The struggle is real for many millennials. We are feeling the stress of money, between the stagnant wages, the rapid increase in costs of living, staggering student loan and other personal debts. Millennials are financially stressed, and there is no doubt about it. Financial stress is one of the main reasons people are depressed. The money struggles are not only affecting millennials finances but also preventing them from seeking health treatments they need. According to a Blue Cross report published earlier this year, at least five millennials that are diagnosed with major depression doesn’t seek help for treatment. An economically stressed person is unhappy, unproductive and can’t innovate.
Our society can’t afford to have a generation of financially stressed people. It’s our time to innovate and be involved in activities that will change the world. So, we need to focus on taking care of our financial misfortune to be present and make positive impacts on our societies. If you are financially stressed because of your debts (credit card, personal loans and/ student loan debt), I want you to know that you are not alone. Many people are feeling this financial burden as well but not comfortable to share it with others. This has nothing to do with being employed or not. Many people are complaining of having jobs but still feeling broke.
Millennials and Gen Z may be financially stressed, but we have one thing in our advantage, the digital economy. We can take advantage of the digital or geek economy as many call it, to make quick extra cash. You can keep your 9 to 5 job and still be able to make that extra money to pay down your debts, take that trip or support the cause(s) you love. You need to change your current financial challenges.
My primary goal of writing this article is to encourage you to join me on the journey to achieving financial independence. The practical ways highlighted in this article will guide you into making extra money sufficient enough to pay your bills, maintain a good lifestyle, and support the cause(s) closer to your heart. More so, you can enjoy all these while in the pursuit of true happiness.
1. Blogging:
Blogging is one of the oldest and significant smart ways of making money online. You can start as a part-time blogger or a full-time blogger, it all depends on how eager you’re to lend your voice or share your experiences to earn that extra income.
It is straightforward to make money from blogging. Two major platforms are designed and are updated often to give you a smooth blogging experience. You can signup and create your blogging website through WordPress or Bluehost. After creating your blog, you will select a simple theme that fits your niche content and audiences. Create and post your contents regularly but only post when you have something worth posting about. Google Adsense and WordAds are popular forms of displaying ads on your blog, but direct advertising usually pays more. You will need to reach out to businesses you want to advertise on your blog and negotiate with them. Platforms like BuySellAds can help you with a direct advertisement.
WordPress is the most popular Blog platform for small and big bloggers. Sign up is free, and you can test its free services to determine if blogging is for you. You can also get a freelancer from Fiverr to optimize your blog site for you and link it to Google Ads.
Bluehost is a platform that has been optimized for WordPress. The Bluehost platform makes building, optimizing and hosting WordPress platform very easy for bloggers. So, if you’re looking for a quick fix to your blogging needs, Bluehost will be your best option.
Affiliate marketing is a type of marketing where an affiliate marketer is paid commissions for referring customers to an online retail website or online shop. Affiliate marketers who have massive traffic to their blogs are better placed to earn huge commissions. So, if you’re someone seeking to make extra money through Affiliate marketing, please ensure that you work on building traffic and engagement to your blog or social media platform. Platforms like Clickbank and ShareASale are excellent affiliate marketing platforms. You can also learn more with this 12 minutes video.
ClickBank is an e-commerce platform for affiliates. By becoming a ClickBank affiliate, you can promote the services or products of vendors to your fan base. Once a transaction that is done through your platform is successful, you will be paid the commissions due to you.
ShareASale is an e-commerce platform that permits affiliates to search for products they can conduct promotions on. After doing a successful campaign, they earn commissions for referrals from the vendor.
3. Freelance Work
A lot of people think the only way they can make extra money is by having a side job. You hear people saying “I work 3 jobs just to get by.” Well, yes they work three jobs to get by, but it can be stressful for them. As a freelancer, you can work comfortably from your phone, laptop or desktop and earn that extra money you have been craving. Freelancers are paid for the services they offer to buyers on major freelance platforms like Fiverr and Upwork. These two platforms provide opportunities for freelancers and those who need their services to securely exchange services for money. You can offer these freelance services (Freelance Photography, Virtual Assistance, Bookkeeping, Graphic Designing, Freelance Web Developing or Programming, Freelance Writer) and many more through these platforms.
Fiverr also has a platform where you can learn how to become a freelancer. Here you can sign up to brush up the skills that you want to use to provide services.
4. Crypto Investment
Cryptocurrency investment is another way people can make extra money without affecting their jobs. Cryptocurrency is a digital asset that is developed on the blockchain technology. The most popular cryptocurrency is Bitcoin. Bitcoin is popular but not the only cryptocurrency out there. If you go on CoinMarketCap, you can see the full list of active cryptocurrencies and exchanges where you can buy and sell cryptos. Trading cryptocurrency can be highly risky, but If done well, crypto trading can make you a significant return on investment. Visit Cointelegraph and Hacked to stay up to date on blockchain and crypto news.
To start your cryptocurrency investments, you can choose from several crypto investment platforms, like Coinbase and BinanceUS.
Coinbase is a major digital currency wallet and exchange in the United States. This is the easiest place to buy, sell, and manage your new digital currencies like bitcoin, ethereum, and litecoin. It was founded in June of 2012, and based in San Francisco, California. To get started, you will just create an account, link your bank accounts or bank cards and start buying and selling cryptocurrencies.
Binance US is considered America’s new home for digital assets. Binance US was a spun off from the world’s largest cryptocurrency exchange by volume, Binance. It is operated by BAM Trading Services based in San Francisco, California. Binance.US boasts to provide a fast, secure and reliable platform to buy and sell cryptocurrencies in the United States. Create an account and start buying and selling.
5. Uber/Lyft
You can venture into car-hailing and ridesharing services with Uber / Lyft. This is an exciting way to earn extra income at your own time. All you need is a car, a smartphone, the car-hailing app installed on your smartphone, and you’re on your way to earning some extra cash. The two popular car-hailing and ridesharing apps are Uber and Lyft. You can download both of these apps from Apple’s App Store or Android’s Google Play. The good thing about driving for Uber/Lyft is the fact that you can decide when and how often you drive and, get paid.
If you don’t have a car, but you are interested in driving for any of these companies, they can get one for you from their trusted car rental partners. The rental cars will come with insurance, maintenance, and unlimited miles to earn while you drive. There is always an incentive to drive for these companies, which depend on the offers available in your city. You can even Earn $800 guaranteed by driving with Lyft in Milwaukee if you give 100 rides in 30 days. Isn’t that cool?
6. Sell Online
You can be your own goodwill and sell both new and old stuff from your closet or garage on shopping platforms like Amazon, eBay, Poshmark, and Facebook marketplace. These online merchant services connect buyers with sellers through a secure means. It is easy to create an account, list items on them and start selling to make money. I personally sell on Poshmark, because it is the #1 app to buy and sell fashion. You can make money and shop over 5,000 brands at up to 70% off. Install the free app and sign up with my code BOBLARRY19 to get $10 off your first order.
7. Dropshipping
This is a fast-growing method of eCommerce. When your online store sells products to customers, the products are shipped directly from the wholesaler to your customers without passing through your store, the retailer. The manufacturer, wholesaler and distributor of the products are referred to as a drop-shipper. The #1 dropshipping platform is AliExpress. You don’t need to buy your products upfront or worry about paying for a warehouse to store them. This means you don’t need much capital before you can start your own online store and start selling.
To start your online store, all you need to do is set up an online store through Shopify, a major eCommerce platform. Big online stores like Fashionnova and Kylie Cosmetics are some of many stores built on Shopify. After setting up your store, you will start listing your products from dropshippers like AliExpress through Oberlo. Oberlo provides an excellent dropshipping solution for Shopify merchants, and it is one of many Apps on Shopify. After listing your products, your online store is now ready to start selling and receiving orders.
Because it is a new store and no one knows it exists, you will need to run Facebook ads to reach potential customers. With Facebook ads, you can set your daily spend limit to control ads cost while trying to get your store off the ground. When you get an order, you will purchase the product from AliExpress or any other third party supplier, and then ship to the customers directly from the suppliers.
Dropshipping can turn out to become not just an extra source of income, but a significant source of income. It depends on how well you manage your dropshipping online store. For you to understand how dropshipping works, you can attend webinars or purchase dropshipping e-book guides. These guides will give you more insight into running a successful dropshipping store.
Conclusion
If you take a critical look at the article, you’ll discover that the outlined “7 ways to make extra money” interlace with each other. We can take advantage of the digital economy. Seek out what works best for you, consider your options and find out how you can actively manage a 9 to 5 job alongside an extra income gig. Once a balance is struck, you’ll be on your way to enjoying the financial freedom you have been dreaming of.
If you or anyone you know is struggling with depression or has had thoughts of harming themselves or taking their own life, please reach out for help. The National Suicide Prevention Lifeline (1-800-273-8255) provides 24/7 free and confidential support for people in distress. They also offer the best practices for professionals and resources to aid in prevention and crisis situations.
***Please note that this article reflects the author’s personal views and not of my employer, organization, committee or other group or individual affiliated with the author.***
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