5 Ways Millennials Can Be Rich

Every year, a large percentage of millennials enter the labour market, faced with lots of challenges.

Study shows that millennials in their twenties earn less than what their parents earned at that same age range.

Many millennials have big dreams to live the good life but when reality hits them, they put those dreams into a corner, just to focus on survival.

But millenials can become rich while still trying to survive and making ends meet.

Here are the things millennials can do to become wealthy in five years.

1. Start a business.

Having a brilliant idea is a good head start for a business but you” need to do a lot of research about the business you want to start.

A young black businessman

Though it is not certain if a business will succeed, it is a good option to be rich in the future. You would need to put in lot of work, having a positive mindset towards having a business, because you’ll be faced with lots of obstacles and challenges,  before achieving your goals.

2. Saving

With the little or no interest rates on savings accounts, it is always discouraging to save.

You can’t have a savings, if you spend all your money on survival, but you can save a substantial part of your income by taking some measures –  instead of getting a place of  your own, you could still be living with your parents or you could share a place with a roommate and split the bills.

Millennials need to have a savings()

This makes it easier to have something to save. In the long run, you’ll have something to fall back on which you can use to invest in other things.

3. Having a side hustle.

A side hustle is a good way to make extra income. With a salary paying job, having a side hustle gives you financial security. In the long run, you can turn a side hustle into a full business.

one of the ways to financial freedom is having a side hustle

The difference between a side hustle and a full business is that the side hustle brings instant money while a full business has long-term benefits.

4. Investing

As an investor, you need to be money smart and also willing to take risks but it is a good way to get returns on the money you have invested.

A good way to grow your income is through investment.

You should be ready to take risks because not all investments succeed, which means you can lose money when investing, so you need to be smart about it. Study the investment area that has a potential of doing well.

5. Creating a product.

With the rise of start-ups globally in this generation, you can invent a concept or create a prototype.

Lots of investors are willing to fund if what you have created can sell well to the public and at the same time generate profit.

There’s no guarantee to being rich quick but with hard work, determination and sacrifice, millennials can grow their income over the years.