Millennials can invest huge amount of money today, but they often make some mistakes when it comes to investing.
What Malcolm said :
I recently sat down with International financial advisor and CEO of binary trading platform WMoption, Gordon Malcolm to find out what kind of mistakes entrepreneurs typically make when it comes to investing.
The thing that stuck out to me about Malcolm was that he gave sound advice similar to what Tony Robbins says in Money: Master the Game. I knew right then that he was a credible source.
According to Malcolm, millennials should care few things before making large investment. Those things are :
1) Think before to invest in traditional funds that you don’t have much experience in
You must invest in such traditional funds that you know very much about, otherwise it might be a bad decision. Although investment in real estate is a good option, but new entrepreneurs should always invest in their own business.
What Deep Patel and Malcolm said:
"For someone at the other end of the spectrum that is older and not currently working or earning, those people would make more conservative decisions", added Deep Patel," author of A Paperboy's Fable: The 11 Principles of Success. "If you are young and able to work, you can perhaps afford to be a little more aggressive."
Of course, there is a ton of traditional investment options that are good ideas, but avoid getting caught up in investing in things that you don't understand. "If you don't thoroughly under it, don't invest in it," said Malcolm.
2) Putting all your eggs in one basket – don’t invest all of your money in one fund
Even if you find such an investment fund that may return you large amount of money as profit, you should never invest all of your money in that fund. Because an unexpected change might happen in market in no time and you might have to bear huge loss.
What Malcolm said:
"No matter how lucrative something might appear, looks can be deceiving."
3) Take a professional help before investing your money
Numerous millennials think that they can do everything even if they don’t have much knowledge in that area. But this trick may not work when it comes to investing.
If you are not experienced, and want to invest in market, you must hire a professional who help you understand the comprehensive market. Otherwise it may lead to having a great loss of your money.
That’s why under all circumstances you must take a help of advisor who understands the complete market and acquires good knowledge of investment fund that you want to invest in.
Reference taken from here
With number 3, I think everyone should take care which 'professionals' you listen to. Almost all financial advisors have a product to sell you, or an incentive you make you invest a certain way.