Gen Z may be young, but they’re not taking time for granted. This generation is working hard to avoid some of the financial pitfalls that their elders faced, such as student loan debt. But they’re not having an easy go of it. The pandemic landed at a crucial time for many — when they were in college or just entering the workforce — and now inflation is outpacing wage growth and a global recession weighs heavy on the horizon. 

                By                    Nicole Spector

Read: Here’s Why 1 in 5 Americans Are Considering Switching BanksAdvice: Protect Your Financial Future With Gold and SilverThe Future of Finances: Gen Z & How They Relate to Money

It’s critical that Gen Zers start making serious money ASAP to steer clear of a life of debt and all the anguish that brings. Here’s a look at what Gen Zers can do to get rich in 2023. 

More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today.

Copywriting

“In order to make money from copywriting, all you need to do to get started is to take a copywriting course, which you can find on Udemy,” said LeeNor Dikel, ACC, a business coach, social media marketer and author. “From there, build your portfolio by offering free services to two to three clients.

“You can find these clients on Facebook groups for entrepreneurs by posting something explaining that you are offering free services in exchange for testimonials. Once you have that, set up a profile on Upwork, Fiverr, and create an Instagram account for your copywriting business. If you post valuable information consistently and reach out to potential clients daily, you can easily make $5K to $10K per month.” 

UGC/Influencer Marketing

“In order to make money doing this, you also need to build up your portfolio,” Dikel said. “You can do this by working with brands for free, receiving a gifted product and creating great content. You can also work with a UGC agency to find consistent paying clients.

“To be an influencer, you also need to have a portfolio with great content but you need more followers. A nano influencer has less than 10K followers and can make around $100 per post. Micro influencers, 10K-50K, can make around $100 to $500 per post. And about 50K followers can make $1,000 and above per post. Make sure you’re engaging with your audience in order to keep your engagement rate high.”

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Investing In Real Estate 

“A good way to make some fast cash in today’s market [is] investing in real estate,” said Jake Hill, CEO of DebtHammer. “Gen Z individuals who have been able to secure loans and purchase homes, then market those residences through third parties such as Airbnb or Vrbo have seen a huge influx in cash. This can be a brilliant enterprise for people looking to dip their toe in the real estate market.

“I advise people to read books, take classes, and educate themselves on the risks before diving into any purchases, but if possible, they will see their wealth increase throughout the year.”

E-Commerce 

“Gen Zs know the ins and outs of the virtual world, and they can use this as a tool to earn money fast,” said Adam Garcia, the CEO and owner of The Stock Dork. “They can sell clothes, books, electronic gadgets, and other items by setting up an eCommerce store while taking training courses to enhance their knowledge in sales.

“If someone watches one of these videos and buys something, you get a commission. Probably the most simple way to start making money because you don’t need a big following, any video making skills, you don’t have to be on camera, and you don’t have to really understand ‘business’ to make that work.”

Invest Your Tax Refund in an IRA 

“Saving a million dollars is almost impossible for the average money maker, so if you want to get rich in 2023, you’ll need to invest,” said Kimberly Hamilton, certified financial education instructor and author of “Building Wealth on a Dime.” “One easy way Gen Z can do that, even if they don’t have a standard 9-to-5 [job], is to set up an individual retirement account (IRA) and invest their tax refund.

“For example, a $500 tax refund invested, followed by as little as $25 per month has the potential to turn into $14,223 over the course of 20 years — a profit of over $7,000 on a $6,500 total contribution. While that amount might not make you rich, the habit of investing as early and often as you can certainly has the potential to do so.

“Above the age of 18, Gen Zers can invest using a Traditional or Roth IRA, depending on their preference. Below the age of 18, they can set up a custodial account with the help of their parents.”