If you are keen to see your savings work more aggressively for you while we are in the throes of a pandemic, you need to consider these side hustles. As you still work full time, you need an activity that is fun, money-making, and can be done in your spare time. Some investments need more time and effort than others, so consider how many resources you can dedicate to your new pursuits. Follow this simple guide and you could soon be topping up your nest egg with the profits from your side hustles.
Rather than emulating an investment banker and trying your luck on Wall Street, you can embark on a journey into the world of Forex. Trade Forex and you could find yourself buying yen against the dollar and selling sterling against the krona. You can set up an account with a third party platform and learn the skills of making money by trading currencies. You can set up a dummy account initially and practice with some Monopoly style money. This allows you to work on your strategies without the added pressure of losing your cash. When you’re ready, you can give the trading a go for real. Only ever trade what you can afford to lose and try to do your research by learning from the wealth of tutorials and vlogs online.
The investment that most people go-to as a side hustle is property. By investing some of your hard-earned cash into bricks and mortar you can end up with an asset that will pay for itself over time. Choose the worst house on the best street, do it up by following a renovation plan, and then market it to renters and you could end up with tenants that pay your mortgage each month. This allows your bricks and mortar asset to accrue in value while you pay nothing towards your home loan. Keep this asset for the long haul and you may find that a decade or so later, you can sell your second pad for a handsome profit. You can then pocket this to reinvest or simply top up your savings.
If you have never considered wine as an investment but you do like the odd tipple every now and then, consider purchasing a few bottles of the finest vintages. Think of wine as you would antiques or fine art. The older and more scarce it becomes, the more sought after it will be. Do your research and discover those up and coming wines that are popular. Riojas from the early noughties always do well and increase in value over time. Buy a few bottles and store them in your cellar or with a professional storage firm. Keep an eye on the market and when you think that it has peaked, sell your wine a pocket the profit.
Side hustles need to be accessible and not too labour intensive. It’s all too easy to become stressed by your side hustle if you risk too much, don’t spread your investments, or spend too much time and effort employing strategies to make money. Remember, this should be a simple way to make some extra cash. Follow this guide and you can pocket some profit during this global pandemic.