‘Experience over stuff’ is perhaps the millennial’s favourite line. This captures their mentality when it comes to money matters and life in general: spend hard-earned cash on trips instead of space-consuming collectibles; on Instagram-worthy places rather than expensive items such as jewellery, cars, and even properties.
Spaces Can Be Online
While the millennial thinks homes and commercial spaces are important possessions, the mantra prevails, and this shakes up the property market.
Commercial property investments don’t sound as attractive as they used to be. After all, why spend thousands or millions of dollars on property purchases when you can set up an online shop?
Still, the appeal of property investment isn’t all lost in the eyes of millennial investors.
Millennials Can Be Knowledgeable Investors
A new survey shows that millennials think themselves highly knowledgeable about investments, and are confident that they can make the most of the stock and real estate market. The Sydney Morning Herald discusses the survey’s findings, saying, ‘More young people think they’ve got investing pretty much figured out: about 42 per cent said they are “very knowledgeable about investments,” compared with 17 per cent of boomers.’
The percentage reflects a positive reaction to recent global economic changes, brought about by events such as Brexit. This also shows an interest in investment itself.
There Are Many Ways to Invest
If, before, property investment meant buying a home and living in it, too, now, there are a number of different scenarios. For millennial investors, this means finding income opportunities through investing in rental properties, whether residential or commercial. It’s not so much about ownership; it’s more about acquiring something and maximising its profitability.
Older millennials, those in their early to mid 30’s, didn’t grow up with the efficient technologies available today. Now that they have the chance to utilise the online space and everything that’s available in it, it’s that much easier to grow the investment by turning it into a business opportunity.
Millennials are confident about their investment skills, and they may be rightfully so. How they see the process reflects a dynamic and practical approach to investment, while combining experience and stuff.