Multiple Income Strategy & Debt Management For Millennials, Guide Launched

Published March 12, 2024

The new guide explores the generational wealth difference between millennials and other age groups, offering strategies to help millennials achieve financial success.

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As explained in the guide, there are several reasons why millennials have encountered more financial challenges than other generations. Facing multiple economic difficulties, such as rising student loans, stagnant wages and increased living costs, millennials have historically struggled to accumulate as much wealth as their baby boomer and Gen X counterparts. Although the financial market for millennials has improved in recent years, it is still 11% below expectations. With this statistic in mind, Wealth Building Way offers a series of wealth-building strategies to help millennials achieve their financial goals.

In addition to pursuing high-earning jobs, the guide recommends that millennials explore alternative income streams, otherwise known as 'side hustles'. "In the gig economy, millennials can leverage their skills to earn extra income through freelancing," says the guide. "This flexibility appeals to millennials who value work-life balance and want more control over their schedule."

Similarly, Wealth Building Way points to the potential of entrepreneurial side hustles for securing long-term wealth. Business models, such as drop shipping, are easy to set up and can provide millennials with an additional income stream for financial security.

Alongside wealth accumulation strategies, the experts at Wealth Building Way offer tips for managing millennial debt. They advise refinancing student loans at lower rates, which can help to save money over time. Similarly, millennials may benefit from income-driven payment plans that adjust monthly payments based on income and family size.

Another strategy for smart financial management is to use the 50/30/20 rule. Wealth Building Way explains how balancing debt payments with savings can help millennials stay financially stable. "Allocate 50% of your income to essentials, 30% to non-essentials, and reserve 20% for savings and debt repayment. This approach ensures a balance between enjoyment and financial security."

Other financial planning tips discussed in the guide include tracking expenses, setting a spending budget and establishing an emergency fund that covers 3-6 months of living expenses. Millennials can also find advice on tax deductions, investment strategies and retirement accounts.

Interested parties can find more details by visiting

Wealth Building Way
16238 Highway 620 N
Suite F-104.b
United States

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