FINANCIAL LOOKOUTS MILLENIALS SHOULD TAKE
As countries ride, their markets take on a course and collide. These market collisions whisper tales of hefty financial discourse as we journey through the age of Donald Trump. During the age of millennials, the new tax laws have made various changes to the standing point we had built over 30 years. While posing various unanswered questions, the new tax bill stands a threat for the cryptocurrency regime. The bill has affected these newer age markets like bitcoin tremendously forcing them downhill.
In the new, digital and reformed age that we live in, more and more millennials have found themselves taking a swim into the vast ocean of the stock market so as to earn money. Moreover as we all know that as the generations go by, things move much faster. Unlike the yester year’s civilians, the 19-20 year olds of today delve into the world of stock market for as small as extra lunch money. The effect on bitcoin among others has therefore taken a massive toll on people such as us. Why exactly did this happen? The simple reason is:
· The newly revised tax code:-
The changes in the new bill revises six rules, out of which is 1031 exchange or like-kind exchange. Changes to the rules concerning standard deduction, and loss carrybacks will affect people of all generations engaging in the crypto market. These dents made to suit the country have only begun to flush out hopes for newer lines of investment, especially for millenials.
HOW THINGS REALLY START TO GO DOWNHILL
There’s no sure way to exchange bitcoin for bitcoin stock and be deferred of taxes, making the younger investors prone to great risk. Also if someone were to for example, have a loss in his business, he could immediately carry back his losses by a couple of years. Due to the recent developments, that choice has been eliminated causing not just future but more importantly present investments to be prone to suddenly going through a black hole. Ways for millennials to get past this include:
· CHOOSING YOUR TYPE OF INVESTMENT
For us millennials, it is very easy to spend, harder to save and as a result impossible to invest. Therefore, the most important thing to do before anything else is decide what kind of investment is suitable for each person in our generation, and then we can figure out what kind of budgeting is required.
· SAVING REGULARLY ALWAYS HELPS
Saving is the golden method and it can lead you in little ways down the road towards a better future depending on how little those “little ways” actually are. How to know how much to save? It can’t be a fixed rate because 10% of $36,000 is very different from 10% of $68,000. Hence, you have to know your principle amount first. Focusing on the amount itself and less on a percentage helps in saving more, for a better future. For example: $10,000 for $36,000 and $28,000 for $68,000.