How Can Millennials Build Up Their Bank Accounts?

Millennials, those between the ages of 25 and 38, should be the backbone of the economy. But a startling number of them don’t have anything put aside at all. According to a survey conducted by the Bank of America, as many as 1 out of every 6 millennials has more than $100,000 in their bank accounts. However, almost half of the remaining millennials have nothing put aside at all. Although this is understandable for millennials you have yet to graduate high school or college, many of their peers are already full-fledged adults.

If you are a millennial without a bank account, the world can seem very scary especially with the pandemic. Bank loans, medical bills, and rent can all be overwhelming without a safety net.

Below are some career options you can consider that could help you build up a hefty savings account while you are still young.

1. Try Real Estate

Real estate agents are some of the busiest professionals in recent years, with housing sales skyrocketing in the past couple of years. In essence, real estate agents help people and land developers sell their assets, from apartment units to part of properties sold wholesale.

You could help families find their dream home or help people get their money’s worth from their beloved family houses. Real estate agents are trusted by their clients to secure the best deals possible and to find appropriate properties that suit their needs.

What You Need:

Becoming a real estate agent is not easy but neither is it responsible. Aside from understanding what drives the housing market, you will also need to know how to understand people. If you are going to sell and buy houses, you must have an intimate understanding of how to properly highlight a property’s assets.

You also need to have a good head for all the legal obligations and details involved in real estate. But arguably the most important asset you need is charisma and a way with people. If you can get along and read people well, you will have an easy time in real estate.

2. Join the Gig Economy

If studying real estate laws in-depth takes too much time and you don’t have any inclination of joining a realtor company, you may want to explore the gig economy. This is not a single profession but rather a series of opportunities you can easily access through apps. Thanks to mobile technology, you can actually fill your days with profitable activities by signing up for various apps.

For example, if you have a lot of free time, you could sign up for task apps where people entrust you with completing chores for a fee. Or you could help people train online if you have a suitable background. Or you can become a courier for goods or food. The possibilities are endless and they offer very flexible scheduling.

What You Need:

Joining the gig economy requires a lot of things. First, you must understand the nuances of the apps or gigs you’re becoming a part of. You may want to learn different misconceptions about food delivery, the best routes through your city, and the standard prices for certain tasks. Second, a lot of gig jobs require you to have the basic hardware needed.

For example, couriers are expected to have their own bicycles, cars, or motorcycles. Find out what kind of equipment do you need to do the job properly and acquire them on your own.

3. Freelance Artistry

Similar to gig jobs, freelance artistry offers flexible scheduling and the notion of being your own boss. Many freelance artists do amazing work for small companies that can’t afford to hire their own in-house designers.

Sometimes freelance artists are employed for long-term contracts to help with major projects such as video games or graphic novels. Or you could maintain a small but steady income by using crowdfunding websites such as Patreon.

What You Need:

The basic requirement to becoming a freelance artist is to have actual skills in whatever art you choose to follow. A basic grasp of graphic design isn’t good enough if you want people to flock to your site and buy your services. You need to have a polished style and a great-looking portfolio. Some reliable equipment, like a great editing laptop and a drawing tablet, are also part of the requirements. Building up a bank account takes time and determination. You can’t expect a windfall to fill your wallets and these options can take time to help you break even. However, if you are smart with your money and seize as many opportunities as you can, your bank account could grow large enough to protect you in case of an emergency

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