A Millennial Investor (2 min read)

Written by Millionaire’s Digest Team Member: Colin Cox

Founder & Owner of: The Crazy Millennial

Millionaire’s Digest Team, Contributor, Books, Business, Education, Family & Life Food & Drink, Government & Politics, Lifestyle, Photography, Successful Living and Travel Writer 


Attention Millennials! Whether you know it or not, you can set yourself up for success starting today. See we millennials have the upper hand when it comes to saving and investing. I say this because we are not only masters of technology, but we also have time on our side. Time, being one of the core components of investing and saving, can be the difference between being able to retire and being able to retire a millionaire. That is why I want to get this message out to you ASAP.

The sooner you start investing, the more time money has to compound on itself. Many of us hear the term compound interest thrown around but we still seem to neglect its beauty. Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it,” and he could not be more right. Example:

Deposit $100.00 in savings account
Earn 10% interest on $100.00 at the end of the month
Balance the second month is $110.00
Earn 10% interest on $110.00 at the end of the month
Balance $121.00

If this was repeated for six months, the $100.00 deposit would have turned into $177.16 without any additional deposits. Imagine this after 40 years? Now you must know that finding a bank that provides 10% interest will not happen but the point of the example was not to show literal numbers but to show exponential growth from the time the initial deposit was made. This is so important because 40 years of compounding will benefit you a lot more than 10 years of compounding. It doesn’t take much either. Do some research to find some high interest savings accounts such as Discover bank and just start making small deposits. It does not take much. 10% of your check is the general rule but anything is better than nothing. The beauty is, we still have father time on our side. Someone who starts at 24 saving 1% of their income can still go further than someone at 54 who starts saving 20% of their income.

Not only do we have time, but we have our unique technological skills that no generation can match. The financial world is constantly adapting and evolving to ensure it is operating with the most up to date programs. Through this innovation, us common folk no longer have to get the short end of the stick when it comes to investing and saving. Back in the old days, a third-party such as a stock broker was required to make an investment into the stock market. Today, this can all be done online! I am not a financial advisor and because of that, I will not recommend stocks to purchase or investments to make, but what I will recommend is doing some research on your own towards taking the bold step into investing. This does not only mean stocks. Things such as peer-to-peer lending sites and even currency trading all can happen from the comfort of your own home. The convenience of technology now allows us to be our own wealth managers with research and data right at our fingertips.

As millennials, we can do this right. While it is never to late to start saving and investing, it will never be to early either. Take advantage of having time on your side and you will thank yourself in the long run.


Article Credits: Colin Cox

Millionaire’s Digest Team, Contributor

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