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Why are young investors drawn to cryptocurrencies and NFTs?

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(Disclaimer: All opinions expressed in this article belong solely to the writer)

In 2021, a study by MagnifyMoney revealed that 60 per cent of young investors (those below 40 years old) were turning to social media for investing advice. YouTube now seems to be the new CNBC, Reddit’s WallStreetBets and Bloomberg.

This is no surprise. After all, once you’ve read about Dogecoin making overnight millionaires, it’s tough to see the appeal of index funds.

I distinctly remember a Finance 101 lecture — the last one of the semester — where the professor’s golden advice was to invest in the S&P 500.

How much you need to invest in the S&P 500 per month to retire as a millionaire at age 65 / Image Credits: Fool.com

He explained how setting aside a small portion of your income could help you retire as a millionaire by the time you turned 65. A few of the students took notes, the rest battled with the revelation that they’d have to spend the next 40 or so years working.

As a 20-year-old — in a time of pandemic and the so-called ‘Great Resignation’ — a nine-to-five…

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