What Every Millennial Should Learn to Earn More Money
With 2020 starting off, we start to contemplate how much we've achieved of our futuristic expectations. In reality, humanity has evolved as a whole in the past 20 years alone, more than the combined progress of the previous 50 years. Hunting, agriculture, industry, engineering, and last, but not least, the internet. This is the chronological order of advancements within our collective history. While every one of these innovations leads to the irreversible growth of humanity, the internet is the most radical one. The world is becoming increasingly digitized and based on virtual presence, that the rate of progress we are on right now is exponential.
That being said, the generation born after the internet's inception are relatively less financially adept than their parents. Millennials make almost 20% less than people one or two generations before them, at the same life phase, despite being much more knowledgeable. It might be true that the internet has proven to provide a myriad of benefits for its user, like the always ready and accessible platforms for communication, connection, and collaboration. However, those same advantages are also the reason for the relatively harder life millennials lead. We are paid less and have bigger expenses than our parents, which is why it is such an impossibility to save up money. So, what are the things that millennials can do to overcome this cycle of barely surviving, monthly?
Any millennial would tell you that the 9-5 life won't cut it. In most jobs, the compensation you get doesn't put into account the expenses you have to pay in order for you to get to work in the first place. These expenses include the commute, the food and drink you consume throughout your workday, and any psychological toll the job might have on you. All things considered; you'll find that you are barely making enough money to spare you a couple of enjoyable non-work related expenses. This is why it is imperative for any millennial to have semi-passive to passive sources of income. Passive income differs from money made from 9-5 jobs in the sense that as an employee, you have to give in, at least 9 hours of your day, 5 days a week till you are no longer capable of doing that.
Passive income, on the other hand, gives you the opportunity to make money by utilizing resources that require minimal effort to both initially run and continue running effortlessly. There are many approaches on how to build passive income, but they all generally follow the same guidelines. Nonetheless, it's important that you understand how to build your own passive income, even if you aren't a passive person! So, what are some of these techniques?
The most important method for generating passive income is to start a blog. Blogs can generate a tremendous amount of income, but not quickly. If you plan to start a blog, understand that it's going to take a vast amount of work and time to succeed. Independent of your focus, so long as you have a clear understanding of the subject and things like website SEO, social media advertising, and being able to write unique alluring content, then you will start to make money from a blog. Once your blog has a steady flow of visitors, advertisers would start to run ads on your website and dedicated followers can even start to pay monthly subscriptions.
Real Estate Investment
This is probably the oldest form of passive income there is. Clearly, property is a great source of automatic income generated, however, it also requires a significant initial investment. Investors and owners decided to rent out their houses, condos, and co-working spaces to produce significant monthly income. You may definitely choose to buy some real estate if you have liquid cash available. You may get the property to rent it for a long term or use websites like Airbnb or VRBO to rent it out during the holiday season. If you give it just a couple of minutes to ponder about this option, you will definitely come to the conclusion that real-estate investment is one of the most secure options to invest in, which will generate a respectable amount of passive revenue.
Your monthly or weekly salary is a tool that typically requires your ongoing dedication in the form of a 5-9 job. To be frank, depending solely on your salary as a source of income might be problematic. Even if you enjoy the role, you will remain in this never-ending roundabout of never improving financially unless you start to invest in passive forms of income, to give you the edge needed to step up your life.