Ryan Boykin’s article in Mentors Magazine, “How Millennials Can Achieve Financial Freedom Through Real Estate,” addresses some common misconceptions about millennials and real estate.
Contrary to the narrative promulgated by social that millennials don’t save, studies show that they are cash-savvy – and they’re saving more and buying less than previous generations. In fact, this group represents the bulk of adherents of the FIRE (Financial Independence, Retire Early) movement, wherein people try to save at least half their in-come to achieve financial freedom, and in some cases, early retirement.
According to Liz Thames, author of “Meet the Frugal-woods: Achieving Financial Independence Through Simple Living” and a prominent advocate of the FIRE movement, the concept hinges on three main elements:
The piece that might be missing from this picture is Investing. To build a solid financial foundation for all of your financial goals, such as retiring at a relatively young age, living comfortably, providing for yourself or your family and not being married to your job, you should understand that investing your savings is just as important as the action of saving.
One of the best ways to build steady wealth is to invest in real estate, and you don’t have to be inherently wealthy or hold an MBA to get started. Through conservative spending, smart investment and prudent saving, millennials can use real estate as a pathway to financial independence.