Looking for new ways to make money?
You’re far from alone.
The Covid-19 pandemic has left many of us in tricky situations and experiencing financial difficulty.
Even if you’re not struggling right now, a side hustle can always be appealing.
So, why not try some of these techniques below out?
They could put money in your pocket!
Try freelance work
A great idea, whether you need a full-time income or just a little extra money on the side, is to take on some freelance work.
This will see you get in touch with clients who can pay you for one off projects here and there.
This can help you to generate an income and also allows you to get to work without the rigorous interview and recruitment processes that many businesses require nowadays.
Before getting started, you need to make sure to:
- Register as Self-Employed — many people dive into self-employed work completely forgetting the first important step that they need to take. In order to work on a self-employed basis, you’re going to need to register as self-employed. This will ensure that the government can expect a tax return from you by the end of the fiscal year. At the end of each tax year, you will have to fill out your self-assessment and pay your tax in one lump sum. Make sure to figure out your tax and put this money aside from your payments for each project you complete!
- Find an Accountant — an important tip that many people fail to make use of when it comes to their first year of freelancing is to remember to use a professional accountant. Sure, if you’re pretty good with numbers, you can probably file your tax return fine. But an accountant will know the ins and outs of what you can claim, what you can expense, what you can deduct and more, making sure that you only pay what you need and that you definitely get all of your returns and payments in on time. When finding an accountant, make sure to use someone who has plenty of good reviews and happy clients behind them. The more experience, the better.
Get involved in cryptocurrency
Another option when it comes to making money is to try your hand at exchanging and trading cryptocurrency.
This, of course, will take a pretty specific knowledge and skill set. But you can learn how to easily buy bitcoin online before you dive in.
You will need to do your research, and you can potentially use an exchange site like https://swyftx.io/ca
It’s important to understand that cryptocurrency is highly speculative and highly risky. You should never invest money that you can’t afford to lose.
For example, during the Bitcoin crash of 2018, its value fell as much as 80% from its peak. For this reason, if you are a prudent investor, cryptocurrency should only form a small part of your portfolio, to offset any potential loss.
As with any new venture, make sure to start out with small amounts while you find your feet.
Try stocks and shares
If you enjoy crypto, you might enjoy engaging in other markets.
There are a number of markets to choose from — the stock market, foreign exchange, options and more.
Again, you should do your research and try out a few stock simulators before getting involved. You should never invest more than you can afford to lose.
Remember: Past performance is not a guarantee of future performance. You should understand the level of risk involved at all times.