“It is interesting to note that the 200 richest people have more assets than the 2 billion poorest.” – David Korten

Usually, when millennials think about being rich, they want it immediately. A majority of the individuals around the world that read my blog (shout out to the U.S., Philippines, India, and China just to name a few) know that the best things come in due time with preparation and compounding. 

Besides us, there are millions of individuals who crave being rich (which they should crave being wealthy, not rich) but do not know how to start on that path the right way.

There are a few ways that I have learned myself at my young age through guidance and wisdom that will direct you to wealth. These 2 are assets that I believe every millennial should own if they want to truly be rich. 

Bullion (Gold & Silver)

Before we had paper and plastic bills, exchange of goods was facilitated by gold and silver, amongst other metals. Even to this day, there are plenty of low and high-profile business exchanges that include the transferring of gold and silver from one business to another. I recommend reading Money by Felix Martin if you are interested in learning about the history of money.

What does this have to do with you?

Well, as the entrepreneur that I know you are, you may want to do business in the future and with the increase in precious metals as the dollar continues to be devalued, you would be one of the few amongst those you know who can withstand anything the world economy brings. By keeping thousands of dollars worth of precious metals at your bank or in your home, you are preparing for what nearly everyone knows is coming, a complete decimation of the currency. 

I personally prefer silver, as it is fairly cheap today compared to what it was priced at per ounce in 2011. I advise anyone with a few hundred or thousands of dollars to buy as many 1oz silver bars as they can. Stick to 1oz as they will be easier to sell when the price you paid for each bar doubles or triples in the near future. 

Gold is great of course, but it is expensive in my eyes. Therefore, for people who are starting to consider buying gold, I would do so if you can buy 1oz bars. Anything less is pointless in my opinion. Save $10k and buy gold or buy silver and then eventually sell it for a profit and buy gold. 

Stocks

To most millennials, the stock market is as confusing as coding. There are so many ways to make money but various was to lose it all too. This is why you must study a style that works for you and get help from those who have done it before you. 

For millennials, I recommend from personal experience to have 60% of your portfolio in long-term dividend funds and 40% in calculated speculative stocks. I tend to have 90% of my portfolio in safe dividend stocks because I plan on getting paid monthly and quarterly from these strong and long-lasting companies when I decide to no longer work a regular job. 

I would also advise you to invest in companies that will allow you to use a DRIP (Direct Reinvestment Plan). This allows you to get dividends but take those dividends and immediately purchase more shares for you, depending on if your dividend amount equals the amount of the share price or more. One of the companies that I am heavily invested in is Corus Entertainment (TSX: CJR). This company’s portfolio of multimedia encompasses 45 specialty television services, 39 radio stations, 15 conventional television stations, a global content business, digital assets, live events, children’s book publishing, animation software, technology and media services. 

I grew up seeing their logo at the end of my favorite kid’s shows and years later, I own a part of that company. I stand by this company and I have no plan on ever selling my ownership; especially when they are paying me 15% annually (not including the current DRIP). 

Ultimately, there are various companies with a moat around them that deserve to be in your portfolio that can supplement for income in the near future. Speculative stocks are those which you would buy and sell in a short period in order to make profit day in and day out. This takes more practice and patience but it may be perfect for you. 

These two are just a few of the various that can lead you to wealth. Real Estate is a popular one as well, but without various partners or a trust fund, you may have a hard time purchasing land and property with barely any credit history. But! Anything is possible. Figure out how to get it done if you are passionate about it.

Until next time,

Live Long and Prosperous.

J.M.

Get a plethora of tips to wealth!

Value Investing Millennial Jahnome McEwan provides FIFTY tips for Young Adults looking to build wealth from now. If working a 9-5 until retirement twists your stomach, Jahnome has a way to get you out of it!

Click here if you are interested in learning how!

Advertisement