Tuesday, August 29th, 2017
What millennials do with their money seems to be of national interest, with debates about smashed avocado for brunch and what it means to their home-owning future occupying regular space in magazines and newspaper financial sections.
But the good news is that many millennials are making strategic plans for their financial future and figuring out there are ways to build wealth that aren’t always connected to a mortgage.
For many, launching a business is one way that many money experts say is a solid foundation for turning a small amount of savings into more substantial money.
In a shaky job market, entrepreneurship and owning a business can be the answer to future financial growth and stability.
When it comes to finance, applying for business-related loans to help build and give your business the equipment and resources you need to really boom can be a smart investment in your future – with the return on your investment being the establishment of a sustainable business that can set you up for a successful future.
A recent article in The Age newspaper profiled Changz Canteen owner, Josh Monteiro, who traded his life in a corporate management role for a telecommunications company for the risk of launching his own boutique burger business in Elsternwick.
“I don’t think there would have been much of an opportunity in that environment to be able to even put down a deposit,” Mr Monteiro said in the article. With Changz, though, he has created a business that is growing every week – and creating a saleable commodity he can leverage from in the future.
The reality is that, for many people facing a financial future without the benefit of gifts or inheritance, there are limited ways to build the wealth needed to buy a property – especially when being caught in the rental market can make it difficult to get the deposit needed to apply for a mortgage.
In those cases, starting with a business loan could be the next best thing – helping you nurture and grow an asset that can provide you with a solid financial return to eventually fund your next finance goals.
In the same article in The Age, Council of Small Business Australia chief Peter Strong said that “owning a business would arm young people with the financial skills to step more confidently into property investment”.
Before considering applying for any loan that is designed to build your business, the ingredient for sustainable success is to ensure you understand the workload and responsibilities business ownership entails – and that you have the endurance to be in it for the long haul and make your business really boom.
It’s an interesting alternative to building your future wealth in a proactive way that leaves a legacy that may just set you up for life.
If you have any questions about your finances, either personal or business, please do not hesitate to contact Loans Actually on (03) 8805-1850 or email email@example.com