economics

The Millennial Way Of Making Money

First, what are millennials and why are they spoken about so much? Millennials are people born between the years 1981 and 1996 – according to the PEW research centre. They’re arguably the defining generation because, from the year 2000 onwards, technology advanced at an astonishing rate. Millennials almost birthed the digital era that we know today, making technology more geared towards personal use than it ever had been before.

Aside from groundbreaking technology, millennials have influenced a shift in working culture. Famous books, such as Making Money The Millennial Way, highlight some ways millennials have put their stamp on the working world. Let’s explore in more detail below.

Blogging/Vlogging

Millennials birthed vlogging and blogging – Gen Z’s are carrying it through to the multi-billion dollar industry it is today. Blogging or vlogging is easy enough to set up on the side of a full-time job, so there are no real cost implications of giving it a go. Currently, there are 570 million blogs on the internet — don’t worry, they’re not all active — and in 2020, there were 27 million YouTube channels.

Some vloggers make an absolute fortune, Mr Beast being one example, making a whopping $24 million throughout his vlogging career. Some bloggers can earn up to £15,000 per month with a well thought out monetization strategy. Consider starting a personal vlog or blog as a hobby and see how quickly you can monetize it.

Gaming/Gambling

Gaming and gambling have never been bigger than it is now. There are 2.4 billion active gamers and 1.6 million frequent gamblers. Why so many? It’s so easy to get lost in a game, whether it’s a slot game on a gaming platform such as Queenplay casino, or a virtual reality first-person shooter game – gaming has never been so immersive. There are so many platforms to play games on, although, with gaming, it’s slightly harder.

Millennials have monetized on gaming, however, through streaming services such as Discord and Twitch. Incredibly talented gamers can make money without having to become professional gamers.

Thanks to sports, casinos and the relaxation of gambling rules, gambling has never been easier than it is now. You’re not always guaranteed to make money, but some professional gamblers make millions. Daniel Negreanu, a famous professional gambler, made over $42 million.

Sales

Much of the sales and marketing carried out in 2021 happens online, especially after the rift caused between shoppers and brick and mortar stores, thanks to the pandemic. Millennials have monetized various selling strategies that work well, such as dropshipping as a good example.

Dropshipping involves selling products without actually stocking them, only buying items once they have made a purchase. It’s revolutionary really and a way of reducing product waste by 100%. A third-party supplier is used to facilitate the order, so there’s no need for warehousing costs either. It’s a significant starting point for any entrepreneur wishing to dip their toe into business without the commitment or financial investment.

Millennials are great at finding new, innovative ways to make money and passing it down to younger generations. For example, many Gen Z babies have capitalized on the blogging/vlogging platform millennials worked hard to bring to fruition as it is today. Now, it’s up to Gen Z babies to continue revolutionizing how we make money.

About the author

Susan

Leave a Comment