Millennials in Debt: 13 Tips for Making Money
According to a survey by PricewaterhouseCoopers, Millennials are largely financially illiterate. This truth is further evidenced by their inability to save, make sound long-term financial decisions, but most damning, the level of debt many carry.
Coupled with the shortage of ‘traditional’ money making opportunities; as a Millennial, it is easy to lose hope and throw in the towel. However, that need not be the case as with the right guidance, there are many contemporary money making opportunities you can capitalize on. Here are 13 tips for making money.
Learn how to budget
If you are not a shrewd money steward, it does not matter how much you make – eventually, you will end up broke, or in debt. As a foundation for sustained prosperity, start with the basics and learn how to budget. Do not spend on things you can do without and save the extra income. As your savings bulge, you may find yourself with enough to invest or venture out.
Start a side hustle
It is highly likely that your job does not bring in enough income. And even if it does, chances are that you could still use the extra earnings. To this effect, brainstorm on a side hustle you can begin. It should be something with potential and reasonable margins that can easily fit into your schedule.
The time factor
Preferably, do not go for a side hustle in which your earnings will equate to the time investment. For example, if you are doctor, do not start a private practice based on your extra hours. This is so because you only have so much time which means that your earnings will have a glass ceiling.
Look for something to sell with a high probability of going viral, or a gig that can run independently past a certain point.
To earn more than you will ever need and leave behind enough for your children’s children, embrace entrepreneurship. There are more than enough role models to guide you through books, advice, videos, seminars and other channels. It is not an easy journey, but once successful, the fruits are more than worth it.
Take a leap of faith
Any money making venture you will ever get into will call for a leap of faith. The belief that things will work to your benefit, sometimes, despite glaring challenges and the chance that you may fail spectacularly. Given, this does not mean that you should divorce shrewdness and prudence.
Shift jobs or careers
Some jobs/careers just do not pay enough. If you are in such a job, and becoming a business owner or getting into entrepreneurship is off-putting; then, look for greener pastures. The IT industry is particularly booming both money-wise and opportunity-wise.
Get a raise
If you are sure you actualize more value at your workplace than your pay slip reflects, gather confidence and request a raise. Be careful and very tactful on how you go about it to avoid a strategic slip up that may serve a shoot-yourself-in-the-foot scenario.
Build custom goods
If you are the artistic type and you like creating things during your spare time, then, you already have the products and all you have to do is sell them to make money. Take advantage of social media, and commerce websites such as Etsy, OLX, Cargoh, eBid, etc. You can also sell other people’s items at commission.
If you love writing, start blogging on a topic you love. The blog may take some time to catch on, but once it does, it will earn you handsome sums and enhance your online presence. In the meantime, work on content mills where you can sell your content.
If you can convey information well and you have honed your expertise in a certain area, share your knowledge by becoming an instructor on credible websites such as Udemy.
Companies are always looking to test their products through surveys. If you have spare time, make a point of filling a few surveys daily. It is straightforward, hassle free, and you will earn a few extra dollars. No-risk matched betting is also another popular way of making quick money.
There are many paid reviewing opportunities online. The actual material to review ranges from music, photos, content, websites, designs, brands you have interacted with, etc. However, you will have to research to find credible sites with the kind of opportunity you are interested in.
Become a life coach
If you have substantial experience under your belt in a particular niche plus a reputation to back up your prowess, you can make extra by coaching others. Build a website, and advertise your services highlighting the value you offer. If you create a great proposition, you will certainly get clients.
Where there is a will, there is always a way. If you genuinely want to make more money, court that passion and do not give up even if you encounter failures. Eventually, you will get a lucky break as every other wealthy person has at some point.