How to become rich: Top investing tips for millennials and Genz to make money

Amidst the rising inflation and global uncertainties, investing has become the necessity of the hour. While Millennials and GenZs are experimental with their money against previous generations, it's very important that it is channeled in the right direction with a long-term goal in sight.

Investing Tips for Millennials and Genz

According to Satyajeet Kunjeer, founder and CEO of Deciml, getting a very clear understanding of the necessary expenses by maintaining a monthly budget is a good starting point for teens. A well-maintained budget will also help you religiously allocate funds toward their investments every month.

Starting early, even with small amounts, is essential in today's time to combat the effects of inflation, and consistent investing from a very young age will also help unlock the benefits of compounding returns in the long run he added.

Gen Z and Millennials are experiencing many transformations as the next phase. From payments and consumption, there is conscious interest in investment options.

“It is clear that this client base is exploring simpler, self-enabled, and tax-efficient investment avenues– a strategic approach to building wealth in the early stages,” said Sarvjeet Virk, co-founder, and MD, Finvasia.

Also, with their inherent attraction to technology, they are naturally drawn to innovative digital features that simplify their transactions and investments, while aligning with their financial objectives, Sarvjeet Virk added.

Empowering millennials and GenZ with smart money investing knowledge is critical to their financial success.

Rajesh Chit, CEO and Co-Founder of Sahibandhu, believes that investing in gold is not only a time-tested strategy, but also a timeless asset that transcends generations. Diversifying their investment portfolio with gold, in a world of uncertainty, provides a timeless store of value and acts as a hedge against inflation.

"By embracing gold as a strategic investment, people can safeguard their wealth, preserve purchasing power, and embark on a journey of long-term financial prosperity. It will be beneficial to head to GenZ while shopping for gold to choose 22-karat, preferably yellow gold, said Rajesh Shet.

“It is recommended that the younger generation divide their savings between investment options that provide short-term liquidity and investment opportunities that provide long-term returns,” said Prashant A Bhonsle, founder of Kuhoo.

He added that balance is very important when one plans their savings and investments.

Millennials and Genz are more aware and have much more options to invest compared to previous generations.

Disclaimer: The opinions and recommendations above are those of individual analysts and not of the Business2Business. We advise investors to check with certified experts before making any investment decision.

Also Read: Top 5 - Best shares to buy for long term in 2023