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April 12, 2022
In the current economic climate, relying on a single source of income creates significant vulnerability. If you lose your job or are asked to take a pay cut, even temporarily, there’s no backup to cover essentials like food, rent, or bills. With just one income, it’s hard to save money or absorb unexpected costs like medical emergencies or car repairs. Rising prices immediately erode your purchasing power, and without additional income, you have no choice but to adjust your life downward.
Building wealth is within your reach, but it can be tricky to know where to start. This guide will help you make sure you’re not missing out.
Taking time to build passive and semi-passive income can pay off long-term. If you want additional income without having to sweat for it, invest in stocks, ETFs, or real estate. Cryptocurrency can fall into both the passive and semi-passive investment categories, depending on how it’s managed. Purchasing blockchain-based assets and holding them for an extended period, typically months or years, requires minimal effort. A good way to earn a high yield is by locking up the best cryptocurrency. Once staked, it’s mostly hands-off.
Some cryptocurrency investments require occasional monitoring and adjustments. For example, you can supply cryptocurrency to decentralised exchanges to earn fees, but you must take measures against impermanent loss and market volatility. If you’re comparing cryptocurrency as part of a broader financial strategy, compare it with other income sources. You can acquire some alternative investments from a brokerage, but others, such as futures, require a special account.
If you want to become a landlord, you have a lot to look forward to – many rewards, but also lots of responsibilities. You have to find tenants, collect rent, and manage your property within a budget. Equally important is to document the income you collect and the expenses you incur. That being said, you should take advantage of the space you’re not using anyway and transform it into a money-making opportunity. Though rental prices are growing more slowly than a year ago, they remain significantly higher than pre-pandemic levels.
An ever-increasing number of people choose to work for themselves to gain greater autonomy, flexibility, and control over their careers. 1 in 3 working people currently have a side business or second job in the UK. Freelancing helps earn a bit more and allows you to experiment with a business idea before diving in full-time. You can set the rate you believe you’re worth, not to mention that you can also choose how to set it – per project, hourly, daily, or weekly. Most clients will be open to discussing and negotiating your rate.
Say “yes” to your passions and find new purpose through work. Sites like Upwork, Fiverr, and Freelancer.com offer opportunities to do various jobs, such as writing, marketing, programming, design, data entry, and so on. Attention must be paid to the fact that the amount of work can fluctuate, meaning there are times when you have little to no work coming in. To counteract slow periods, actively network, gather positive reviews, and constantly upskill.
It can take time, and success isn’t guaranteed in freelancing, but if you’re dedicated, the rewards will come. Set up a one-page website to allow potential clients to find you, understand your offerings, and contact you without much difficulty. Today’s website builders offer integrated AI tools to help with tasks like creating unique content or optimising for user experience. Put simply, it’s easier than ever to represent yourself professionally and reach out to clients.
You can transform your expertise, skills, and wisdom into income by teaching online, hosting workshops on topics like wellness or career development, or selling Canva designs for planners and social media kits. It can amplify your impact, sharpen your skills, and open doors you never imagined. Teaching or consulting requires you to be organised to effectively manage activities, whereas speaking on a topic positions you as an authority in your field, so you can attract higher-paying clients.
Think about writing an eBook. If it’s good, it won’t be long before your students are standing in line to share with you and the rest of the world how great your eBook is. Scan online communities, forums, and social media to see what questions people are asking. Check out existing eBooks (or courses) and take notice of gaps you can fill or fresh angles you can take to make the content more interesting and valuable to readers.
Seasonal work can be an excellent option if you’re looking to earn extra income, gain experience, and enjoy a flexible lifestyle. While most jobs can last several months, others are limited to a few days. The retail sector is renowned for offering seasonal work, especially around Christmas time, to meet the massive surge in consumer demand. Amidst the hustle and bustle of the holidays, you find yourself at the heart of the festive spirit. Online sales rise steadily during this time, so warehouse workers are essential.
Tourist destinations have various resorts, hotels, and restaurants that hire seasonal employees during busy periods to accommodate the needs of their guests. You earn while exploring. If you don’t live in a tourist area, you can do house or pet sitting. Owners get reliable care for their homes and furry friends, while you get paid for minimal effort. It goes without saying that you must communicate promptly with the homeowners, meticulously follow their instructions, and treat everything with respect.
Cultivating supplemental income is a prudent measure that reinforces long-term stability and resilience. By diversifying your revenue streams, you can defend yourself against an imminent recession, meet evolving personal/professional goals, and maintain a higher degree of independence. Combine a quick-earning option, such as freelancing, with a long-term builder, such as investing, to reduce risk and open up growth opportunities.
A balanced approach is often effective. You could combine a method that provides quick cash, such as freelancing, with a long-term wealth builder like investing. This strategy helps you manage immediate financial needs while planning for future growth.
It does come with responsibilities, including finding tenants, managing bookings, and maintaining the property. However, it can be a very rewarding way to make a significant income from an asset you already possess.
You can start by creating profiles on popular platforms like Upwork and Fiverr. To attract clients directly, consider building a simple one-page website that showcases your skills, previous work, and contact information. This gives you a professional online presence.
Not at all. If you have specialised knowledge that people are looking for, you can create a valuable eBook. Focus on answering common questions in your field and offering a fresh perspective. The key is to provide useful, well-structured information that helps your readers.
While the work can fluctuate, short-term roles are an excellent way to earn extra money during peak seasons, like holidays for retail or summer for tourism. They offer flexibility and can be a great fit if you don't want a permanent commitment.
