10 Ways Millennials Can Build Wealth in 2023

Introduction

Millennials have faced numerous challenges, from the Great Recession to significant student loan debt, but there is a silver lining. In 2023, there are strategic ways to build wealth despite these obstacles.

Check Your Bills

According to a recent survey by Real Estate Witch, the average millennial currently owes over $117,000 in non-mortgage debt. Becoming debt-free is the first step to building wealth.

1. Become a Realtor

Quick and Lucrative: Becoming a realtor can be one of the quickest and most lucrative ways to generate wealth. To start:

Complete pre-licensing education Pass your state's licensing exam Join a brokerage or get hired Start selling homes and collecting commissions

For detailed guidance, visit Mainstay Capital.

2. Get Into Aggressive Investing

Risk and Rewards: Aggressive investing involves taking on more risk to generate higher returns. Consider investments in stocks, options, futures, or other high-risk ventures. Always conduct thorough research and understand the risks.

For more information, visit Michael Ryan Money.

3. Start a Digital Company

Entrepreneurial Spirit: Starting a digital company can range from e-commerce, selling online courses, or pursuing the influencer route. The key is hustle and dedication.

For tips and guidance, visit Olive the Money.

4. Take on Freelance Work

Utilize Your Skills: Identify skills you have that are in demand, such as writing, graphic design, or web development. Use platforms like Upwork or Freelancer to find clients.

For step-by-step advice, visit The Hub Events.

5. Become a Consultant

Specialized Knowledge: Offering consulting services can be a lucrative opportunity, especially if you have expertise in a particular field. Many companies are willing to pay top dollar for specialized knowledge.

6. Offer Coaching Services

Expertise and Marketing: Coaching or tutoring services can help millennials build wealth quickly. Create a website to showcase your expertise and market your services through social media and other platforms.

This advice comes from financial advisor Marcus P. Miller CFP.

7. Start a Small Business

Diverse Opportunities: Starting a small business in any field—from web design to pet care—can bring in money quickly once your business is up and running.

8. Jump on the Short-Term Rental Trend

Capitalizing on Travel Trends: Short-term rentals, especially through platforms like Airbnb and VRBO, are becoming increasingly popular. Renting out a room or entire property can generate significant income, especially in well-visited areas.

According to financial expert Dr. Enoch Omololu.

9. Invest in Real Estate

Resilience in High Inflation: Real estate, particularly residential rental properties, offers resilience even in high inflation. Owning a single property or renting out a room can help you build equity.

10. Seek Professional Advice

Personalized Guidance: A financial advisor can provide personalized advice to help you achieve your unique financial goals. They can also provide access to educational tools and resources to make confident decisions.

Contact Bank of America for professional advice.

Conclusion

Building wealth in 2023 requires strategic planning and a willingness to take on new opportunities. From becoming a realtor to investing in real estate or starting a small business, there are countless paths to financial success. Lean on the expertise of financial advisors and professionals to guide you along the way.