As millennials, we were brought up to follow the typical career path. That means we go to school, get a good job, and then eventually retire from that position someday. Even if it makes you a decent living, you will find it hard to come across a millennial who absolutely loves their 9 to 5 job. In fact, most tend to job hop throughout their working ages. That is, unfortunately, the sad reality; many people are not truly happy with their professional choices.
But I want to propose to you an alternative route that all millennials should consider looking into for financial freedom and happiness, and that is the power of investing. Investing is one of the most significant side hustles that millennials can partake in that could eventually earn them enough income to be their own boss someday.
In simple terms, investing is putting your money into something with an expectation that you will receive a return on that investment over time, resulting in a net positive. This form of earning money is called a passive income, meaning you can make money while you sleep. It is money that earns money. The best part is that while you gain, the business or cooperating you invested in is able to expand and grow because of your contribution. It is a win-win for everyone, as long as that said business does well.
What Business to Invest In
As someone just starting out, you do not have to have the “go big or go home” type of mentality. You can start on a smaller scale, get a feel for how this process works, and then as your grow your passive income, you can take a look at the more prominent game companies that have higher returns. So, for starters, consider a smaller business to help them grow and make sure it is something that you genuinely want to see thrive. Other things to consider before investing include:
Is the business stable?
Does it have good earning growth?
What do you plan on doing with the money you gain?
Is it an industry that is strong (like technology)?
Are you financially fit to take this on?
Being about to start our very own passive business through investing, doing what you love every single day, and be your own boss is something that millions dream about doing, but never actually pull the trigger to do it. Maybe it is the fear of the unknown, 401k worries, life insurance dilemmas, or perhaps you are unsure about proper financial planning. The fact of the matter is that, yes, those are all solid points, but o live your life to the fullest and make positive impacts on businesses, you have to take the leap.
Millennials are shaping the business world unlike ever before, and if you are part of that generation, you should follow your passion too. We only get so much time here on this earth. Do more of what you love and make sure that every moment you have counts.
If you are still hesitant, try reaching out to a financial planner who can help you even more with the right investing direction for your personal situation for the best outcomes.