Now, I don’t mean to come off as self-deprecating, but, as a millennial, I am genuinely interested in learning some investment advice from generations a bit more experienced than I.
The general consensus is that millennials are impatient, demanding instant gratification. We are skeptical of the stock market, while simultaneously overly optimistic about our ability to “strike it rich” someday in some whirlwind fashion.
These characteristics have a significant impact on the way we invest (or don’t invest). I wrote a blog a few months ago about millennial investing, but I wanted to delve deeper into the psyche of the group of individuals born between 1980-2000 and see what wisdom can be imparted from the seasoned investor (don’t worry; I’m not calling you old!).
When I think of investing in precious metals, I worry about market volatility. I’m not the most trusting of what I can’t predict, and the stock market and investing in commodities are tough reads for me at times. How do you, the experienced, weather the storm of uncertain market conditions? Do you have a concerns of your own? What would you say to someone like me who is skeptical of investing?
I have had an email address since I was 10. I basically grew up with the Internet, though it was dial up for many years. I am accustomed to the microwave life in many respects. If I want something (within reason), it typically can be readily obtained fairly quickly. When I think of investing in precious metals, however, the impatient millennial in me wants to see gains quickly. But, that isn’t the way it works in our industry.
How would you counsel me to stay in the market, knowing precious metals operate as a hedge and diversification method with the ability for gains when holding long? And, how would you explain the importance of investing in precious metals, knowing their value isn’t derived from the likelihood of a jackpot, lotto winning scenario?
Lastly, I’m curious what made you become an investor in precious metals. Obviously there was a catalyst which created in you the desire to turn your fiat currency to true money. What was it? Perhaps it will work for me! I’d love to hear your thoughts, this week!