7 Ways for Millennials To Get Rich in 2023

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Are you a Millennial? If you are, then you might ponder over the thought of money. Usually, at this age, you dream of tossing money under the bed or the pillow or adding a large amount to your bank account. You don’t need to scratch your head often worrying about money problems.

That’s what I expected, my dear reader. And it is fine if you think that way. However, in reality, the picture says otherwise. Many of these ‘Gen Y’ people are suffering from poverty; low income; poor credit scores; debt, and whatnot. It feels rusty for your finances if it stays this way. You have to break this cycle and allow more money into your life. This post can give you a helping hand with that (in words, that is).

So, Who Is a Millennial Anyway?

You must not forget that a millennial is someone who was born between the years 1981 to 1996. Call yourself a millennial if you are the 80’s or a 90’s kid. As mentioned earlier, you can call yourself one of the Generation Y or Gen Y people too.

It is pretty much understandable already that a millennial is in the age group of 23 to 38. Now, look at something obvious here. Don’t you think these people have a huge chunk of their percentage as a victim of recession and low income?

Fact says that few young people (at least in this age range) can call themselves rich. We can change it. If you pay attention to your finances, and then to your profession/ businesses, and more on, then you can earn more, save more and be…well…rich.

How to Be Rich as a Millennial

This time has tough competition. Talent is outnumbered. Technology is knocking us out. We are, in fact, more confused.

However, if you are a millennial, grab that strength and energy from the time you have been born. At least we aren’t distracted by technology so rapidly these days, right? Sit down, calm yourself, and read these points that might save your finances to make you rich:

Just Start Aggressive Investing

You do not need to wander off investing in areas that you are unsure of. Aggressive investing does not mean putting on the superhero cape and then going full-on. Consider studying first. Learn about investment opportunities and then go for a deal. You can invest in stocks or any sort of high-risk investment. Take the help of an investment professional to get additional help.

The investment will involve risks. You know this. However, you can fix it easily with money. If, however, that money is not available at the time your investment screwed up, then take an unsecured loan in IrelandPrivate lenders can help you better with this loan despite having a poor credit score.

Why Don’t You Become a Realtor?

Becoming a real estate agent is a good way for a millennial to earn money part-time. Of course, you have a day job or a very busy business to attend to. However, a side profession such as working as a real estate agent can get you sudden yet handsome earnings.

  • Get a real estate education.
  • Achieve certification to work as a real estate agent.
  • Join the brokerage service.

Simply Start Freelancing

The common misconception among people about freelancing is it’s the same; old, boring and frustrating job as your day job aimed to absorb your life energy. It’s not even a part-time job.

Freelancers work in contracts. You find work; do it and get paid. There are no such strict and scary time limitations for a freelancer. You can work as a bank teller in your 9 to 5 job and then work as a freelance graphic designer. You can find offline freelancing work. Or you can register on websites such as Freelancer (it’s free) or Upwork, or Fiverr to get online work.

Start a Business

This is the perfect age to say ‘yes’ to your own business finally. Study the market. Find the best business niches. Learn if you can manage them. Manage the funding and start your brand. You may also create your business in an online-only way.

Speaking of funding a company of your own, you may require some financial aid. Not all individuals have the funds to commence a business almost immediately. In that regard, taking out a loan in Ireland can help.

Consider Passive Income by Renting out Rooms

Look! You have an asset. Let it work for you and earn passive income. For those of you who do not know what passive income is, it’s simply earning money without making direct efforts…in this case, renting your room out is a passive income scheme.

You have got short-term rental websites like Airbnb. Then you have also got VRBO. Clean and refurbish your room to rent it out with these sites. You will earn handsome money. Some people or others (students, tourists, young professionals) will always look for a room to stay on rent.

If You Know Something, Teach It (Not for Free, of course!)

Well, teaching is easy these days. You do not need a school to hire you always. Certifications cannot define your goals. There are many teaching platforms online. Design your course and name a price for it. Plus, you can get freelancing teaching with regular institutions too. You can teach:

  • Regular school subjects
  • Computer Science
  • Coding
  • Illustration and Graphic Design
  • Music
  • Writing
  • A Foreign Language
  • English language to foreigners
  • Business
  • Maths

Be a Consultant

Close to teaching, Consultation is more about explaining what you know to people to help them with clarity. Consultation is a good practice these days. If you are a consultant, and you work in your off-times, you can get quite a good deal of money.

To Conclude

Remember, being a millennial has nothing to do with low income or things of that sort. Nevertheless, this is that phase of your life when you have to think a little to increase savings. Even if you are not a millennial, start thinking now. We have got money to save and a life to live.

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