How to Go From Millenial to Millionaire

According to study, millennials do have it worse than any other generation.
People born between the 1980s to the mid-90s are bracketed as the most unfortunate generation in terms of economic stability in the US. The Great Recession has hit and it hit them hard. The research, done by The Guardian, showed that millennials earn the least against the national average. Millennials are enduring debt, unemployment, and home price hikes simultaneously. They are struggling to find job opportunities that could sustain their social-media centered lifestyles. Dubbed as lazy, entitled, and delusional by older generations, there is no denying that millennials do have it worse.
Despite all this obstacles, millennials still have pretty much the same opportunity as any other generation at becoming a millionaire, maybe even more so. And here are the ways they will do it.
By Getting A Retirement Fund
Millennials are young, obviously. They have the time and the money, if they work for it, to invest in a retirement fund which will yield a million dollars by the time they retire. Compared to other generations, millennials have the advantage because they can start earlier. Let’s say a 20 year old starts putting aside 10% of his income yearly in an retirement fund. Assuming that there is a 7% return, a person with an annual income of $45,500 and a 3% annual increase can actually accumulate a total of $1,037,680 by the time he or she s 55.
By Taking Advantage of Technology
One of the key factors that makes millennials what they are is technology. They were the first ones to completely master it as a generation. And the way technology is revolutionizing the world, tapping into it is a sure way to millionaire success. One method to do this is by developing an app. Almost everyone has their own smartphones Millennials can be an instant millionaire just by developing a hit game or creating the next must have app. Remember Flappy Bird? Know Snapchat? Ever heard of Tinder? Then you understand. Yet another method is by becoming a hit star on social media platforms. Be the most followed instagram account or the most subscribed youtuber or the most famous twitter star or the funniest blogger. Well, not the best or most but at least be prominent. Revenues generated in ads alone through these platforms can already make you an instant millionaire. Millennials have better opportunities here because they grew up with technology.
By Refraining From Getting More Degrees
Getting another degree such as a second course, or a masteral, or a doctorate, is supposed to make your life better by giving you more opportunities with better profits. What ends up happening, however, is that what you get is more debt and no jobs. People with extra degrees are in debt while they get rejected in all the available jobs because they’re overqualified.
The collective student loan debt of the US is over $1 trillion. Surprised? It’s because people keep on getting degrees. It’s not that it’s wrong to want to learn more or to specialize in your field but if you want a life that is comfortable with more time to pursue your passion, then getting into more school may not be the best option. Did you know that Google accepts people without degrees? They know that intelligence cannot be measured with grades. What we can suggest is for millennials to learn in a more practical way. Get free classes or find a job that can sponsor you or volunteer. There are many ways to learn without getting yourself into more debt.
Millennials may really have it worse but this doesn’t mean that they won’t be millionaires.