You’re probably reading this because you already have a primary income, such as a job, but you want to increase your household income. The cost of living seemingly increases each year, yet salaries seldom match everyone’s increased household expenditure.
One tried-and-tested method of boosting your income is by having a side hustle. As you probably know, there are several ways to increase the money you earn each month. But, which secondary income streams are likely to bring in significant sums?
Take a look at the following five examples for some real-world inspiration to help protect your family’s finances:
1. Online Tuition
Are you an educator? Perhaps you are a school teacher in your day job? One way to earn some extra money uniquely is by providing private online tuition using nothing more than your computer and a webcam.
You could specialise in one particular subject, or you might prefer to offer your services in several subject areas. In any case, you will always have a steady flow of clients, such as parents that want extra tuition for their kids to supplement their school education.
2. Forex Trading
Are you good at predicting price movements of currency pairs on the forex market? If so, you should consider doing some forex trading in your spare time as a semi-passive income stream.
Forex trading is something that millions of people do worldwide each day, and it’s now easier than ever to do so from the comfort of your home.
Make sure you use a true ECN provider to benefit from things like instant market executions and competitive commissions.
3. Flip Cars From Home
Buying and selling cars for profit isn’t exactly a new idea. However, it’s unique if you have a real talent for spotting bargains for sale and a good understanding of mechanical repairs.
You could flip cars as a side gig from your home by seeking out discounted used vehicles, giving them a deep clean and repairing them to a high standard.
More people want good quality used cars these days as it’s getting harder for them to purchase brand new ones due to continuing semiconductor shortages from the Far East.
4. Restore Car Parts
Sticking with the automotive theme for a moment, if you’d like to have a side hustle that involves cars but you don’t want to buy and sell them, another idea might be to restore or refurbish car parts.
For example, you could restore brake calipers for high-end vehicles and make a significant profit on each pair sold. Another idea might be to restore parts from discontinued models or brands – ones that are getting hard to find brand new.