How Can Millennials Make Extra Money in 2021: Although it might be true that everyone on the planet has been hit one way or another from our current pandemic crisis, it might be well argued that millennials are getting hit extra hard.
Statistics show that youth unemployment rates skyrocketed to 27.4% in March and April of 2020, and, even though that number has declined over the last few months, millennials are still struggling to make ends meet.
Even before the COVID-19 outbreak, Forbes reported that more than 30% of millennials were working a side job in order to support themselves.
Cost of Living and Learning
Many young folks aspire to live in bigger cities around the country, places like Los Angeles and New York topping their lists of where they aspire to live. Cost of living in such places is sky high — in Los Angeles one can expect to pay $1,000-$2,000 a month for a small studio in a less sought-after part of town.
Couple this with college tuition expenses. Many millennials these days consider it a necessity to earn their college degree, and resources like Top Universities report that many college students can expect to pay just shy of $100,000 in tuition and living expenses over the course of earning their degree.
Millennials and Gig Culture
As mentioned above, many millennials are engaging in what economics guru call “Gig Culture” — which basically means taking on less official types of employment and working multiple “Gigs” in order to make a living.
Many millennials are working online for businesses offering remote employment. Web resources like Upwork and Fiverr make it pretty easy for millennials to offer different types of services and make money without having to leave home.
Trade and Technical Schools
Some younger people who eschew the expenses of college pursue trade schools or technical schools in order to learn specific skills that will help them enter the workforce or work a trade that will take care of them once they start applying these skills they invest in learning.
Times have gotten challenging, and many younger people entering the workforce rely on public transportation to get to work each day. Many millennials don’t yet have the established credit for a prequalify car loan, so riding the bus is the best option until they are able to qualify for an auto loan that will give them more steadfast transportation.
Those with vehicles in working order are pursuing employers like DoorDash and other delivery services in order to make their side hustle work for them. Uber and Lyft are also popular options among the millennial workforce, where employees can set their own hours, which often has them driving around the city in the wee hours of the night, perhaps even after working a strenuous 9-5.
Although millennials are challenged during these pandemic times, challenge has been the theme of millennial existence for years. More and more, younger people are having to remain adaptable, resilient, and have to explore unconventional methods in order to create any lifestyle of comfort. One thing is for sure, the younger generation will continue to roll with the punches.