A lot has been written about the way millennials approach the world. Millennials enjoy life to the fullest and live in the now. Ascribing to these principles can sometimes wreak havoc on your financial situation.
The tried and true methods for having a successful financial future is to get a good paying job, live below your means, save your money for retirement and buy a house. But there are other ways of securing a more prosperous financial future that millennials can follow. Here are 4 of them.
1. Get A Roommate
After moving out of your parents house there’s a desire to want to live alone as an adult for the first time. But you must resist that temptation and get a roommate instead. Living with a roommate or two gives you the independence you crave while also helping you save a lot of money.
When you live with roommates it is almost as if you’re living alone. The reason is that roommates are typically around the same age as you, and thus they leave and go to school, leave again and go to work, then leave again to go out with friends. Depending on everyone’s schedule, it may feel as if you have the house all to yourself. And that rent payment is a much easier pill to swallow when that $1,500 a month payment is divided by 3.
2. Turn Your Blog Into A Business
The millennial generation is into using social media, often time snapchat stories that soon disappear. But what’s the point of creating great content and then having it be deleted? Consider posting your content on your own Youtube channel or on a blog.
You have to think of yourself as a brand looking to attract followers. Can you build a loyal following? Then can you then turn your followers into buyers? Whether you’re into fitness, sports, tech or art, there’s a market for almost anything. It takes a long time to get a good fan base, so why not start now.
Once you have built a reputation for creating great content and have a solid base of fans, you can begin to sell advertisements, whether it be ads on a blog or shoutouts in Instagram or video reviews.
3. Learn A Second Language
Putting money away is an obvious way to build a little nest egg for your future, but a not so obvious way is education. Learning a second language is a weapon in your personal arsenal.
Knowing Spanish or Chinese or Arabic is the key that can get you a job promotion or extra pay. You can become invaluable in a company if you’re the only person in the office who speaks a second language. This equals job security and hopefully a nice raise.
4. Buy A Bike
The daily costs of commuting can take a real bite out of your paycheck. To ease the pain, consider commuting to school or work the green way – via bicycle. You will improve not only the environment, but your health as well. Major cities have introduced dedicated bike lanes. Some even have bike share services.
With the costs of gas being so unpredictable, why not hop on a bike and save some green.
Making sure you have a good financial future doesn’t have to be a long and tedious process. You can still live by the mantra of YOLO and stay financially fit if you use the 4 tips I’ve provided here.