Key Points
Tarun Birani, Founder & CEO, TBNG Capital Advisors, says once the safety part is taken care of, you look at stability and financial freedom and this is again where this generation is looking at concepts of FIRE (financial independence and retire early)..
They have lived a life where 50% to 60% of their income is invested and investing into, let us say, 12% to 15% compounding assets, they are ensuring that in four to six years their money is doubling...
While the previous generation used to prioritise a lot on long-term material assets like homeownership, stable employment, as well as structural retirement plan; millennials are leaning towards fluid and value driven objectives..
Yes, that is a new thing.. Gen Z and millennials believe in having multiple sources of income, even though they are in one type of a job, the idea is to create a huger basket of income, have multiple avenues where they can make money which is why we see concept of moonlighting coming in or people doing different kind of gigs..
If you have invested for 10 years, a large sum of money after 10th or 11th year you can ensure that, equity which is a high growth asset, can take care of passive income also..
You might be interested in
4 key trends shaping the future of life insurance for the millennials and Gen Z
20, Mar, 24Insurance industry is adapting to meet the evolving needs of millennials and Gen Z. Insurers are focusing on personalized, tech-savvy, and transparent offerings.
10 Tips to Choose the Right Pension Plan for Your Retirement
28, May, 23Every person has a financial obligation to both themselves and their loved ones to plan for their retirement. When they surpass the amount of money in the bank, those who disregarded it would eventually regret it greatly.