The modern “gig” economy includes several different approaches to making ends meet. For some, traditional full-time employment provides family income, while other earners assemble a series of short-term work engagements, or gigs, comprising full-scale earnings. Still other UK workers blend the strategies, working full-time jobs and also supplementing personal earnings with additional income opportunities.
If you’re looking for creative money making opportunities, whether to bolster your full-time earnings or to keep your self-starter workload flush; several accessible earning prospects can help you reach your goal.
Earning Opportunities for Extra Income
Availability, skills, demand for services, and other individual circumstances all play roles in employment decisions, so it’s up to each person to evaluate opportunities and settle on a livelihood. If your earning potential needs a boost, there are several ways to add to your existing income. These are only a few of the creative ways people earn extra cash.
Buy Low, Sell High – Passive income is the best kind, because it doesn’t tax your time and requires minimal effort. One of the best ways to increase your personal wealth, or at least improve your financial health, is investing in things that appreciate in value. Stock pickers know this isn’t an exact science. Buying securities is a risky proposition – you could lose all or most of your investment. The key to successfully growing wealth over time is limiting that risk, by making wise investments.
House values typically go up over time, so real property is usually a good investment. Tracking house prices and buying when the price is right, as well as taking advantage of favorable interest rates are two ways to manage your investment. Buying low ensures the value of your house rises during the time you own it, so you can one day sell high and make a profit.
Houses aren’t the only things that appreciate over time. Savvy investors apply the same technique to everything from action figures to comic books. Some coins, stamps, jewelry – even toys, command hefty prices from collectors, so you may be able to turn your passion for old and unusual items into a tidy side income. Or, if you’re playing the long game, buying and holding sought-after collectibles serves as another way to put by resources for your retirement.
Get Better Returns – Your savings may not be earning proper returns. Savings accounts currently pay paltry rates, so finding better returns can nudge your income upward, without much effort. If you’re earning a fraction of a per cent, switching to a current account or regular saver with a better interest rate – 3 to 5 per cent may be possible, can have a significant impact on your bottom line. Conversely, when you’re shopping for loans, getting the best available interest rate leaves more money in your bank account – even when you’re opening short-term payday credit, to be quickly repaid.
Pursue Your Passion for Profit – Like to write? Take appealing pictures? Enjoy cooking? With creativity and commitment, any of these personal passions can be turned into side income. For instance, blogs and other online destinations need skilled writers. And stock photography is in demand for electronic and print media. Adding income by doing something you love doesn’t feel like work, allowing you to test the waters and grow your venture at your own pace, without committing large chunks of time or money, up front.
If you’re employed full time, you may be able to increase your earnings, without looking beyond your workplace. A promotion or raise can have the desired effect, helping you make more money, doing what you already do. But if your on-the-job earnings are capped, these and other money making opportunities can boost your income.