Earning a side income is a great complement to a full-time job. It’s possible to develop new skill sets through several ideas that each grow slowly at first but eventually produce a meaningful amount of money every month. Sometimes, a side income is discovered that can produce a gush of new funds when a special opportunity is seized.
It’s up to the individual to try out different ideas to see which ones suit their personality and what they wish to do. Here are 6 ideas to produce a side income.
1. Day Trading
Day trading is an excellent way to create extra profits from an initial stake. The idea is to learn certain markets well enough to decide for yourself which direction they’ll be moving shortly, place a trade, wait, and then once the movement has happened, sell out quickly.
It relies on having a good head for numbers and sometimes, statistics too. It’s endlessly fascinating for people involved in it where they usually have several active trades placed at any given time. To get started, here are some tips on how to day trade profitably.
2. Drive for Lyft or Uber
Within the gigging space, working as a taxi driver for Uber or Lyft has become extremely popular. You’ll require your own vehicle and a valid driving license. Signing up with either service doesn’t require jumping through too many hoops either. So, it’s possible to get started quickly and begin earning extra money almost immediately.
Alternatively, Uber Eats is another possibility where you’ll likely be riding a motorcycle around town. Also, local opportunities to make deliveries for a small business or restaurant that offers take-out service is another prospect.
Read also: Best Apps to Make Money in Gig Economy
3. Virtual Assistant
While it’s common to see virtual assistant (VA) services offered in the Philippines, they’re also needed in the U.S. Being a native speaker who is familiar with the U.S. culture and vernacular is very important to employers who need that skill set.
A VA provides wide-ranging services from research to typing to calling clients and producing Excel spreadsheets. Some technical computing skills are a plus point as is a comfort level with using social media and the internet. The FlexJobs site is useful to search for virtual assistant jobs that are either in a specific location or flexible and online.
4. Create Photography for Sale
Many websites are looking for photography they can use on their website for an affordable cost.
Rather than being tied into using Getty Images or another stock photo company, they prefer to deal more directly with the photographer. If you are an avid photographer, you can publish a selection of your images on a personal website or, if you prefer, list them on a stock photography website. It’s entirely up to you.
If you’re excellent with grammar and have previously put the time in as an editor, then being a proofreader is a gratifying role to earn some extra money. It can be performed in your spare time, just as long as you meet the expected delivery date.
6. Freelance Writer
For people who fancy turning their hand to writing, it’s possible to earn extra moola by penning articles for websites and magazines. While you may never write for big-name publications, there are plenty of websites that regularly require fresh content.
The type of writing and the quality level depends entirely on what is required. The rates are also variable depending on the level of your prose. Therefore, it’s something that can bring in increasing amounts as your writing quality improves with time.
Earning a side income doesn’t deliver a full-time salary, but it will certainly add to whatever you already earn in your job. However, it will allow you to either cover more expenses or set the extra earnings aside for a rainy day.
Photos courtesy of gettyimages.com