Older generations often see millennials as lazy and entitled. Even those who come from this age group think of themselves that way. But this assumption is a bit far from the truth.

An article about millennials mentioned that this generation does not want to be chained to an 8-5 job. It does not necessarily mean that they are lazy. But one may see it as being passionate.

This generation is more educated than the older age groups. But they are tied down to the massive student debt. Most of them are in deep financial trouble.

If you are a millennial and have serious monetary problems, listen up! Here are a few tricks to secure a financially stable future.  

Invest in Real Estate

You may be skeptical about investing in real estate. The first obstacle to this might be the large capital outlay. Then there is also the debt.

Your doubts are well-founded. But you also have to think about the rewards. This investment is your first step to financial stability and freedom.

One of the reasons why real estate (especially land) is a good investment is that this particular asset does not depreciate. This characteristic is unique to land because other assets have a finite life. It would mean that you can bequeath such an asset to your children.

Real estate can be a good source of passive income. Considering that millennials are known to hate conventional desk jobs, having a steady source of income without having to work for it would be a God-send opportunity. But you have to make some improvements. Without them, your real estate investment will lay idle.

As was mentioned, your other objection to purchasing land or any other real estate is that you may have to borrow money. But with careful consideration, you can pay off your debt and still make enough money. When you go to a bank that offers home mortgage loans, you have to ask these questions:

• How does a home loan or a mortgage work?
• Am I qualified to get one?
• How much money should I save for the down payment?
• What is included in my monthly amortization?

These are some questions that you should raise while you are at the bank. Doing this will prevent unwanted surprises.

Getting Insured

We will never see what will happen in the future. This uncertainty should compel millennials to purchase insurance.

Insurance gives you protection from self-injury and property damage. Let us say that you are single so is there still a need to get one? Yes, there is.

An unmarried individual still needs to get a life insurance policy because the proceeds will help cover the funeral costs and whatever debt that the person left. It is even more important to get coverage if you have a family.  

You should not stop there. It is also prudent to check other insurance products.

You must consider disability insurance. When you buy this insurance product, you can be assured of continuous money flow even if you are no longer working because of a disability.

Purchasing Securities

In your quest to achieve financial freedom and stability, you must study securities. They are also called financial instruments.

When you invest in a company’s securities, they will give you a certificate. This certificate may be tangible or may be in electronic form. As the certificate bearer, you are entitled to get interest payment. This may come in the form of cash or stock issued by the same company or by other companies.

Before you make any purchase, you should understand the nature of financial instruments. They are not the same as negotiable instruments. A personal check is an example of the latter while a corporate stock is one of the several types of financial instrument.

A note receivable is considered a negotiable instrument. In the past, the payee can transfer their right to the payment to an assignee. But such a practice has been stopped.

On the other hand, you can transfer your stock ownership to your children. They can also bequeath it to their children. You can let someone else encash a cheque for you.  But once they present the check to a bank, they are no longer eligible for future payments.

The stock certificate represents ownership. For as long as the company will not buy back the said stock, you are entitled to get payment from the entity.

Millennials may be pressed with monetary problems. But this predicament came from their willingness to invest in themselves. That foresight should be rewarded.

Taking that risk gives you better employment opportunities. But do not settle to remain an employee for the rest of your life. Make that wise investment and you will reap financial rewards.