Ditch Your 9-to-5 With These Smart Ways to Make Money
Ditch Your 9-to-5 With These Smart Ways to Make Money – In an article released by The Guardian earlier in 2018, it was reported that UK millennials are the“second worst-hit financially in [the] developed world.” Reasons contributing to this include job scarcity, and a sharp decrease in the rate of homeownership (only 33% currently own their own homes). In addition to these discouraging figures, it is estimated that more than 80% of UK students will not fully repay their student loans. This comes as no surprise, as the nation’s student loan debt exceeded £100bn in 2017.
With all of the financial uncertainty that exists for millennials, it is clear that having one source of income no longer delivers the security that is used to. Making money outside of your 9-to-5 is now more important than ever before to ensure that you stay afloat through these difficult times. In the midst of this change and uncertainty, some millennials are even opting to leave their single income jobs in favor of multiple streams of income.
If you’ve been in search of ways to create financial security for yourself through alternative ways of making money, explore these three strategies (that can even help you ditch your 9-to-5)!
Start using app-based investing and trading programs
For most millennials, the idea of investing and trading is overwhelming. Those who have not had formal financial training often have no idea who to work with, what to invest in, or when to sell. Thankfully, the internet and mobile phones have made it easier than ever before to begin earning this kind of passive income. Millions of people (especially millennials) have turned to online and app-based trading programs as a way to begin building their savings. Trading online and through apps is quick, simple to understand, and requires minimal initial investment (usually under £5). Also, rather than paying the high fees involved with having a professional manage your portfolio, these online companies often charge low fees. Depending on how much you invest, you could earn a sizeable passive income through these apps.
Use your skills to start freelancing
Skilled in writing, photography, teaching, design, or something else? By mid-2017, it was estimated that there were 2 million freelancers in the UK. What may come as a surprise is that 1.77 million of these freelancers work full-time. If you have always dreamed of being your own boss, escaping your 9-to-5 office job, and pursuing a career you truly love, freelancing is an excellent way to achieve these goals. Not sure if freelancing is right for you? Start your own side business while working full-time to test your ideas, and to see if this career path is right for you.
Create passive income by writing a book
In a survey conducted by The New York Times, 81% of respondents said that they had an idea for a book, as well as the desire to write that book. If you’ve ever thought about writing a book – fiction or nonfiction – now is the time to do it. Accessibility to self-publishing is greater now than ever before, making it easy and affordable (sometimes even free) to publish your book on the side of your day-to-day work. Although most books do not earn high royalties (roughly £63/month on average, according to The Guardian), your passive income earning potential is still excellent. Depending on the content of your book, and the degree to which you promote the book, your earnings could total in the hundreds every month.
Generating multiple streams of income is an exceptional way for UK millennials to create financial security for themselves. Those who are passionate enough about being their own boss can even use these three suggestions as a way to leave their current job. Start testing out each of these ideas to see how they fit into your life, and learn how they accomplish your short-term and long-term financial/professional goals.