Millennials, also known as the Generation Y, are often defined as digitally-inclined individuals of the 21st century. Authors, Neil Howe and William Strauss, of the 1991 book entitled “Generation: The History of America’s Future” defined millennials as individuals born between 1982 and 2004 and significantly, have the biggest online presence out of most generation.
That being said, millennials are independent and often vulnerable when it comes to achieving a balanced life. They prefer a happier work environment more than the compensation itself. In fact, according to the 2013 Federal Reserve Survey of Consumer Finances, millennials have lower net worth than any other working-age generation. This goes to show that they prefer to have a balanced life than to be stressed with the inevitable circumstance in our society.
Conversely, millennials or even other generations can take advantage of other innovative ways to make money online. Here are the top 5 ways millennials do to ensure their finances are straight without compromising the quality of life.
1. Freelance or Online Jobs
Since they grew up in the digital world, millennials might as well take advantage of working online.
Their innate creativity and marketing skills are in-demand, especially by the social media industry. In fact, social media management is time-consuming, so other companies or small business owners outsource these kinds of jobs to focus on other income-generating activities.
Truthfully, there are hundreds of websites that offer online careers should they need either a part-time or full-time job. They can sign up at some online websites like Fiverr.com, Upwork, or Freelancer.ph.
In fact, Freelancer.ph alone, has 8,309, 724 projects launched to this date with close to 17 million registered users—who are happily working and earning online.
Moreover, there are customer service-related jobs that are available online now, too. Forbes.com has gathered the top 100 companies offering flexible jobs you can utilize from home.
Although, it is not guaranteed that you will have flexible time, millennials are enjoying the luxury of earning without the extra stress of commuting and driving. Most of them are creative entrepreneurs, so having an online job or being a freelancer is just one of the many ways millennials make money online.
2. Running an Online Store
Apparently, millennials are always updated with the latest marketing and fashion trends. According to the research statistics gathered by Pew Research, they have the highest number of followers and friends in Facebook. They also have an average of 250 friends, which is more than the Generation X’s 200.
Conclusively, setting up an online store is something you would certainly enjoy. Since one of the marketing trends for most companies is to have a mobile-friendly platform, setting up an online store may come in handy.
Selling creative ideas and distinct fashion sense to your friends and followers across social media is fun. This way, you’re not only enjoying but gaining more friends and money as well!
Also, putting up one is fairly easy nowadays, as there are free online platforms one could use or take advantage of. There’s no doubt that millennials will have this endeavor successful as they are well-diverse in the social media world.
3. Pawning Online
Millennials probably didn’t experience going to a traditional pawn shop to overcome short-term cash needs. They are lucky, though, as while it is still considered as an alternative option, another quick way to earn money online is to pawn or sell pre-loved valuable items.
Yes, you read it right. No need to travel and get stuck in the traffic because you can now make money online by pawning your valuable items such as watches, jewelry, luxury bags, shoes, and even your musical instruments!
Not only do you get a fair and high appraisal rate, but you also get the convenience of earning—right at your fingertips.
4. Selling Their Thoughts Through Blogging
Let’s face it: social media has become the new face of advertising and journalism. Most millennials are very vocal and open-minded when it comes to their values and principles. Thus, most of them get paid by selling their thoughts through blogging.
Pat Flynn, a Smart Passive Income Guru, so far has earned $3 million just by blogging and marketing himself online. The founder and author of the book, “Sell Your Thoughts,” Matt Church, has also found success just by sharing the importance of thought leadership globally.
5. Online Teaching
Aside from teaching English to non-speaking individuals, they also share their expertise by teaching an online course. If you have expertise in web development and creative writing, among others, you will earn more than just a regular day job.
Udemy or Skillshare are just a few of the skill-sharing platforms who are always on the lookout for creative millennials.
Demographically, 90% of the people own a smartphone and 85% of them are millennials. With that, making money online is seamless and convenient.
Are Millennials changing the face of convenience? Not really, they just value their principles and hate to be trapped with the boring 9-5 job.
In a nutshell, millennials are smart and know how to manipulate business trends. Although, they are not monetary-driven, millennials can quickly spot the easiest way to make money online.