Millennials and Gen-Z both prioritize making money and having a successful career. For these younger generations, having a nine-to-five job isn’t enough. They want to avoid debt, save for the future, and spend on fulfilling life experiences.
Whether you’re a young Gen-Z worker or an older millennial, you’re never too early or too late to start making good money. Here are a few ideas that will get you on the road towards financial success.
Save, Save, Save
Regardless of your age, saving is the most basic thing you can do to keep yourself financially protected. It’s your fallback if you find yourself in a financial emergency.
The most common way to efficiently save is to keep your money in the bank. While there’s nothing completely wrong with opening a standard savings account, you can earn more by considering online or digital banks that offer high-yield savings accounts. They have higher interest rates, but you’ll likely need a larger amount of money, and your access to the account will be limited. Money market deposit accounts work the other way around. The cash is more accessible, but the interest rate is lower.
Increase Your Value
Without money involved, you can increase your value by taking up courses to expand your skills. Online learning modalities have made it easier for you to pick up new knowledge without leaving your home. These can help you unlock more job opportunities or side projects that will allow you to earn more. You can also consider pursuing a master’s degree as this can help you get a higher position in your chosen field and increase your income.
Be Your Own Boss
Online businesses are on the rise, and for a good reason — more consumers are finding it easier and more convenient to buy online. With a global pandemic in the background, people now prefer online shopping to stay safe at home.
You can be your own boss and start your own online business. This doesn’t mean that you need to shell out lots of money. For example, you don’t need a huge capital if you’re selling pre-loved clothes or professional services like copywriting or virtual assistance.
Smart investing is always an option to grow your wealth. There are plenty of investments to consider, but buying a real estate property remains a top choice. One of the common reasons behind this is price appreciation. For instance, a condo unit in Red Residences can appreciate or increase in value because it’s located in the progressive city of Makati. If you buy a unit at Red Residences now and make upgrades, you can sell it at a higher price later.
Property investments can also help you earn money in more ways than one. Again, let’s take a condo unit in Red Residences as an example. If you don’t plan to live in the unit, you have the option to use it for long-term rentals to get passive income. Renting it out for staycations is also an excellent idea since Makati City is a popular weekend destination among families and groups of friends.
These are just some of the many ideas you can consider to build your wealth. When you’re finally earning more, make sure that you’re not also spending more to keep your financial health in check.