Money Making Tips For Millennials
Some people from earlier generations may think that millennials dislike hard work. However, millennials would be quick to disagree to such an assumption. The times have inevitably changed, which is why millennials have different ways of doing things, including making money.
Here’s five tips to help you use your unique skills and talents as a millennial to make more money:
- Keep your financial goals in mind.
The reason why this is the first item on the list is it can be incredibly easy to spend money on unimportant things and forget why you work hard to earn that money in the first place. So, to keep yourself motivated, never lose sight of why you should work hard every single day, whether it’s to save up for your home or to pay off your student loans.
- Don’t be afraid to invest.
A lot of top investment tips for young people can be found online – and for good reason. You could have a financial edge in your adult life if you start learning how to invest at an early age.
To give you a general idea of what you can get yourself into, here are some of the most popular investment options for millennials that promise to be low- to medium-risk yet yield high returns:
- Dividend-paying stocks
- Municipal bonds
- Credit card rewards
- High-interest savings accounts
- Lending clubs
- Treasury inflation-protected securities
- Money market funds
- Equity mutual funds
- Online checking account
- Use your writing skills to your advantage.
Have you always had a talent for the written word? If you answered yes, then starting a blog is the perfect outlet for you to not only talk about your hobbies, interests, and passions, but to also connect with people from all over the world who share the same interests.
Starting a blog can be an easy process – that is, if you know what you’re doing. Essentially, it involves the following basic steps:
- Find your niche
- Identify and connect with your target audience
- Brainstorm on ideas for potential articles
- Learn how to write quality articles for a blog
- Develop a website
- Launch your blog
- Market your blog
- Regularly produce valuable content
At this point, you may be wondering, “What could all the trouble of starting a blog give me?” Well, the truth is that it’s just the first step. The money could start flowing in when you get yourself into affiliate marketing.
In a nutshell, affiliate marketing involves a business owner who is looking to hire publishers to market their products or services. Every time a visitor clicks on a client’s link on your blog, you get a commission.
Aside from affiliate marketing, you could also earn money through your writing by:
- Becoming a ghostwriter
- Publishing an e-book
- Working for an online publication
Now, don’t fret if right now you don’t really think of yourself as a writer. Just give it a shot; you’ll never know if you’re this generation’s Hemingway or Brontë if you don’t try.
- Put your other artistic skills to a more practical use
If writing isn’t one of your artistic strengths, then perhaps you have other talents that could help you bring home a little more bacon every month. You could use the following skills and talents for your corresponding money-making purposes:
- Visual artistry – graphic design
- Drawing – virtual illustrations
- Film – motion picture development and editing
- Vocal talents – voice-overs (audiobooks or podcasts)
- Humor – online comedy
- Photography – picture-selling for stock photos
- I.T. – website development
- Charisma and relatability – YouTube career
Whichever of those sound interesting to you, keep in mind that you can always improve your set of skills by taking online courses which are almost always free. Here’s another thing to keep in mind – whenever you take credit for a piece of work, always make sure that it’s 100% yours.
- Start your own business
It wouldn’t be a surprise if you know someone who has a start-up business of some sort. Millennials are known to be a daring bunch, especially in terms of entrepreneurship. If you think you have what it takes, why not join in on the fun and see if you could also start a business?
Just remember to remain smart about it and not put all your savings into a business idea unless you’re unreservedly confident that it will work.
Living with a fickle global economy and facing the uncertainty of employment are just two of the many challenges that millennials currently face. Hopefully, you can keep your goals in mind when you make decisions for your finances, such as investing, making money through your talents, and maybe even starting your own business.