How the Digital Revolution has changed the way Millennials Make Money
The way Millennials make money has been changing over the course of the last few years. In just a generation, technology has completely revolutionized how we earn, spend and interact with our money. While it’s difficult to pinpoint what exactly caused this change, it is evident that a shift in how Millennials view work has driven them to seek new ways of making money on their own terms. Though there are many economic factors at play here, some clear trends have emerged in how millennials are handling their finances and expectations for work. It’s a shift that will have significant implications for industries and companies old and new, as well as for the culture on a broader scale.
The Millennial generation has come of age in the worst job market since the Great Depression. Though entry-level positions are again plentiful, many college graduates have been forced to take unpaid internships or settle for part-time work at places like Starbucks – both of which are largely unavailable to those without some college degree. Since the recession hit, many millennials haven’t even considered looking for a different type of work, and all the generations before them often assumed that this would be the case. But recent years have seen a change in how Millennials view work and how they want to make money with more emphasis on finding a lifestyle that’s best for them, not for their employers. By shifting priorities about what matters most, millennials are working to redefine what it means to “make money.
While most millennials are not blatantly defying their corporate overlords by investing in bitcoin, there is a growing trend in the younger generation’s investment strategies. Every year, millennials make more money than older generations and invest in a variety of different ways. One of the more interesting trends is seen in the growing popularity of online investing apps like Square. These mobile apps allow users to register for an account, make payments, and do bank transfers from their phone to any bank account, all from the convenience of their smartphone. These investments are gaining in popularity among both young professionals and retirees. With these apps, millennials can create an online portfolio for their personal investments and manage them anywhere.
Sometimes referred to as the “Uber for businesses, “there has been a flurry of start-ups that have sprung up over the last decade to capitalize on this trend, most of which only exist online. Virtual assistants manage the mundane tasks that business owners have to deal with – from data entry, scheduling meetings, and handling customer service calls. Many of these platforms are designed for small businesses, using low-cost labor in developing countries like India or Bangladesh. These services are created as a way to cut costs and save time for business owners. You provide the business, and they’ll provide the workers and infrastructure. These platforms offer an easy way to bring on extra help should your business ever begin to scale or grow.
In the last few years, with the explosion of cryptocurrencies like Bitcoin, there has been a growing trend among the millennial population to invest in cryptocurrencies. While there are many who are skeptical of any investment that doesn’t involve a specific company or industry, millennials have proven that they are more than willing to jump into the unknown and gamble on their own success. Experts are arguing that the boom in cryptocurrency investment is a response to millennials’ disenchantment with Wall Street and its culture of business transactions over investment. Many are interested in the “do-it-yourself” mentality that cryptocurrencies offer. After all, with Bitcoin, you can invest in a digital currency instead of being forced to invest in risky stocks through Wall Street and expect your success to be judged by numbers. Bitcoin Prime is the perfect place for traders who want to get in on bitcoin trading.
This is a great way for millennials to make money in their spare time without having any expectation of a job. Affiliate marketing programs allow users to make money when they refer people to websites that they have an interest in. It’s a way to make money while doing something you enjoy, and often, it can be done while you’re away from your computer. Also, it’s definitely something that has the potential of scaling into your full-time career. One of the most popular programs used for affiliate marketing is Amazon Associates. With affiliate marketing, you get paid a commission when people you refer buy products through your link. While this may seem like a great deal at first, you need to be aware that when you refer someone, they’re required to make at least one purchase before they can receive their payout.
Millennials make money in a variety of ways from many different sources. What’s more, those who have made it their mission to give back through community service are making money for themselves and the world at the same time. These new ideas of making money are important when considering the future of how we will interact with corporations and service our vices. It is possible that this generation’s changing priorities will affect current industries as they change how they operate by forcing them to rethink how they do business or even what business they’re in.