We’ve all asked this question before. How can I make more money? Sometimes working the 9-5 doesn’t cut it, and for a financially stable future, it’s always beneficial to have a second form of income. It’s not always possible to work two jobs, and there are only so many hours in the day, so we have come up with three solid ideas to bring in that all important second income.
Start A Side Hustle
Starting a side hustle is a fantastic way to bring in more income and from the comfort of your own home. If you have a passion or a hobby, you could utilize this. Making more money could be as simple as training yourself up, setting up a business Instagram or website, and promoting yourself and the service you provide. You could make candles, become a nail tech or barber, and start your mini side hustle from home. This gives you the flexibility to work your 9-5 and introduce new clients in the evening times and on a weekend.
Invest in Shares
Investing in stocks and shares is a great way to kick off an investment portfolio. To begin with, you may look to take out some advice on the best route to take to suit your financial circumstances. Before taking the plunge, you should look to do some research into the right business for you. How has the business performed over the years? What is the forecast looking like? Read the companies profile and find out exactly what they do to make money.
If you’re unsure of who you can invest in, we have listed some businesses below:
- Wynnstay PLC
- JD Sports
- Walt Disney
Dropshipping is an interesting approach to making more money. Drop shipping typically is a form of business in the retail sector whereby you don’t hold the goods in your inventory. You simply purchase the goods from the seller and ship them directly to the buyer. The great thing about drop shipping is the store does not keep the goods in stock. Of course, there are risks with drop shipping, such as unreliable partners. As the retailer never sees the stock, you won’t know if the product the customer receives is up to standard.
Investing in Hard Commodities
By investing in hard commodities such as gold and silver you are diversifying your investment portfolio as well as investing in something you can take physical possession of. Gold is an inflation-proof investment therefore if you were to buy today and sell tomorrow you would retrieve the difference. Gold is unaffected by devaluation, therefore, losing your money is unlikely. You’d have to lose your physical gold or silver bullion to lose out. In times of economic downturn across the globe, you will always be able to sell your gold and not lose your money, which is why gold and silver investment is highly sought after.
Ismail is a freelance tech writer with a passion for lifestyle, gadgets, apps, and cars. My writings carry a huge amount of different social aspects that may help to improve your lifestyle. Find him by email.