In today’s world, people are always looking to make money and save money. However, in order to make money; you would have to spend money. Not many people are too keen to spend money. They would prefer to take the easy route however that route does not exist, unless you come from a rich family. That being said, our current generation has a reputation for spending money on unnecessary things such as expensive concerts, new tech gadgets, clothes that are way overpriced. This article focuses on making using of your money.

Old is gold?

During our parents’ generation, they wouldn’t spend over RM1,000 on shoes, however, it’s normal to spend that much money on shoes because of the ‘hype’ of the brand. RM1,000 for shoes seems ridiculous, even for a millennial like me, however it’s such a good market to be in. Buying shoes for retail price and reselling it for so much more. Yeezys normal go for retail price of $250 but they resell for $1,500. Don’t you find that so interesting?

That’s only for shoes; can you imagine how much clothing sells for? There is a plain white shirt with a Supreme red logo on it and you wouldn’t believe how much it sells for. It sells for RM900. Would you spend RM900 for a basic white shirt and a red logo in the middle for it? The scary part is that people are actually buying it. You’d never see a Gen Y or baby boomer spending RM900 on a basic white t shirt because they would much prefer to spend their money on other things like a nice holiday with their family.

The rise of technological prices 

I haven’t even gotten to the technological aspect of it. Every year, Apple comes out with a new phone and every year the iPhone gets even more expensive. The Xs starts at RM5,000 and ends at RM7,000! That is absolutely ridiculous and with that kind of money, you would be able to buy an above average laptop. Even with the price increase, Apple customers have created a brand loyalty like I’ve never seen before. Regardless of increasing the price, customers would still line up and buy their new phones.

Apple used to be the leader in the hand phone market, now with different competitors offering cheaper prices and better cameras; you would think Apple would get knocked off the throne. However, the main source of Apples cash inflow is the sales of their phones. Previous generations would not bother getting a new phone unless their current one is broken beyond repair. Even if they get a new phone, it would be something cheap. Take my parents for example, they needed a new phone so instead of spending a lot of money on a good quality product like Apple or Samsung. They decided to bring back the old school brand and go with a Nokia touch screen phone. The both of them got the same phone and the total price of 2 phones was not even equivalent to one iPhone.

How do I save money?

We’ve talked about what milennials spend their money on, now we are going to talk about how can they save their money. Renting out your products would help you earn additional income.. For example, if you spend RM4,000 on a DSLR camera aspiring to make photography a hobby or something you do on the side.

Rent out your DSLR camera and earn additional cash! By renting out your camera, it would give other people the opportunity to use your product and it gives you the freedom in a sense of when you’re using the product. Only rent it out whenever you know it’s just going to lay there and collect dust. Plus if you use a trusted platform, such as RentSmart Asia, all your products would be insured. That means that you don’t have to worry if something is going to happen to your product because it will be covered by us.

Conclusion

So instead of spending on unnecessary stuff, why not make full use of your money by investing. It’s better to suffer for a while now instead of when you’re old and frail. Look at it this way; if you save more, when you decide to splurge you would be able to splurge more compared to someone that constantly buys a lot of unnecessary stuff.