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It’s no secret that the economy, as well as the global financial situation, are not doing well. That’s just one of the reasons that working adults have decided to build a second income source. Some seek to create a long-term stream of added funds, while others aim for a temporary solution during times of record inflation and high energy costs. Whatever the reason, many are choosing to work longer hours, take on part-time jobs, start their own businesses, or do whatever it takes to bring more money into their lives.
What are the most effective and efficient ways to develop a steady second source of income? In addition to the two oldest solutions, getting a part-time job and taking on extra hours in a current position, people are coming up with creative ways to ease the financial pain of high prices at the gas pump, soaring utility bills, and inflation. A few of the more popular choices include online trading, internet micro jobs, tutoring, working as a precious metals broker, starting a blog, and others. Here are details about some of the top tactics for boosting your personal bottom line.
Do Online Trading on the Side
Online trading is attracting a lot of attention because it’s easy to open a brokerage account, deposit a modest amount of trading capital, and get busy buying and selling securities or other assets of your choice. Market enthusiasts can visit a forex trading website and get started playing the international currency field in a matter of minutes. Forex is among the top picks for new traders because it offers the chance for around-the-clock activity, low commissions, and leveraged buying power.
Get a Traditional Part-Time Job
Part-time positions are the go-to choice for those who need extra cash to make up for what they’ve lost via inflation and rising energy prices. The traditional 20-hour part-time job offers a few advantages, like the ability to put in most of the time on weekend days, night shift schedules, and a paycheck that can cover most or all of the extra expenses that life throws at you. Consider using an employment agency and letting the rep know that you already have a full-time career but are looking for a 20-hour or less opening that can fit with your current schedule. Don’t forget to budget your time accordingly to account for additional transportation to and from the new location.
Take an Online Micro Job from Home
Micro jobs are turning up everywhere on the internet, with most appearing on job-related platforms where users can sign up for free and gain access to thousands of short-term gigs and a few that offer long-term employment. The thing all the micros have in common is that they typically offer just a few hours per week of paid work. For those who want to add a modest amount to their monthly income, these types of positions are ideal. Many involve copy editing, website scanning, content writing, or consumer surveys.
Start a Special Interest Blog
Blogging is one of those second jobs that’s been around for more than 15 years but takes a while to get off the ground. That’s because the only way to make the endeavor profitable is to build up a readership and then monetize the site. However, most hard workers discover that after six months or a year, it’s possible to sell a decent number of advertisements on a niche subject blog. One of the main factors for success is to post content at least three times per week, actively market the site, and focus on a subject that you’re interested in.
Tutor Online or In-Person
For those who are adept at mathematics or whose native language is English, there are unlimited opportunities to earn at the keyboard. Why? Because the huge majority of younger students struggle with math literacy. For better or worse, schools do a poor job of serving pupils who aren’t born with average or above average numerical skills. That’s where tutors come in. It’s up to you to work as an independent or for an established agency.
For native English speakers, the same is true, but on a wider scale. Worldwide, English is slowly but surely becoming the defacto international language. That means it’s in high demand, and the internet is the gateway for prospective instructors and tutors who want to make a profit from their skills. Whether you choose to teach English or math, spend time exploring the many companies that hire computer-based teachers. Read contracts carefully and compare pay rates before making a commitment.