How Gary Joyal Approaches Managing Wealth for Young Millionaires

According to the recent findings by Time Magazine, approximately one in twenty Americans is now classified as a millionaire. When compared to historical data, this figure showcases an unprecedented growth in the population of high-net-worth individuals. Naturally, one can attribute a large portion of this change to the growing market power of millennials. After all, there are almost 75 million young adults that fall in this group and have no shortage of hunger for success. So how exactly are millennials accumulating their wealth nowadays?

Investing is rapidly changing and some of the older generations will soon find themselves unable to keep up. In fact, a large percent of the younger millionaires frequently rely on third-party providers that help them increase earnings. Consider, for instance, the plethora of financial management companies that facilitated the rise of the young, wealthy entrepreneurs in the Silicon Valley. One could say that they are singlehandedly helping increase the number of wealthy people in areas like Gilroy, per se.

What Do Millennials Invest In?

Unlike some of the older generations, millennials have extremely forward-thinking investment patterns. First, they are heavily involved with the developments in the field of technology. According to the CEO of Joyal Capital Management, Gary Joyal, tech-based opportunities are easily the most popular route for most young adults. When this is translated to the real-world examples, one witnesses the rise of companies like Uber, Lyft, Bird, Limebike, Washé and more.

Founded on the concept of mobile apps and remote access, all of the aforementioned brands leverage millennials' digital literacy. Moreover, the vast majority of younger investors are happy to be involved with futuristic projects. Take, for example, the previously mentioned Gilroy region. Ten years ago, this city showed no sign of modernization the likes of which have rampaged through it lately. Now, it is a home to everyone from Uber customers to fearless drivers of motorized, app-controlled scooters. Absent hefty investments, however, none of these changes would have occurred in the first place.

An Era of Rising Independence

When compared to some older generations, millennials are more inclined to chase their success alone. Although professionals like Gary Joyal are not seeing any shortage of work, young adults' confidence is surprisingly high. This seems to be a byproduct of their discipline and extreme passion. Thus, they are much more likely to handle in-depth research than some of the older generations that outsource such work to financial planners. Sadly, misrepresented confidence is also one of the biggest downfalls of millennials.

Digitalized Communication and Reporting

Two decades ago, Gary Joyal and his company would interact with clients through mailed correspondence or face-to-face meetings. Now, most wealth management companies and investors rely on online systems where sensitive data is safely shared. Think about the development of important software like Dropbox, encrypted e-mails, exchange platforms, and much more. Through these, investors are staying in touch with their financial advisors on an on-going basis and constantly remaining involved with the process.

Additionally, the development of communicational tools has broken the barriers that slowed down the progress of globalization. This is what happens when international borders are undermined through the development of tools that connect nations. In the United States, for instance, one can see an example of this trend almost every day. Think about a Florida-based investor, per se, that wants to find an expert for commercial real estate transactions. If they happen to run into a promising partner from Gilroy, hypothetically, their entire interaction could be organized effortlessly.

Constant Movement on the Risk Threshold Line

Older generations are typically used as a frame of reference for comparing risk. For instance, baby boomers and Generation X are seen as unwilling to accept extreme risk. This is because they are, on average, older individuals who are unwilling to lose their savings due to risky choices. With younger people, however, this risk is somewhat of a trade-off. Given their age, they have enough room to make a few mistakes and recoup them by the time they retire. Thus, it is not surprising that millennials are capable of making some high-profile investments even if the risk factor is much higher.

Long-Term What?

According to the recent findings by one of the biggest trading platforms in the world, E-Trade, long-term perspective for millennials is questionable. In fact, 59 percent of them have admitted to taking an early withdrawal from retirement or savings accounts. This type of behavior, as Gary Joyal notices, is also not surprising given how millennials want to reach wealth and stardom sooner rather than later. Thus, sacrificing the longevity of their high-net-worth status for rapid gains is quite typical.

Luckily, discipline mixed with millennials' awareness is leading them to ask for help. This is why most of them work with multiple financial advisors who help them achieve their financial goals. Although it is hard to predict their direction, this generation is undoubtedly going to do great things!