Raised in the dawn of the information age, millennials today are driving investment and growth. In an article on Fortune.com, millennials (along with the much younger members of Gen Z) are saving more and investing earlier. The reason for this is their flexibility towards new technology.

As new tools and platforms enter the world of investors, today's young adults have all the means to create a secure and stable source of wealth. In another article on Fortune, millennials in the United States have more than doubled their wealth at the start of the COVID-19 pandemic. This is due to their firm grasp of using online financial tools that help them make better investment decisions.

However, building wealth doesn't come easy. Even if they are using the latest software for managing their investment portfolios and monitoring their cash flow, millennials still need to be strategic in picking the most profitable areas. If you belong to this innovation-minded age group, here are the top investment options to check out.

Cryptocurrencies

Despite recent setbacks, the cryptocurrency industry is expected to grow. Last year, CNBC reported that the sector saw a massive increase in demand with digital currencies such as Bitcoin reaching more than $1 trillion in value. Despite an initial slowdown this year, digital currencies have been regaining ground as Ethereum and Solana saw a 3% increase.

No one knows for sure when cryptocurrencies will recover, but it shouldn't subdue millennial investors looking to diversify their portfolios. Apart from investing in the best gold IRA companies and multifamily housing, the older members of this generation are cashing into cryptocurrencies. With more than 83% of millennial millionaires owning cryptocurrency portfolios, you might as well dive in.

It's only a matter of diversifying your investments across multiple cryptocurrencies. With Bitcoin facing significant volatility, investors are setting their sights on alternative crypto platforms like Decentraland and Cardano. This, however, will still depend on current government policies for regulating this new wealth-building vehicle.

Millennials also have the option of opening a self-directed IRA account that offers access to digital assets. Whichever the case, it's vital that you understand where the cryptocurrency market is heading beyond this year and the next.

Virtual Real Estate

Apart from cryptocurrencies, millennials are also looking into digital real estate offerings. The popularity of metaverses such as Facebook's Meta platform and The Sandbox are now offering virtual real estate as more companies are looking to establish their presence in these metaverses. Brands such as Samsung, Ferrari, and Forever 21 are already selling their products and running marketing campaigns in digital spaces.

This new concept is growing in popularity. While prices have dropped in recent months following disruptions in the cryptocurrency markets, virtual real estate investments are still gaining ground. More than 12% of millennials are interested in or already buying up virtual land across different digital spaces. Drawn by how easy it is to build virtual portfolios, younger generations aren't far behind.

With the inherent risks that virtual real estate poses, it's important for newcomers to understand how investing in this new sector works and build networks that can serve as a source of valuable advice. In other words, you shouldn't let the "bandwagon effect" take over. Analyze the market and make informed decisions before jumping in.

Meme Stocks

If you are not familiar with this unorthodox investment option, a meme stock is any stock that gains value through online hype. Think about the memes you find on Facebook and Twitter. Now, think about the investment decisions people make on these memes. Users in popular online forums and platforms such as Reddit and Discord often encourage other users to rally behind a stock. 

Last year when Gamestop was on the verge of a decline due to dismal revenues, investors wanted to take advantage of the situation by short-selling the gaming retailer's stocks. Users that managed the subreddit /wallstreetbets saw through this scheme and wanted to punish the short-sellers by causing other Redditors to buy Gamestop stocks to trigger a short squeeze. Despite being driven by inexperienced investors, this short squeeze caused Gamestop to gain capital and prevent itself from going under. 

The experience was also a catalyst for meme stocks such as ShibaInu and established brands like AMC and Bed Bath and Beyond. However, traditional investors advise against meme stocks because of their risky nature. Meme stocks are fueled only by their viral potential instead of any underlying fundamentals, including a company's financial performance. They are highly unpredictable to the point that they can cause massive losses to individual investors.

There are a lot more options to consider, so take the time to weigh their pros and cons and get valuable advice from successful millennial investors and traders.