The older generation typically describes us millennials in the… “kindest ways”: lazy, entitled, avocado-loving, latte-addicted, online shopaholics… and that’s only the abridged version.
Millennials might spend money on more frivolous things, but we’re actually way more useful than you think. Did you know that we’re inventors? Avocado toast and selfies didn’t just happen, you know!
Jokes aside, we do have this self-sufficient drive that indeed helps us make money to fund our so-called ridiculous lifestyle. Our interest in investing in ourselves makes us more financially literate than any generation before us. Whether it’s reading wealth mindset books, learning about cryptocurrencies, or even starting off our own NFTs, we’re always on the hunt for the next thing that will help us build wealth. I mean, the media is full of overnight success stories, where small investors get rich overnight! Most recently, an Indonesian student became a millionaire by selling five years’ worth of selfies as NFTs. Unbelievable, but true!
Since we’re a generation that likes to poke fun at ourselves and hop on the latest trends, let’s explore where a good chunk of our hard-earned money goes towards and explain why our spending habits are actually justified.
1) Food Delivery Apps
Talabat, Deliveroo, Zomato – you name it. It’s not even considered a Friday in the office if we haven’t all pulled out our phones at midday pondering what junk to order after our bellies start competitively growling in the office. And not to mention the irresistible temptation to order when there’s a discount code or enticing offer!
Now, there are different costs associated with this entire process, including the price of food, service fees, and delivery charges. And when you think about it from a monthly perspective, you realize: “Well, paint me green and call me a pickle! That’s a LOT of money accumulated over a month.”
Still, we go ahead and order that pizza anyway.
2) Cafe Culture
We can’t deny our addiction to not just any ol’ coffee, but overpriced coffee from a gourmet “instagrammable” cafe. If the coffee isn’t artisanal and post-worthy, I literally do not want it. You see, my day just doesn’t feel right without my AED 30 ($8) oat milk latte. And as silly as that might sound, I have no regrets. To put it simply, “good bean juice tastes like chocolate make me go fast”.
Oh, and if the coffee shop happens to sell a croissant filled with smashed avocado and smoked salmon? Then it’s game over for my wallet.
3) Self-care Crazy
For all those millennials who pamper themselves with only influencer-approved products, this one’s for you. Beauty and self-care standards are higher than ever, and our wallets fall for it every single time we come across a new TikTok trend! From eye creams that don’t make a difference, to the same eyeshadow palette, just remixed, our spending knows no bounds. Capitalism, you win again.
For some reason, people also get particularly vexed about candles. What they don’t know, however, is that candles are the epitome of everything self-care. After a cleaning spree, your home isn’t considered spotless until you light up that candle. Now, we know some of us spend a hefty amount on candles, but when they’re made of 100% soy wax infused with lavender, good luck energy, and the will to live, what are we supposed to do? Say no?
4) Subscriptions To Everything
Amazon Prime, check. Spotify and Anghami, double-check. In fact, Netflix wasn’t founded by Marc Randolph and Reed Hastings, it was founded by me. Gym? I’m actually president. Disney Plus, we’re waiting for you!
We subscribe to anything and everything. Since we’re a generation that binge watches for 10 hours straight, that subscription is our lifeline. Like, yes, Netflix, I am still watching! I have no life!
5) Experiences That Last
Millennials are the happiest generation for a reason. Minus the overindulgence in coffees and weekend brunches, we spend money on experiences that last. Whether it’s travel, a food festival, or a trip to the theme park, we’re constantly on the lookout for the next thrill or burst of happiness. You know what we do, just rave to the grave.
So, what’s the big idea?
While millennials get a bad rep for being careless and lazy, we’re quite financially savvy. So let’s set aside the blame game and acknowledge the fact that we do have pretty lofty wealth planning goals which justify our spending habits.
Are millennials really into investments?
Millennials in the UAE are earning more, saving more, and investing earlier and at a higher rate than previous generations. The pandemic was indeed a real wake-up call to many, proving that we can’t always rely on a single source of income because you never know what the future holds! This is why our generation actively invests in assets, like cryptocurrency and real estate more than ever. Real estate investing, particularly in the UAE, has proved to be the most popular investment option amongst millennials looking for a secondary source of income, thanks to its accessibility, steady rental income, and appreciation potential.
The preference for real estate also lies in the fact that it’s a more tangible investment, so if one were to buy property in Dubai, it provides more comfort than a more abstract asset, like stocks via mutual funds or ETFs. Perhaps this is due to the fact that millennials in the UAE tend to be more visually-minded and are drawn to more concrete investment options which they can quantify.
Another main reason why millennials in the UAE choose to invest in real estate is that it’s no longer required for them to have a large amount of capital. Now, online real estate investing platforms (REIPs), like SmartCrowd, offer a low entry point (AED 500) to real estate investing via crowdfunding. This also means that millennials in the UAE can now buy property in Dubai without dealing with the hassle of being a landlord.
It’s easily accessible and manageable at the touch of a button! What more would millennials want? Someone doing all the paperwork and property due diligence on your behalf? You can call us millennials lazy all you want, but we’re definitely smart.
I mean, it’s about time people start investing in real estate the smart way!
The Best of Both Worlds
Overall, millennials in the UAE are stereotyped a great deal, but you can’t fault us for understanding the value of our money! So why do we insist on spending money on things that make us happy? Well to put it simply, our mental and physical health is a priority and an essential expense.
With our ‘work hard, play hard’ mindset, we want the option to invest in multiple asset classes, earn passive monthly income, and ultimately live the lifestyle we desire. And what other way to do that than by investing in assets like real estate?
With the copious amount of information available online to understand the process of investing, as well as the technical integration within the real estate industry, millennials in the UAE are changing the future of real estate investing.
So, pay the naysayers no mind. When they tell you to “stop buying avocado toast if you want a home”, then simply respond with:
“Well, with SmartCrowd, I don’t have to worry about my expenses. My returns* can fund my boujee brunches and overpriced coffee for me!”
*Disclaimer: This blog is intended solely for educational purposes and shouldn’t be treated as financial advice. We suggest you always conduct thorough research, perform your own due diligence and consult with financial advisors to assess any real estate property against your own financial goals.