Seven ways to earn money outside of your full-time job
Seven ways to earn money outside of your full-time job
As life becomes more expensive with increasing inflation, many people find themselves looking for ways to earn extra income outside of their full-time job. This is a completely normal response, as having a bit more money can increase feelings of security and be a real help should any emergencies arise.
Many are at a loss for how to start earning extra money, but there are actually lots of opportunities for those who are willing to give them a go. Below are seven ways an adult can earn money outside of their full-time job, either in the short-term or in the long-term.
- Start a blog
One of the most lucrative ways of making extra income in this day and age is to start a personal blog about your interests, hobbies, or even about your day job and profession. You may think that the age of blogging is over, as the younger crowd moves to social media like Twitter, Instagram, and TikTok. However, many people still read blogs and appreciate bloggers. The Internet is a vast place, and readers flock to blogs that cover just about any niche.
Start by thinking seriously about what you can blog about without becoming bored over time. For most people, these are their family, their hobbies, and their profession. Your blog can be about your experience as a long-distance runner and you can discuss marathon running, or it can be about visiting art museums around the country and reflecting upon them. If you are in an interesting field, you can write about your daily life and the things you see on the job.
Blogging can be done by just about anyone these days, and it does not cost anything to start a blog. However, you should understand that maintaining and growing your blog is a long-term undertaking and not for the faint-hearted. To really get the views coming in, you need to have patience and discipline and post consistently. You should also pay attention to trends and popular topics in your niche to capture new viewers and searchers from Google.
When you’ve got a steady stream of readers, you can begin monetising your blog with the use of ads and affiliate links, or you can accept guest posts from writers for a small fee.
- Start a YouTube channel
Similarly, if you are keen on sharing your life and eventually monetising it, you can always start a YouTube channel and start creating videos about topics you are interested in. Many people fear starting a channel because they are embarrassed or would prefer not to have their face up on the Internet, especially if they are in a public or professional role in their full-time job and have an image to uphold. This is perfectly understandable.
However, many YouTubers these days are free to create content in any way that suits them – and that includes remaining nameless and faceless in their videos. You can start a channel discussing history, fashion, geography, science, and any other topic without ever having to show your face or reveal your identity, and still rack up views. It all depends on your dedication to creating unique and insightful content.
Start by using a high quality camera – in most cases, this is your phone camera. If you wish, you can also invest in a ring light or a phone stand. However, that depends on the type of video you wish to film.
Just like blogging, growing a YouTube channel is a long-term endeavour and you should not expect money to come rolling in the moment you post your first video. It will take time to establish your authority as a content creator and for people to find you. But when you’ve got a steady stream of subscribers and viewers, you can begin monetising your videos with the use of ads and affiliate links. You can even get paid by YouTube for your video views.
- Freelance in your field
If you are not into creating content, freelancing in your field can be equally lucrative. You have got the experience and the expertise, and your insight can be very valuable to another organisation. Pick up projects as a consultant on the side, and work on weekends or in the evenings to make some extra fast cash.
You can also set up your own consulting business for students and young professionals who wish to climb the career ladder in your field. You can help them create and curate their resume to land a position, advise them with their work, and for younger students, tutor them in the relevant subjects. For example, if you are an economist, you can offer lessons on advanced economic theory, or if you are a physiotherapist, you can give talks to the public or sports organisations.
Before becoming a freelancer, you should always check with your company to ensure that you are not violating your employee contract by taking up employment elsewhere, especially if you will be working as a consultant for another organisation. In most cases, employers will be fine with you giving talks and classes outside of work if you are upfront about it. The bottom line is, being transparent can save you a lot of headaches down the line.
- Trading in the financial markets
A very common way these days for full-time job-havers to earn extra money is through trading in the financial markets for some fast cash. If you have some disposable income, rather than spend it on a new pair of shoes or a gadget, why not trade in the financial markets for a shot at some solid return?
There are many options for short-term traders, with the three most popular markets being stocks, forex, and crypto. All of these offer short-term trading options, where traders can take advantage of the fluctuations in the markets to dip in and out and make some quick cash.
There are also many ways for short-term traders to trade. One strategy is scalping, which is to move in and out of markets very quickly throughout the day and making a profit from small fluctuations. The idea is that with each trade that lasts anywhere from a few seconds to a few minutes, you make a small profit, and these small profits accumulate as you execute many trades in one day. This is perfect for anyone who has a full-time job and only has snippets of time in the morning, on their commute, after work, or before bedtime to trade.
Many banks and brokers also offer trading apps that can be accessed on any smartphone or tablet, which makes trading on the go even easier and more accessible. As a result, financial trading has become an extremely popular option for people who want to make some money on the side, especially for those already in the financial industry with sufficient knowledge and experience of markets.
For first-time traders, to ensure that you maximise your potential success in financial markets, you should always do research and never trade with more money than you can afford to lose. This is because trading is unpredictable at the end of the day, and markets can swing in wild ways. Read up on risk management strategies and apply them. Remember that you are here to make money and not lose money.
- Investing in long-term
If you are not into the volatility of short-term trading and you do not have time to monitor markets for an extended period, you can always invest your disposable income instead. The difference between trading and investing lies in time horizon. Investing has an underlying sense of longevity, and investors tend to pick assets that can grow over time.
This includes investing in real estate, stocks, and different fund options – such as index funds and mutual funds. Often, these markets are less volatile (for stocks, it depends on the stock you choose), and they are forecasted for growth in the long-term. This is a good way to earn passive income over the years, as investments can snowball through time.
First-time investors may find it overwhelming and not know where to start. However, if you have a full-time job, you probably already have an employee savings account, and you are probably already investing in some type of fund. This is a good place to start – by organising and managing your retirement account, you can slowly see which funds work for you and stick to them.
When you decide to branch out afterwards and create an investment account for a different purpose – such as for your children’s education needs, a vacation fund, or a fund to buy your dream house – you can also seek professional help from your bank to give you advice on the different investment types.
- Have a side job
One of the most traditional ways of earning extra income is simply by picking up a side job on the weekends, one that is completely unrelated to your profession. Depending on your availability and preferences, you can become your neighbourhood’s dog-walker, cat-sitter, or babysitter. You can also monetise your hobbies, such as selling your baked goods and paintings.
For those who prefer staying indoors, you can work part-time in office jobs such as call centres and customer service or write articles for a publication that can compensate you for your time and expertise. Alternatively, being a repairman and offering cleaning services can be lucrative, as many people are in need of plumbers, electricians, and cleaners and are often only available at home on weekends to supervise your work. Additionally, if you have a pickup truck and some muscle, you can also work as a mover or offer hauling services.
Again, before having a side job, it is very important to check with your full-time employer that what you are doing is okay. You do not want to accidentally violate your employee’s contract and get yourself in hot water, even if what you will be doing will be unrelated to your career field.
- Renting out a room in your house or apartment
Finally, if you have an extra room in your house or apartment, why not rent it out to make some extra cash? You can list your room on any real estate website or AirBnB and take in guests in the short-term (a few days to a few weeks) or long-term (over six months). This is a particularly good idea if you live in a popular tourist destination, a big city, or a university town. There will always be people looking for a place to stay, and you can make some extra money with them there.
If you are introverted and like to have your own space and privacy, this may not be the best idea for you. However, if you are extroverted and like to meet new people, you will certainly get to have your fill of socialisation when you rent your room out. You will be able to meet interesting people from all walks of life if you keep an open mind.
Of course, it is important to thoroughly vet your renters to ensure they will not destroy your home or leave rent unpaid. You should also consider whether their lifestyles would be compatible with your own and set house rules if necessary. For example, if you have to get to the office by 8 in the morning, you may want to avoid renting to a university student who seemingly has endless capacity for partying through the night. If you have any pets, you want to make sure your renters are not allergic to them or hate animals.
The bottom line
There is always an opportunity to make money if you can spot one, and depending on your personality and availability, you will be able to find a way that suits you best. Saving up a little extra money can go a long way in today’s world, and you want to make sure you always have enough emergency fund for a rainy day.
That being said, it is important to remember that rest is necessary in any endeavour, and it is equally important to take time off and relax if you are tired after a long day at work. Making extra money is great, but so is having some downtime.