Investing for Millennials
Recently I have received a few tweets and emails asking me to talk about investing, specifically for millennials. One of those requests came from a reader/listener, Claire, who is a 23 year old recent college grad who wanted to know how to invest her money.
The Ponytail Martini
This is my go-to drink whenever I am going to drink for a few hours and I typically say “Vodka, Soda, splash of cranberry;” however, recently I was in a bar in New Orleans and the bartender said that he called this “The Ponytail.” It’s typically served in a highball glass, but if you are feeling fancy, you can serve it in a martini glass.
- 2 oz of Vodka
- 1 oz of Cranberry
- Club Soda
Shake vodka and cranberry over ice, pour into martini glass and top with cold club soda.
- We talk about your three buckets of money and which each one represents
- Shannon warns about having a “barbell” of investments where you only have cash/emergency savings and retirement savings
- Shannon shares her steps to determining how you should separate your buckets of money and then invest them
- Shannon explains asset allocation and why it’s important
- Shannon gives guidance on what asset allocation you should have for each bucket of money
- Shannon talks about a good process for getting into investing, especially if you never have before
- Shannon explains the differences between stocks and bonds and ETFs and mutual funds
- Claire promises to come back on the podcast in a few months to give the listeners an update
Random 3 Questions Claire Answered:
- What is the best advice you would give millennials who are interested in getting smarter with their money?
- If you could visit any location in the U.S., where would it be and why?
- What is a book you read that changed your life?