Usually, it’s the older generation teaching the younger generation all of the knowledge and tricks of the trade when it comes to investing. Only now, times are changing and no matter what era you were born in, you can learn from those that came before you as well as the ones that came after.
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GOBankingRates heard from some millennial investors about five tips for success they want to pass along to every Gen X investor. No matter what generation you are, here is some advice to take into account for your next investment move.
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Be Patient
“Investing has taught me a few things that might be helpful to Gen X investors. First off: patience,” said Steven Kibbel, financial planner, entrepreneur and chief editorial advisor at Gold IRA Companies.
“It’s simple but easy to overlook,” Kibbel explained. “Markets will go up and down and while it’s tempting to react to every piece of news, real success often comes from sticking to your original plan. Trying to jump on every shift can chip away at your returns. Imagine investing as planting a tree. You water it, give it sunlight, but you don’t dig it up every time the weather changes.”
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“Let’s not be coy, millennials are the most active population on online platforms, which honestly makes it easier to get various financial services and use multiple tools as well against the aims of Gen X investors,” said Constantin Tonagel, financial advisor with MarketBulls.
“I would encourage them to utilize these emerging technologies, including algorithmic trading and investing apps, but purposefully and strategically,” Tonagel said.
“There’s an argument to be made of using technology in investment but always strategize it with adequate research and a focus on investment goals. Planning is key,” he added. “There’s a reason why tools such as these exist, they’re just as effective as the strategy behind deploying them with a view to leverage technology but never lose sight of objectives.”
Expose Yourself to Frictions Outside of Traditional Assets
“Yes, Gen X investors have been around for a while, but the younger generation does have some things up their sleeves that are not so easy to come by purposely or by our Gen X folks, which are assets like cryptocurrencies and fractional ownership of real estate for investments,” Tonagel said.
“If you’re Gen X and closer to retirement, you might not have the same time for high risks, but strategic diversification can still help you navigate through economic changes while allowing for some growth,” Kibbel added.
“Adopting a more expansive view, especially in today’s low interest rate environment, may turn out to be very beneficial to GenX investors,” Tonagel explained. “This doesn’t pertain to risk-taking behavior, instead the general focus is on alternate avenues for growth and security.”
Focus on Financial Stability Instead of Short-Term Profits
For millennial investors, one of the important defining traits is the interest in sustainable and longer-term development and financial growth, according to Tonagel.
“Accumulation of wealth can be understood in more general terms including passive income assets and mental or physical,” he explained. “Gen X investors may adopt this attitude when forming portfolios whereby cycles of growth and maintenance have equal weight with the strategic intent of achieving stable results rather than pursuing the current market fad.”
Invest in Your Education
“Don’t just invest blindly — know where your money is going and why,” Kibbel said. “Look into the companies or funds you’re choosing, understand what they do and how they make money.
“Ask questions and make sure your investments align with your goals,” he added. “When you take the time to understand what you own, you’re a lot less likely to be swayed by quick trends or others’ opinions. So if you’re Gen X, maybe give some thought to patience, diversification and understanding your investments deeply. That’s how you can carve your own path.”
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This article originally appeared on GOBankingRates.com: I’m a Millennial Investor: 5 Tips for Success I Want Every Gen X Investor To Know
