In order to create the perfect investment platform for millennials, we needed to first figure out why such a large portion of millennials forgo investing all together. We asked questions, read books and followed blogs, but we quickly realized the answers were right in front of us. Once we started to understand what worked in financial situations that grabbed our attention, and what we disliked about old-fashioned financial opportunities, we were able to start building Richie Invest. Below are four reasons Richie believes millennials don't invest and a little blurb about why we want to change the investment game once and for all.
1. Saving is less prominent in our generation
You probably saw/heard the Australian real estate guru, Tim Gurner nitpick millennial’s spending habits. In an interview with 60 Minutes Gurner said ““When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each.” We’re known to love and strive for instant gratification. We’re criticized for living “paycheck-to-paycheck” and putting less money in savings than preceding generations. At Richie, we know where to get a good avocado toast for less than $10. But we also believe in versatile goals and ideals of success. So, even if you’re spending $30 on smashed avos, we can work with you. And if avocado toast is something you’re passionate about, we consider all of those toasts “investing in yourself” and we can help with that too.
2. Wall Street has no idea how to talk to us.
If the Tim Gurner example doesn't solidify this point for you, visit a financial advisor. Yes, financial advisors are educated, professional people living in the same economy we do. But their goals may not align with ours and a few sheets of paper and a credit score may not do your financial situation justice. Life’s possibilities are never ending and we think your financial opportunities should be too.
3.The misconceptions regarding the world of finance are crazy.
Mass media and pop culture often depict the “investment scene” as complex, glamorous, scandalous and risky. But the truth is the “investing scene” isn’t a thing. Anyone with money can invest, and you can choose low-risk profiles if you’re low on money to spare. With that in mind, and Richie at your side (or in your pocket) investing can be hella lucrative.
4. Social media teaches us to be…well…social.
We’ve been doing things in groups for a long time. We win, lose, fight, conquer and everything in between in groups. Social elements of our society are constantly growing. So why don't we invest in groups? We were wondering the same thing. So now we can invest together, save together and reach #goals together at Richie Invest.
By Emily Oldenquist