What millennial millionaires are getting wrong about personal finance

Young, rich people are reportedly keeping a third of their wealth in cash – but it’s not a strategy peers with decades of potential compound interest should mimic

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By Suzanne McGee

It seems that young millionaires these days are being ultra-conservative with their investment portfolios.

Or at least that’s what the results of the latest survey of the world’s wealthiest inhabitants, by Capgemini Consulting, suggest. According to its findings, millennial millionaires keep about a third of their riches in cash, whether it’s stacks of hundred-dollar bills kept in a safe, money in a savings or checking account, or near-cash equivalents.

Why? Well, it seems that when you’re that wealthy, you want to be able to jump on new investment opportunities when they become available, such as the chance to buy shares in the next startup company before it becomes Facebook or Google.

Read the Full Article at www.theguardian.com >>>>

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