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Millennial's Make Less Money Then Any Other Generation!
So you just got out of college, know a lot of things and have a piece of paper to verify it. The only issue now is that you can't get an interview to a career in your field due to lack of business related viable experience and you have rent to pay. Well, because of the world we live in and because you don't want to leave the city you moved to while attending school you took a job at a retail or fast food joint. Congratulations on having a job at all! A steady income is always important but no one, not even your parents - have helped you manage this income in any way or form. Well here are 5 tips to maximizing your income in 2020 (and not all of it is easy!).
Money Tip 1 - Work Hard
Work your ass off. Literally, just work every hour you can. If you can get any overtime at all work it. If you can work Sundays for more pay, work them. The only way to increase hourly pay is to work more hours. Get this steady, normally easy money to increase that paycheck by even a hundred or two a month.
Money Tip 2 - Spending
Spend less then you make. You might think this is easy as pie and common sense but it isn't. Do you want a $1800 Macbook Pro that you don't make money with? You work, you deserve it! Slide that credit card. Wrong, don't spend more then you make. This may not even be by large purchases ether. Just going out to eat and dropping $8-15 on fast food a few times a month could be the difference from being in the red instead of the black! The easy way of ensuring you always spend less then you make is to get a budge app such as Intuit Mint. Make sure all your accounts are connected and start making money every month instead of owing it!
Money Tip 3 - Save Save Save
Jay Sean says "Baby are you Down Down Down Down Down." Well now what you have to do when your in the black is Save Save Save Save Save. Most people look at their income checks incorrectly. They say things such as " I Make $12 an hour." Realistically what should be said is, 'I am Paid $12 an hour. I Make *X*." What you make isn't the same as what your paid. What your paid is just the gross amount they pay you per hour, what you make is how much money you keep. Thats right, keep. Not how much you spend, not how many things you have. What ever amount of money thats in bank accounts and investments is how much you "make". Most people who work minimum wage are lucky after bills, taxes, and life to "make" 100-300 dollars a month. Investing helps grow your money passively with compound interest and saving helps you avoid debt and have more stability in life.
Money Tip 4 - Retirement
Retiring is a scary thought now when you already live paycheck to paycheck. It might feel like forever away but it really isn't. Just think how fast time goes by. Lots of people think they will have many years to work and save but life doesn't play out like that normally. You might get injured, you might have a family, you might lose your new car to a sinkhole. There are endless things that could happen. Investing in a 401k and a Roth IRA as young as possible is a vital step in living well. It doesn't have to be a lot. If your company has a 401k match, take it. It will add up quicker then you think and its free money. Investing another 5-10% of your pay into a Roth IRA will also bring amazing benefits. Imagine this, if your around age 25 and open a Roth IRA, that is a tax differed account, every single dollar you put in it will be close to $15-22 at age 65. Can you imagine that every single month you put $100 into a Roth IRA will represent $1500-2200 for you? Sounds like a no brainier to me.
Money Tip 5 - Side Income
At the end of the day if you aren't making enough money you have to increase it. You can do many different side hustles from talent based like creating paintings or time based like driving for Uber or Lyft. Everyone needs to find a good side hustle and stick to it. One of the easiest ones is why you are here now - writing online to generate an income. Imagine earning a few dollars every day or every month for working only when you want to work and feel like creating. Create once and reap the rewards for years on end. Even if you only make $10 a month remember if you invest that into your Roth IRA it could easily be $140-180 in the future. Do you have a hobby or interest and can help others engage in it? Click here and give it a try, it has no costs. No hosting fees, no package deals, no paywalls at all. Just write here and start making a side income online!
** This is based on what my personal experience with users who signed up through my referrals have shown. Results will vary. Content dependent.
Umesh Chandra Bhatt from Kharghar, Navi Mumbai, India on January 07, 2020:
Elaborate and useful. Good hub. Thanks for posting.
Dominique Cantin-Meaney from Montreal, Canada on December 31, 2019:
Really amazing tips. You put it well. Thanks for sharing.