Before we dig any deeper, let's look at the definition of a Millennial:
Millennials, also known as Generation Y or the Net Generation, are the demographic cohort that directly follows Generation X. This applies to individuals who reached adulthood around the turn of the 21st century.
Now according to a recent study, Millennials are possibly the first generation to make less money than their parents. In the UK, the growing intergenerational divide shows that Millennials, those aged between 15 and 35, fared much worse than their parents in Generation X during their first years of employment. And a similar trend is said to follow throughout parts of Europe and the USA.
But does that mean today's youth are doomed? Of course not, because despite growing up a financially volatile world, us Millenials are young, fresh minded, innovative and tech savvy - meaning that with a bit of elbow grease and plenty of know-how, the sky is the limit.
So, how can a Millenial make some serious dough in today's world? Here's how...
- Get a roommate or move back home for a few years and save 15% of your current paycheck. This way you can focus your efforts on your career, idea or business venture while gaining the capital you need yo get started
- Take your savings and invest a small portion of it in stocks and shares - but do your research first
- Turn your idea into something big by following these steps
- Shut down all social distractions for at least two hours a day and get down to what really matters. You'll start progress with your venture, career or business idea in no time
- Try the Pockets of Time trick to optimise your schedule and maximise your productivity
- Bootstrap your start-up business and take advantage of the power of crowdfunding
- Ensure the work you do is portable and you can make money wherever you are in the world
- Use services like Uber, Lyft, and AirBnB to take advantage of the assets that you currently own. An excellent, and more than legitimate side earner while you're working your way to the top
- Work for a personal mentor and offer your services in exchange for experience, connections and knowledge
- Network, network, network and make sure you attend industry events
- Have a tough skin: you will get there but you need to stick with things through thick and thin