Three Ways Millennials Are Making Money in Their Spare Time
We might not have grown up with the internet like today’s generations – however millenials know their way around the web, and how it can be a fantastic way to earn money. Here are just a few of the ways they’re taking advantage and earning money in their spare time.
Investing in property
For quite some time it was almost impossible to invest in property as a young person unless you had some serious cash behind you or parents to help. However, since the recession it’s become easier to get back on the ladder- and this means buying to invest as well as a home for yourself. The great thing about property is that it’s so low risk. If you invest in a home, it’s pretty much guaranteed to accumulate in value over the years and so is a fantastic place to invest your money. While buying and selling houses is very profitable, if you want less work and a longer term investment then becoming a landlord is the way to go. Each month your tenants rent is paid into your account, and after estate agent fees (if you’re using one) your buy to let mortgage and insurance, the rest is profit. Eventually you will own a second property which will be paid outright from your tenants rent checks over the years. Use identity verification services to background check tenants and ensure you’re following the law in regards to your property. For example, if you’re renting the rooms separately it would be considered as a HMO or house of multiple occupancy. For this, the rooms have to be a certain size and you need to install things like fire doors and fire extinguishers. Once the property is purchased and everything is set up, it’s plain sailing from there particularly if you find good, long term tenants.
Running a home based business
The accessibility of the internet has meant working from home is easier than ever, and it’s simple to set up a business and run it from home. You could buy and sell products for a profit, you could make your own items to sell or you could provide services. This could be anything from designing websites to writing articles to providing online tuition depending on your skills.
Writing a blog
Blogging has taken the internet by storm in recent years. No longer just a fun hobby, blogging can be a business and a full time source of income within itself if you build it up enough. Once you’re all set up and have been producing good quality content for some time, you can work on making your blog appealing to sponsors. Purchase a domain, and have a professional design installed. You can buy these designs cheaply online but will give your blog a much smarter look which will appeal to advertisers looking out for blogger to work with on paid opportunities. Don’t expect to set up a blog and be earning money with it anytime soon as this does take time, however eventually it’s completely possible for it to become your full time source of income if you go about things in the right way.