For a few months now, we’ve seen a resurgence of generational conflict arising from a series of articles written in defense of one generation or in celebration of another. These pieces indicate that baby boomers have lied to millennials, millennials are lazy, all generations are destined for failure. There’s amusing, certainly and perhaps thought provoking—but none of them are right.
The truth of the matter is that the millennial generation is faced with a different set of problems—a generation told that college was the only option for a financial future has left them with mountains of student loan debt and a job that will barely cover the cost of rent. They’re a generation that is well spoken and well educated, but not well employed.
But they’re getting there. In fact, roughly 60% have no desire to climb a corporate ladder in search of the American Dream. As many as 71% have plans to quit existing jobs and work for themselves. The “you can do anything” mentality that has been criticized by older generations is resulting in young people who are willing to take a chance and invest on themselves.
If this sounds like you (or a child or a niece or a family friend), take note—it’s a long and difficult road, both mentally and financially. Fortunately, there are a number of ways to make ends meet as you prepare to be your own boss. By ditching bad habits that might be emptying your bank account and scoping out the passive income options available to you, you’ll be able to pursue your entrepreneurial dreams while paying your bill in time—and maintaining your all-important credit score.
As crowdfunding gains popularity, so does the idea of social lending networks. Such sites (Like Lending Club) provide a platform where the individual is the bank doing the lending. This means that you offer your current money to individuals in approximately $25 increments and charge interest. Some are high risk investments, but others offer a low risk way to make a little bit of extra money with little to no effort.
Real Estate Investing
If you’re already a home owner or in a position to become one, this might be a great option for you. Real estate investment and management is an especially good opportunity if you’ve got a bit of time on your hands. Most landlords make around $500 profit each month, which can really add up.
If you’ve got the property and home, but not the time, there are companies that will manage your real estate for you. For a fee, they’ll take care of maintenance, etc.—leaving you to collect a bit of extra cash.
Work For It
Of course, the easiest way to earn extra money is to simply earn it by performing a job. This is easier said than done, especially if you’ve got a traditional nine to five job. Luckily, there are a few jobs that a person with a college education and a persistent attitude can grab to increase their income.
Many people find plasma donation an easy way to make approximately $200 per month. Though it is considered a donation, plasma donation centers pay you for your time (about an hour each time you visit, excluding the first). Typically, the first donation of the week pays around $20, while the second offers $30. You can donate up to two times every week, assuming there is a day in between.
You might also consider getting some extra work as a freelance blogger. Many sites hire independently contracted people to write for them. Assuming you are able to make deadline, these types of jobs are great because you can perform them at any time from a variety of places. You should expect to make around $10 per entry.
Working for yourself will be no easy task, but millennials will find company in the experience of one another. Whether you’re a budding entrepreneur or a parent to one, let’s celebrate the diverse business experience each generation has to offer!