More and more Millenials are pushing bounderies and becoming Millionaires!
In the age of the internet, Instagram, facebook, Youtube and other social media platforms, all it takes is an idea, some marketing savvie and an audience to make it into the Millionaires club!
Sure, at times talk might be easier than reality but, for those Millenials that are already running their own shows, flying Private Jets and running facetime meetings with bosses from large conglomerates, how’re they investing their money, thereby ensuring their wealth’s not just a fly-by-night internet event?
Read on, the truth, it seems, may be just what you need to get your creative juices flowing and, just maybe, you too could be having sleepless nights about how to invest your loot!
For Starters, Millenials don’t just want to grow their money: Many Millennials want to achieve social and environmental goals through their investments. It’s called “impact investing” and it’s not just a buzz word.
Not sure what impact investing is? It’s about creating a footprint on what matters to you? Not only do you become a millionaire and disappear into the abyss, it means you’re forward thinking, helping communities, your friends, causes that matter to you, donating to what makes sense, not just for tax benefits, but because your actions will have a ripple effect that will be remembered in time and space.
Your life matters, just because you have money, doesn’t mean you should be partying till you drop, your parents taught you well, now it’s time you went out there and made a name (a real name) for yourself.
When people think and talk about you, it’s about your impact, your footprint, your voice.
When you have money, you have power, use it well, grasshopper!
“Impact investing is hitting the mainstream,” says Jackie VanderBrug, investment strategist at U.S. Trust, a division of Bank of America (BAC). “We’re hitting a tipping point.”
VanderBrug knows. She and her team at U.S. Trust recently surveyed 684 individuals with investable assets worth $3 million or more. Among the millionaires, dozens were Millennials between the ages of 18 and 35.
The overwhelming majority of Millennials surveyed — 93% — believe that a company’s social and environmental impact is key to their investing decisions. That’s up from 74% two years ago, according to the U.S. Trust study.
In some ways, it’s not new. Students have long protested at universities to end investments in coal or against governments like North Korea or Zimbabwe where there’re still Dictators running the show, Columbia University and the University of Southern California both dumped their investments in prison stocks after student protests.
But instead of divesting, new investors want to see companies make an impact in a positive way.
What’s even more interesting, is that this year, 51% of Baby Boomer investors believe impact investing is key to where they park their cash, up from 46%.
All age groups have increased their preference for impact investing over the past two years.
Former Vice President Al Gore is one impact investor. His investing firm, Generation, manages $12 billion.
“Sustainability values should be completely integrated in the investing process,” Gore said in November at the Dealbook Conference.
Despite the buzz, experts admit there are challenges. Here are the top ones:
Defining “impact investing” is a challenge. It includes a wide swath of subjects, from gender equality and renewable energy to affordable housing and environmental policies. So they don’t all appeal to the same people.
Despite this, if you’ve got an idea, one that could shape shift your community, your life, your country, seek the professional services from your community bank, or go-fund me, to take it to market.
What you might think as a simple idea, in the age of technology, could be just what is needed in this time and space to make an impact.
Don’t sit on your dreams, speak with your parents, patent them, seek means to have them heard, and believe that something good will come out of them.
You do not have to be a College Graduate to become successful. In this age where college scholarships can be a challenge to obtain, given the competition around, what stands you apart are your goals, your dreams, your vision,
Aim to be a business owner, not go to college only to end up being an employee, a pen pusher.. an invisible person, among many,
In closing, do not confuse Impact investing with philanthropy — many investors don’t want to blend the two, either for moral reasons or tax purposes (as discussed above, you can write off philanthropic donations when you file your taxes).
Impact investing on the other hand, is a labor of love, it’s your passion, you’re not seeking a tax break from impacting the community, rather, you’re seeking to see the light, your light.
In most cases, most impact investors end up being rewarded in more ways than they could’ve imagined, had they only pursued philanthropic means to spread their wealth.
You’re a Graduate of life, let this be your time to impact, your circle of influence!