Gen Z is young but they don't take their time lightly. This generation is trying to avoid the same financial pitfalls as their elders, like student loan debt. It's not easy. Many were just starting college or in their 20s when the pandemic struck. Now, inflation is pushing wages upwards and there's a global recession.
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Gen Zers need to start earning serious money immediately in order to avoid a life of debt and the pain that it brings. Here are some ways Gen Zers can get rich by 2023.
LeeNor Dikel (ACC), a business coach and social media marketer, said that copywriting is a great way to make money. You can then build your client base by offering complimentary services to up to three clients.
"You can find these clients by posting something explaining that your free services are in return for testimonials on Facebook groups for entrepreneurs. After you have this information, create a profile on Fiverr and Upwork. You can also create an Instagram account to promote your copywriting business. You can easily earn $5K to $10K per monthly if you consistently post valuable information and reach out daily to potential clients.
Dikel stated that in order to make money at this job, one must also build up a portfolio. You can achieve this by working with brands, getting a great product, and creating great content. To find steady paying clients, you can also partner with a UGC agency.
You need to have great content and a portfolio in order to be an influencer. However, you will need more followers. A nano influencer is someone with less than 10K followers. They can earn around $100 per post. Micro influencers (10K-50K) can earn between $100 and $500 per post. A post can earn $1,000 or more for 50K followers. To keep your engagement rates high, make sure you are engaging with your audience.
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Investing In Real Estate
Jake Hill, CEO of DebtHammer, stated that investing in real estate is a good way to make quick cash in today's market. The influx of cash has been huge for Gen Z people who were able to get loans to purchase houses and then sell them through third-party platforms like Airbnb or Vrbo. This is a great way to get started in the real-estate market.
"I recommend people to read books and take classes before making any purchase. If they can, their wealth will increase over the course of the year."
Adam Garcia, The Stock Dork's CEO, stated that "Gen Zs are familiar with the virtual world and can use it as a way to make money quickly." They can sell books, clothes, electronics, and other products by creating an eCommerce store. In addition, they can take training courses to improve their sales skills.
Garcia stated that Gen Zs need to find a trusted online channel through which they can sell the product they want. Shopify, Amazon, and eBay are all good options for them to expand their reach and monitor their progress. After a year of success, a newly-established eCommerce store could make more than $50,000 in gross monthly sales.
Becoming an Amazon Influencer
Travis Stephenson, founder and CEO of Wealthery, said, 'It's a program Amazon launched that allows you to earn money for reviewing products you purchase. You don't have to purchase it on Amazon. It just needs to be available on Amazon. Simple iPhone videos can be uploaded to the influencer dashboard and then they populate them onto Amazon.
You get a commission if someone watches these videos and purchases something. This is the easiest way to make money. You don't need any experience or a large following.
Invest your Tax Refund in an IRA
Kimberly Hamilton, a certified financial education instructor, and author of "Building Wealth on A Dime" stated that it is nearly impossible to save a million dollars. Investing your tax refund is one way Gen Z can achieve this, even if it's not possible to save a million dollars.
For example, a $500 tax refund, followed by $25 per month, could turn into $14,223 in 20 years. This is a profit of more than $7,000 for a $6500 total contribution. Although this amount may not be enough to make you wealthy, it is a good habit to invest as often and early as possible.
Depending on their preferences, Gen Zers can choose to invest in a Traditional or Roth IRA. They can open a custodial account by involving their parents below the age of 18. Learn More at GOBankingRates