These days, people have less disposable income than ever before, with the cost of living crisis as Ed Miliband calls it threatening to cast many families out of their homes, and squeeze every last available penny from hard working people. With this being the case, many are resorting to relatively drastic measures to ensure that they can make ends meet, and everybody from young school leavers to the professional and middle aged are trying to source a second income. Side incomes are essential in todays age, particularly if you dont simply want to struggle your way through life, scrimping and saving wherever you can. You have to be hard working and have an enterprising nature, but if you have those two things, there are plenty of ways that everyone can earn a second income. Here are just a few.
We live in a digital age, and now, even your seventeen-year-old sister can become rich with her own online store. If you have a passion for jewelry, make-up, art, crafts or ornaments, then you should seriously consider taking your hobby and monetizing it by creating an online store on a site like Amazon, eBay or Etsy. They all have slightly different methods of subscription/service charges, but the costs are essentially limited to the stock you purchase/make, the charge of the service you use to sell your products, and the delivery costs, which you should charge to the customer. So, with a laptop and an internet connection, anyone can be Alan Sugar.
Trading and Investing
Now, at first thought, trading and investing might appear one hundred percent inaccessible. Despite this, foreign exchange the act of converting money from one currency to another in order to exploit the exchange rate is not as challenging as it sounds, inherent risk notwithstanding. You might not know that many trading platforms offer virtual accounts and plenty of educational materials. This means that as long as you have a grasp of current world affairs, you can begin your foray into the world of investment with no financial consequences. Essentially, if you create an ECN account with a trading platform like Alpari, you can make trades on their virtual account without having to spend any of your actual money. Then, when youre feeling more comfortable with the trading process, you can convert your account to a real one, and start making money.
Helping the Community
A third and final way to generate a second income is to help out your local community. Many believe that helping others in need equates to charity, but there are plenty of people out there who need little jobs doing probably even on your street who are willing to pay for your services. Generally speaking, people know that you dont get something for nothing, and so if you offer a Sunday morning lawn-mowing service to generate some extra disposable income, youre sure to have people take you up on your offer.
So there you have it some straightforward, inexpensive ways that you can start making money, regardless of your level of education or your age.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.