Statistics show that more than 17 million British adults have less than £100 pounds saved in case of an emergency. Let's take a look at five side hustles which can help to break this cycle.
1. Small Gains Equate to Big Rewards (Over Time)
Many would-be investors fail to venture into the markets out of a fear that they will lose their savings within only a few days. This is more of a myth than a reality if the correct strategy is embraced. Most successful investors side hustle with small amounts of capital. Over time, these funds can amass into a sizeable source of supplemental income. So, "baby steps" are often the best way forward.
2. Paid Blogging
Do you possess the gift of gab? Are you regularly posting blogs or communicating with others on popular social media platforms such as Facebook or Twitter? if so, why not turn this habit into a paying reality? You might be surprised to learn that countless individuals are paid substantial sums of money to promote specific products and services. Not only can blogging be a great deal of fun, but it can be performed during your spare time so that other activities will not be interrupted.
3. Currency Positions
If you have often wondered how banks are able to amass such an impressive amount of money each year, look no further than currency trading. By taking advantage of the value of one currency (such as the pound) against another (such as the euro), you could reap impressive financial benefits and a high rate of return.
The main benefit of Forex trading is that the markets are always open in some region of the world. Furthermore, entry levels are relatively low and trades can be executed in a matter of minutes. As these positions are highly liquid, it is best to start off slow before depositing larger amounts.
Commodity trades frequently appeal to those who are looking for low-risk investments and returns over time. In fact, holdings in precious metals and oil often comprise a substantial portion of many successful portfolios. One benefit often paired with commodities is that they are safe havens when compared to the rather fickle nature of open market trades. So, returns are likewise much more predictable.
5. Spread Betting
Spread bets enable you to make a profit regardless of whether an asset is gaining or losing value. So, they can be great tools to use within a volatile financial climate. As you are not actually purchasing the underlying asset itself, you are not liable to pay any stamp tax (a welcome benefit). Mobile trading is now so advanced that you can access your account within seconds from the home, the office or anywhere in between.
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