying, storing, and managing Bitcoin and other cryptocurrencies. This is a major part of the reason why crypto has been steadily increasing in popularity and acceptance among millennials.
Many of these investors invest in real estate as well, but also prefer to do so through cryptocurrency. They use the payment alternatives accessible on the Crypto platforms to complete their investments in other assets.
And one of the reasons why these young millennials in America believe they can handle their assets is the ease with which these things may be accomplished. That is to say, they are likely to reject any financial advisors who do not promote crypto investments as a service.
It is one of the most significant characteristics of young people to seek freedom and independence by all means. And, this is fast becoming the case even in their investments. With this ever increasing desire to manage their investments themselves, financial management institutions may soon be out of business with the millennials