Yahoo Finance 5 Ways To Make Big Money Like Gen Z
When you think about how each generation is faring these days, you might be thinking that the older generations are doing the best in all aspects. Well, you’d be wrong.
Check Out: 6 Reasons the Poor Stay Poor and Middle Class Doesn’t Become Wealthy
Read Next: 5 Unusual Ways To Make Extra Money (That Actually Work)
Business Insider recently reported that Gen Z is now outpacing boomers on income and millennials on homeownership.
Gen Z, born between 1997 and 2012, has faced significant hurdles — 40-year record-high inflation, the fallout of a global pandemic, and interest rates that haven’t been as high since 2007. As a result, Gen Z has had less time to accumulate wealth as compared to their older counterparts.
However, Gen Z is doing better overall than previous generations when it comes to things like income and homeownership.
Earlier this month, Fortune reported that Gen Z is faring better in terms of pay, making almost $10,000 more compared to adults three decades prior.
To add, a 2023 Redfin study showed that 30% of 25-year-olds owned their home in 2022. That’s compared to just 28% of millennials and 27% of Gen X at the same age. Gen Z’s rate of homeownership trails behind baby boomers by just 2% (32% respectively).
While Gen Z might be younger than the rest, they have some financial advantages over many of their older counterparts. If you’re looking to get ahead and make big money like Gen Z, here are some tips.
Live at Home Longer
While you might want to strike out on your own sooner rather than later, staying at your parent’s house longer can save you a ton of money. If you’re working full-time and have the luxury of staying with your folks rent-free, consider staying an extra year or two so you can build your savings — and kill any debt you have — before making a jump.
Learn More: Here’s What the US Minimum Wage Was the Year You Were Born
Ask for a Raise
Gen Z is already earning more money than other generations. If you ask for a raise at your current job, you could get closer to the same financial standing that average Gen Zers are enjoying these days.
Switch Jobs To Boost Your Income
If a raise at your current job simply isn’t in the cards, consider searching for a new opportunity. Sometimes, switching jobs and moving to a new company can mean a larger boost in your salary, and a higher title, than staying and waiting it out at your current company.
Get a Side Hustle
If the raise didn’t pan out — and it’s taking longer than expected to find and secure your next opportunity — consider getting a side hustle in the meantime. A side hustle can range from babysitting, dog walking, pet sitting, becoming a rideshare driver or food delivery worker, or even freelancing in your current field. Adding an additional revenue stream is a crucial way to reach your financial goals faster.
Work Toward Purchasing a Home
Gen Z’s average rate of homeownership has already exceeded that of both millennials and Gen X. If you want to achieve the same status, try to aggressively budget each month so you have extra cash to stash away for a down payment.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 5 Ways To Make Big Money Like Gen Z
