If you’re a millennial, you probably feel like you have been shortchanged. And this feeling is quite valid. According to Business Insider, millennials are ten times poorer than boomers.
That fact should be enough to send you raging and calling for revolution. Or it should be enough to send you into a downward spiral of self-pity and hopelessness. Or you could play it clever instead.
Just how clever, you might ask? Well, you can start exploring creative means to earn to tip the scales in your favor in terms of generational-wealth. You can begin catching up with the savings accounts of retired and comfy boomers. And you can even do so without doing much. That is by way of a passive income, which is every millennial’s dream, such as these:
1. Become an influencer
You’re probably on Facebook, Instagram, and Twitter. If not, your millennial card might as well be revoked. You already spend lots of time on these social media platforms, oversharing about all aspects of your life. So why not begin monetizing your social media performance?
Yes, it takes a certain kind of genius to become an influencer. But you won’t know if you have it unless you try. So start being strategic with regards to your social media use. Curate your posts better and maintain a specific brand. Know what time to post and what trackable hashtags to use. Engage with strangers and drum up interest on your page.
Next thing you know, you’ve amassed thousands of followers and getting paid thousands of dollars to post about fruit juice.
2. Sell cultural or informational products
Now if being a social media influencer is not for you, you can still maximize social media platforms to sell cultural or informational products. What exactly are these products? Think self-help books or a graphic novel about a social media influencer’s fall from grace. Yes, you’ll have to devote time and expertise to complete these projects, but once they’re finished, they become potential sources of passive income.
If you’re the creative type, you’ll enjoy crafting these products. And once ready, market your product to within an inch of its life. That is if you wish for those dollars to come pouring into your Paypal account.
3. Turn your car into ad space
You like driving around in your car, don’t you? You like the feeling of freedom and mobility, which is a very millennial trait. Now, why not monetize your penchant for road trips?
Yes, you can turn your car’s panel surface into ad space. Companies are willing to pay car owners a passive income so long as they can promise sufficient advertising mileage. So what if you’re driving around with milk formula painted all over your car, so long as you’re earning good money from it you can ignore the haters.
The same goes for prominent exterior walls of properties such as houses and buildings. Turn your idle wall into a billboard by partnering with a specific brand and with the help of a commercial painting services provider.
4. Rent out properties
This type of passive income is for a very specific class of millennials. By that, we mean the moneyed class. If you’ve inherited properties from your rich boomer parents, you might want to begin renting out these properties so you’ll earn without working. Just don’t claim your lifestyle’s all about the hustle lest you might get canceled online by people who know better.
Do you have a sufficient sum in your bank account for a new car? Or maybe you were saving for a yearlong trip? Why not postpone these plans for the meantime and use the money to invest in corporate stocks or bonds?
This is still one of the most lucrative sources of passive income out there. That is if you do your homework and get into it with ample knowledge.
Millennials are mistakenly accused of laziness. Some might even use a millennial’s hankering for a passive income as a symptom of sloth. But that’s not very accurate. If anything, millennials just know how to play it smart. After all, everything’s precarious, including employment; hence, it’s only logical to look for clever alternatives to earn and stay alive.
The tips above are some of the cleverest ideas you’ll find. Unfortunately, they’re not for everyone. So if you’re a millennial, do not be hasty after reading this. Do not raise a middle finger to your boss and quit your job with plans of becoming the next Cameron Dallas or Louise Pentland. Be realistic. Plan your moves. And strike only when you’re ready.