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Vivek Law: Grab That Cash & Make a Stash, Because YOLO

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Much has been written about millennials. A lot of writers and business analysts have been decoding their behavior. Many businesses are being built around them. With them, for them. Three months ago, we launched investonomix to address a key aspect: Money and millennials. With close to a 1 lakh views per month and thousands of queries coming in, I have drawn a few lessons.

The Context is Virtually Real
If I popped the question to you: Did you go to a bank when you were a kid? Chances are, your response would be: No.

It was a place where parents went, not the kids. But if you are a millennial and I asked the same question, chances are, the response would be: Bank? What Bank? My handset is my bank! Most people I know do not visit bank branches any more. They do all their transactions online. In other words, millennials are transacting real money on their own, so they’re far more familiar with their financial contexts than previous generations.

When Did you First Discuss Money?
If you are from my generation and I asked you: Did you study money in school? Chances are, your response would be: No.

Did you study it at all? Did you read about it? Again the response is a likely ‘No’. And once again, the same question to a millennial would be diametrically opposite. They’d probably say, ‘Yes, I read about money online. I watch shows and videos about personal finance and read stuff on it on my smartphone!’ Right?

Curiosity and Awareness
GenY is far more cued into money. They have better access to information and transactions. It is a generation that believes all investment must be goal-based. So when we ran a series on how young people achieved their goals of buying a bike, car or a holiday #WithoutMyDaddy’sMoney, they connected! Millennials ask: What’s in it for me?. Cut the jargon, just tell me how I get to where I want to be.

Financial Milestones
Again, setting goals was not something I saw too many in my generation really sit down to do. Investment decisions were more based on what we saw our friends and family do.

What are the challenges?
One is, lack of discipline.

I am talking purely from the money angle. Most young people that I have met or worked with, by and large, live in the moment and seek instant gratification. They are intelligent and have a strong sense of right and wrong. But they are also restless. They switch jobs more often than previous generations. Investing on the other hand, calls for immense discipline. It needs balance and stability and patience. It is almost boring, actually. There is no adrenaline rush there. It is about drawing out a plan that works for you and then going on turning your savings into investments for years. Speaking of living in the moment, there’s the other challenge.

To plan for the future. Or not?
We have all, at some point, dreamed of retiring at 40. Fact is, we are still at it. And that is because, we do not know how we will fund ourselves from age 40 to 80! So we put our heads down and keep working decade after decade, one year after another. Not because we want to, but we cannot afford not to! A recent survey by a global bank said nearly 50 per cent Indians have not invested in a retirement plan. My sense is, fat chance the balance 50 per cent has an adequate retirement plan either! And with most millennials more keen on working for the private sector and exploring entrepreneurship, the need to have an effective retirement plan for the years ahead is even more critical.

What I love about the millennials is their enormous hunger to be informed. They want to know about money. They realize the importance of money and aren’t ashamed to admit it. On our part, we at investonomix will continue to solve more and more issues with fun listicles, memes, infographics and of course, videos to make money a exciting from the start!

For after all, YOLO and as Pink Floyd puts it, we all want to ‘Grab that cash with both hands and make a stash’!

Disclaimer: The views and opinions expressed in this article are for informational purposes only. The authors and publishers are not responsible or liable in any manner for any actions you might take relying on the contents of this article.

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