According to a recent study, a majority of millennials said they are investing for retirement, but fewer than half contribute to a 401(k) plan. Joining us to talk millennials and money is Millennial Lifestyle Contributor Chelsea Krost. Contrary to popular belief, millennials are investing money for milestones such as buying a car, getting married, retirement, and purchasing a home.
Additionally, millennials are also putting money away for a shorter-term goals, such as going on an amazing vacation. While millennials are saving money, they don’t feel that they have the proper knowledge to save money the right way. This generation is excellent at doing things the right way – the digital age allows them to be fast and efficient. However, if they don’t invest the right way, they are missing out on the potential returns of the market. In order to invest wisely, people need to be knowledgeable about how to research properly and consequently, what to invest in.
Therefore, Chelsea recommends using stashinvest.com, which is a micro-investing app for your smartphone. You can begin investing for as little as $5. Unlike automatic robo-advisors, Stash allows you to invest your money the way you want to after being educated about different investment ideas. The service already has 500,000 users and continues to grow. Stash gives you a questionnaire that determines how risky you want your investments to be, and from that information it provides you with investment options.
