It started with home repair and decorating shows back in the early 2000s. Remember Trading Spaces? Two couples redecorated rooms in each other’s houses on a low budget (with a tad of professional help) and you, the viewer, got some helpful tips on how to re-decorate your own home. Now, the “do-it-yourself” trend has expanded to include everything from home decorating to fashion to online trading. In a quick glance at Pinterest, you can find instructions on how to make baby food, create your own fashionable cut-out jeans, change the oil in your car, or construct light fixtures from old tea cups. The possibilities seem endless.
We millennials get a reputation for being the “instant gratification” generation- we want things done right and we want them done now. However, the popularity of the do-it-yourself trend demonstrates that we are patient enough to make our own furniture and candles- or at least give it a try. Perhaps this is evidence that our money-conscious generation is willing to put in a little effort to save a buck or two.
There is a noticeable bend towards “do-it-yourself” when it comes to investing and saving. Here though, the issue is not only budget, but also control. A recent article on Yahoo Finance quoted Elliot Weissbluth, CEO of HighTower Advisors and a LinkedIn (LNKD) Influencer. Weissbluth noted that “Millennials are looking for the right people with whom to do business. Instead of dutifully accepting their parents’ choices, they’re consulting their “friends” first.” Millennials want as much control as possible, which is why self-directed, online trading is so appealing.
Why Start Online Trading?
The growth of online trading is at a pivotal point now – millennials and Gen-Xers believe that they will likely not be receiving social security. The pressure to start creating and fostering a nest egg is on. Despite this pressure, however, many millennials are struggling financially due to student debt and high costs of living in many urban areas. Still, carving out some money to invest has never been more important.
Self-directed online trading is a great alternative for new investors, recent college grads, and those who don’t have thousands of dollars to meet the costly minimums and fees that some investment advisors require. By cutting out a small percentage of salary to invest, millennials can slowly begin to combat their debt and save for retirement at a low cost. Since millennials are more tech savvy and more reliant of social media and online research, we don’t necessarily need a “hot shot” advisor telling us where to put our money- we can find the information we need online and make decisions on our own.
DriveWealth has jumped on board with the “do it yourself” trend by offering investors a “one stop shop.” On the DriveWealth app, you can learn, practice, and invest. Trade costs are just $2.99, with no platform fees and education is available for free. For the skeptics out there, DriveWealth also offers educational content from outside sources. Through do-it-yourself online trading with DriveWealth, we can take control in a way that is cost effective, self-directed, and fits into the mobile lifestyle many of us lead.
By Nicole Dugan
Invest with a purpose. You. Invest in your goals while getting help every step of the way -> http://idrivewealth.com