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For the uninitiated, millennials refer to those born between 1981 and 1997. As of 2021, therefore, these individuals are aged between 24 and 40. While the pre-pandemic era saw most individuals have more easy-going attitudes towards their savings, the onset of the pandemic has contributed to altering this perception. Moreover, as individuals grow older – and several millennials have crossed the 30-year-old age mark – the need to save and invest becomes more pronounced as expenses add up.

A characteristic trait that has defined millennials has been their fondness for spending money oftentimes in excess of what they can afford. The onset of the Coronavirus last year led to pay cuts and the loss of jobs which has reinforced the need for millennials to invest funds they have to spare. This article seeks to shed light on how they can partake in the same with ease.

#1. Consider day trading, playing the stock markets and looking at IPOs

The introduction of remote work allowed for several millennials to keep track of stock market developments. Today, even if these forms of work have reverted back to their prior formats, millennials can take advantage of easy-to-use mobile applications such as those offered by Angel One. These applications allow investors to day trade and accrue an additional income. Furthermore, SmartAPI by Angel One allows traders to set up their own trading platform using only a limited string of code.

Millennials can also take advantage of the up-and-coming IPOs that are now fairly straightforward and easy to invest in.

#2. Consider Cryptocurrencies

Owing to the fact that cryptocurrencies remain unregulated in India thus far, millennials currently serve as the biggest force that contributes to the popularity of these new-age coins in the country. Cryptocurrencies are, however, even more volatile than stock markets and must be approached with caution. Investors must only invest funds that they can afford to lose. Millennials however are more receptive to the idea of cryptocurrency as it brings with it new opportunities.

#3. Upskilling Gains Credence

The rapid pace with which technological advances are being made has meant that those with certain skills are able to demand a higher salary. As a millennial today there are a number of platforms via which it is possible to acquire the skills needed to demand a better pay grade.

#4. Automating Wealth Creation

By automating their investments or wealth creation patterns, millennials are able to acquire a new manner of making money.

At Angel One, it is possible for investors to automate their investments keeping in mind their considerations. Take for instance ARQ Prime which provides personalized recommendations to investors keeping in mind their investment requirements.

Wrapping Up

FinTech companies have recognized the fact that millennials are most at ease with digital offerings. Angel One is one such FinTech company that has made it possible for millennials to inculcate good investing habits. Digital experiences have allowed them to take charge of their finances at a relatively early stage in their lives.

Digital investment options have allowed millennials to adopt a DIY attitude to their investments. As millennials gain a greater understanding of the stock market, they have begun investing in the same with greater levels of rigour. There now exists a greater understanding of when and how to make use of credit. The fact that companies like Angel One offer digital advisory services allows for millennials to benefit from personalized recommendations, tips and suggestions such that they can better understand concepts. It also allows them to funnel a portion of their savings towards investments that are in sync with their risks and returns.

“This blog is exclusively for educational purposes and does not provide any advice/tips on Investment or recommend buying and selling any stock.”

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