Millennials are also referred to as the Net Generation or Generation Y. They have many names with some people calling them lazy, privileged, and cocky. Despite these names, they are having a major impact on the business world and influencing how different businesses operate.
These are people who became adults in the 21st century and grew up with advanced technology at their disposal. They also make the biggest population in most countries around the globe, meaning that businesses are finding it difficult to ignore them.
With advanced technology, Millennials are finding new ways through which they can make money and sustain their lives. They are making use of technology and technical tools to generate income and come up with new innovations that simplify their money-making techniques.
There are different ways through which the digital revolution has changed the way Millennials are making money. Some of them include;
Investing Applications
The digital revolution has made software development easier than before and reduced the time taken to build an application. This is largely attributed to new technologies that allow developers to build on functionalities from other applications reducing the overall cost of building applications.
In return, this has led to a rise in low-cost investing apps. Millennials are using these money making applications to invest their money with certain expectations in returns. At the end of the day, they will have made money from the comfort of their homes without much struggle.
Virtual Assistants
Most people have in one way or another interacted with virtual assistants powered by artificial intelligence. A bigger percentage of these people have done so without even knowing because of the changing nature of the technology behind virtual assistants. This is something that Millennials are heavily investing in.
Millennials are using digital platforms such as ChattyPeople to build virtual assistants and chatbots. These platforms make it easy for them to understand the technical details required for one to be a professional in the field.
Millennials then offer these services to other people and businesses, adding to their revenue-generating streams.
Teaching Online
A bigger percentage of Millennials have gone to college and gained knowledge in a certain field. Depending on their requirements, some of them go on to get employment while others employ themselves or engage in other many-making activities.
Depending on their areas of expertise, Millennials are using platforms that have been born from the digital revolution to offer courses online.
For instance, some of them are monetizing their YouTube channels and creating how-to videos, sports drills, and yoga routines among others. They can also sell subscriptions or offer ad spaces that they charge for. This way, they are able to make money.
Affiliate Marketing
The digital transformation has changed how people shop. Gone are the days when people used to walk into retail stores and malls for shopping. Today, most people need to shop from anywhere they are and get deliveries to their preferred destinations.
Millennials are taking advantage of this to make money. They are creating and managing blog sites through which they can generate revenue from affiliate marketing.
They create referrals and links on their blog posts that offer traffic to online retailers. In return, they earn a certain amount of money from every sale that originates from their blog sites.
Selling Downloadable Materials and eBooks
Apart from creating new revenue-generating avenues for Millennials, the digital revolution has also opened opportunities for them to gain different skills all by themselves. Those that need technical skills can train themselves from the comfort of their homes with ease.
Millennials are taking advantage of this to generate income. Those that can write have written books and to avoid printing costs, are selling them online on different platforms as eBooks.
Others are using their skills or gaining new ones to design different things that they can sell as downloadable materials. Technology has made sure that Millennials have access to platforms where they can sell these products.
Conclusion
Technology is a driver in how Millennials make money today. It has made it possible for them to engage in what they love and make money out of it. This means that they do not have to look for employment in an office for them to generate income.
As technology advances, we are going to see more ways through which Millennials will be able to make money and sustain their lives.
