Financial Education: Investing Through The Eyes Of Others
(Edited)
We all have biases. Throughout life, we are indoctrinated (mostly) with belief systems by those around us. This gives us a world view of how we judge things. However, this is just a viewpoint, one that might not be totally accurate.
In this video I discuss how this could be catastrophic when investing. Looking at things based upon our bias could cause us to misread things. A lot of what we were taught is passe. At the same time, we need to understand those who are occupying the markets. For example, over the next couple decades, the Millennials will be the only group that really matters in the U.S. They will have all the power and they think differently than the previous generations.
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BEER.I can definitely see how the older a person is, the harder it usually is for them to accept and understand a new technology. There are big individual differences, of course, but the pattern definitely seems there.
I can definitely see how the older a person is, the harder it usually is for them to accept and understand a new technology. There are big individual differences, of course, but the pattern definitely seems there.
Summary:
In this video, Task discusses the importance of understanding investing through the eyes of others, particularly focusing on the perspective of millennials. He highlights the high adoption rate of cryptocurrencies among millennial millionaires, contrasting it with the traditional investing strategies of older generations. Task predicts significant changes in the investment landscape due to the generational shift in wealth and decision-making power. He emphasizes the need for investors to adapt to the preferences and behaviors of the upcoming dominant demographic group.
Detailed Article:
Task begins the video by addressing the high attrition rate and penetration of cryptocurrency among millennial millionaires, highlighting how younger generations are more receptive to technological innovations like cryptocurrencies compared to older generations. He mentions that approximately half of millennial millionaires have investments in cryptocurrency, reflecting the changing investment preferences across different age groups.
One of the key points Task brings up is the shift from traditional investments like gold to cryptocurrencies, especially as millennials are projected to inherit a significant amount of wealth in the next two decades. He argues that technologies such as underwater drones and drilling will lead to increased gold production, potentially affecting the value of gold as an investment. Task suggests that the incoming generational wealth transfer towards millennials will have a substantial impact on investment markets, emphasizing the need to understand their perspectives and preferences when making investment decisions.
Task contrasts the varying perceptions of money across different generations, pointing out how older generations associated money with cash or checks, while millennials lean towards digital payment apps like Apple Pay and Square. He underscores the importance of adapting investment strategies to align with the preferences of the largest demographic group, which in the context of the U.S. is currently the millennials. The impending wealth transfer from retiring boomers to working-age millennials is identified as a crucial factor shaping the future investment landscape, signaling a potential shift away from traditional companies towards tech-savvy enterprises like Uber, Airbnb, and PayPal.
Moreover, Task cautions against applying outdated investment frameworks and biases when considering the preferences and behaviors of younger generations. He stresses the significance of recognizing the rising economic power and decision-making influence of millennials, suggesting that their choices and actions will play a pivotal role in shaping the investment landscape going forward. Task concludes by highlighting the need for investors, especially from older generations, to adapt to the evolving preferences and habits of millennials to stay relevant in the changing financial world.