There are many generational differences that can be challenging to overcome or explain to others. There are things to learn from each generation, but if you are looking to escape your 9 to 5 job or want financial freedom, it might be good to look at the millennials’ ways of making money. Millennials might have become known for being social media obsessed, but they have also experienced new ways that helped them rethink their earning potential and build wealth.
Unlike boomers, their financial comfort is no longer defined by buying a house, forming a family, or staying in the same company from graduation until retirement. Instead, millennials know everything regarding crypto, from the Bitcoin price today to the best times to invest in digital currencies and use all this information to earn a passive income.
Here are some ways in which boomers, or any other age category, can make money like a millennial.
Think like an Entrepreneur
According to various surveys, approximately one in three citizens of the USA has a side hustle. So, a mindset shift can make you earn more potential financial benefits and reframe your perspective. Instead of working for someone, you can develop your own ideas and start a new business. For this to happen, you might need to consider what you are good at and who can benefit from your talent. For instance, a person with woodworking talent might never be comfortable working in an office but will thrive in an environment where they can show off their skills.
Outsource Your Expertise
Don’t want an office job? Don’t worry, as who needs one when the new digital age has given anyone the possibility to work anywhere, anytime. Because of online connectivity, the need for in-person work has reduced, and freelance or remote options have risen. According to a previous report, 65% of the employees who left an employer for freelance work earn more than they did previously.
There are plenty of freelance marketplaces where you can outsource your expertise and find opportunities that will help you achieve financial freedom.
Invest in Cryptocurrencies
Cryptocurrencies have become very popular in recent years as people have understood the benefits they could have if investing in digital assets. Crypto offers investors greater diversification from traditional investments and the possibility of higher returns. There are many benefits virtual coins bring, including independence, accessibility, lower fees, better transparency and so on.
Cryptocurrencies are decentralized assets, meaning they are not controlled by any third party, like a central bank or a government. Instead, only users have access to their digital coins. Also, virtual currencies are accessible to everyone, as you only need the internet and a device to access them. Cryptocurrencies are also transparent, as they are built on blockchain technology, meaning that the transactions can’t be deleted, manipulated or changed.
However, if you are interested in investing in cryptocurrencies, you need to know that digital assets are highly volatile, and you need to understand the crypto space very well before you decide to join it.
Keep in Mind Dividend Stocks
Investing in dividend stocks is one of the best ways to earn passive income. They are shares of businesses that distribute a part of their profits to shareholders in the form of dividends. The good news about dividend stocks is that you can earn a regular income with their help without needing to work for it actively.
If you are interested in dividend stocks, choose companies with a high dividend yield and a history of consistent dividend payments.
Create And Sell an Online Course
You can create and sell an online course if you have expertise and knowledge in a particular subject. Because of technological developments, various sites make it easy to create courses and market them to a global audience. For a successful online course, you need to choose a topic you are passionate about and know well. Then, you can break it into lessons and modules and use multimedia elements, like downloadable resources, quizzes and videos, to enhance the learning experience.
To increase the success of your course, you can even promote it through email marketing, social media content or partnering with the best-known influencers from your niches. This will ensure you improve the sales of your products.
Consider Creating a YouTube Channel
If you have a particular passion for a niche and the camera is your best friend, then you might want to create and monetize a YouTube channel. YouTube is a well-known platform that allows you to monetize your videos with the help of sponsorships, advertising and merchandise sales. To have a successful YouTube channel, you need to choose a niche you love, create high-quality videos, plan your content and optimize the search engine visibility.
Then, you can engage with your audience through social media platforms and comments and create appealing content to attract more subscribers and views. However, you need to be patient with your YouTube channel to get good results, as it might take a long time for your videos to get noticeable.
Develop Mobile Apps
If you have programming skills, then you might want to develop and sell mobile apps. As the demand for mobile apps has increased, this environment allows you to earn a passive income. If you want to create a successful mobile app, you can conduct market research to see what customers need and offer them exactly what they are looking for.
You can plan the design and functionality of the app and hire a developer if you have problems with the code. Then, you can market the app on social media, app stores and online communities to generate revenue and attract more users.
Last Considerations
There is no right way to make money, especially in an ever-changing industry and economy. However, you can embrace the latest profit-making concepts for a higher chance of success. Millennials need to get more credit for pioneering new out-of-box ideas to make money that have offered more opportunities to gain income in other ways than the traditional jobs.
