We millennials don’t often talk about “smart earnings.” People mention it, but we usually need more time to make wise money decisions for a better future. However, changing our mindset can make a big difference.
Smart earning happens with a smart financial plan. According to Arun Singh Tanwar, the founder of Get Together Finance, a good plan is the 50-30-20 rule. At the start, invest 50%, save 30%, and spend 20%.
Later, switch the order. Start early, even with small amounts. So, don’t keep waiting and start earning money by online investing and following our tips.
5 Ways on How a Millenial Can Make Money by Online Investing
Let’s look into how a millennial can make money by investing online.
1. Invest in Share Market
One of the classic and proven methods is investing in the share market. A share market investment app provides millennials easy access to the stock market. By purchasing stocks of promising companies, you become a partial owner and can benefit from their success. Diversification is key – spread your investments across different sectors to minimize risk. For instance, investing in tech giants like Apple or Amazon through a reliable share market investment app can be a smart move.
2. Investing in Cryptocurrencies
Cryptocurrencies have gained popularity. Many millennials have profited from investing and trading in digital assets. Platforms facilitating online investing in cryptocurrencies offer a range of options, from well-established coins like Bitcoin to newer alternatives. Kashif Raza, co-founder of Crypto Kanoon, mentions that millennials are increasingly attracted to cryptocurrencies due to the convenience of mobile apps for crypto exchanges and the influence of role models like Elon Musk.
3. Upskilling
Investing in yourself through upskilling is another powerful way to enhance earning potential. Acquiring new skills can open doors to better job opportunities or even entrepreneurial ventures. Online courses, workshops, and certifications can be valuable investments. Learning in-demand skills can increase your income.
4. Creating Value from the Gig Economy
Participating in the gig economy allows millennials to monetize their skills and time. Platforms like Fiverr, Upwork, or TaskRabbit connect freelancers with clients seeking specific services. Whether you’re a writer graphic designer, or have other talents, the gig economy allows you to turn your skills into income. Consider a scenario where someone offers freelance writing services. Over time, as they build a client base and reputation, their income from the gig economy can become a substantial source of revenue.
5. Investing in Digital Gold
Digital gold, represented by platforms in gold ETFs or sovereign gold bonds, offers a secure and convenient way to invest in precious metals. Unlike physical gold, these investments don’t require storage hassles, and their Value is linked to the market price of gold. Millennials seek easy investments, yield higher returns, fulfil aspirational needs, and serve as a reliable emergency fund. Digital gold, accessible on smartphones, is gaining popularity among millennials for its convenience and safety.
Final Words
Online investing provides millennials with diverse avenues to make money. Strategic decisions and a proactive approach can pave the way for financial success, whether through the stock market, cryptocurrencies, upskilling, the gig economy, or digital gold. Explore the possibilities, stay informed, and consider using a reliable share market investment app for seamless and accessible investing. One such app for investing is Dhan. It is the smart choice for a seamless and rewarding financial journey. Start your journey to financial growth today. Choose Dhan, Choose Prosperity!
Also Read: Paytm Falls 27% On The First Trading Day After India’s Largest IPO
