Most Popular
1. THE INFLATION MONSTER is Forecasting RECESSION - Nadeem_Walayat
2.Why APPLE Could CRASH the Stock Market! - Nadeem_Walayat
3.The Stocks Stealth BEAR Market - Nadeem_Walayat
4.Inflation, Commodities and Interest Rates : Paradigm Shifts in Macrotrends - Rambus_Chartology
5.Stock Market in the Eye of the Storm, Visualising AI Tech Stocks Buying Levels - Nadeem_Walayat
6.AI Tech Stocks Earnings BloodBath Buying Opportunity - Nadeem_Walayat
7.PPT HALTS STOCK MARKET CRASH ahead of Fed May Interest Rate Hike Meeting - Nadeem_Walayat
8.50 Small Cap Growth Stocks Analysis to CAPITALISE on the Stock Market Inflation -Nadeem_Walayat
9.WE HAVE NO CHOICE BUT TO INVEST IN STOCKS AND HOUSING MARKET - Nadeem_Walayat
10.Apple and Microsoft Nuts Are About to CRACK and Send Stock Market Sharply Lower - Nadeem_Walayat
Last 7 days
Where’s my self-driving car? - 16th Aug 22
Real Reason why Pakistan and India Gained Independence in 1947 at 75th Anniversary - 16th Aug 22
Electronic Payments Can Benefit Your Business - Here’s How - 16th Aug 22
Qualcom Stock Market Harbinger - 12th Aug 22
Apple Exec Gets World's 1st iPhone 14 for Daughters 14th Birthday Surprise Present Unboxing! - 12th Aug 22
Steps to remember while playing live roulette online - 12th Aug 22
China Bank Run Protests - Another Potential Tiananmen Square Massacre? - 11th Aug 22
Silver Coin Premiums – Another Collapse? - 11th Aug 22
Gold-to-Silver Ratio Heading Lower – Setup Like 1989-03 - 11th Aug 22
Severe Stocks Bear Market: Will You Be Among the Prepared 1.5%? - 11th Aug 22
There's a Hole in My Bucket Dear Liza, UK Summer Heatwave Plants Watering Problem Song - 11th Aug 22
Why PEAK INFLATION is a RED HERRING! Prepare for a Decade Long Cost of Living Crisis - 9th Aug 22
FREETRADE Want to LEND My Shares to Short Sellers! - 8th Aug 22
Stock Market Unclosed Gap - 8th Aug 22
The End Game for Silver Shenanigans... - 8th Aug 22er
WARNING Corsair MP600 NVME2 M2 SSD Are Prone to Failure Can Prevent Systems From Booting - 8th Aug 22
Elliott Waves: Your "Rhyme & Reason" to Mainstream Stock Market Opinions - 6th Aug 22
COST OF LIVING CRISIS NIGHTMARE - Expect High INFLATION for whole of this DECADE! - 6th Aug 22
WHY PEAK INFLATION RED HERRING - 5th Aug 22
Recession Is Good for Gold, but a Crisis Would Be Even Better - 5th Aug 22
Stock Market Rallying On Slowly Thinning Air - 5th Aug 22
SILVER’S BAD BREAK - 5th Aug 22
Stock Market Trend Pattren 2022 Forecast Current State - 4th Aug 22
Should We Be Prepared For An Aggressive U.S. Fed In The Future? - 4th Aug 22
Will the S&P 500 Stock Market Index Go the Way of Meme Stocks? - 4th Aug 22
Stock Market Another Upswing Attempt - 4th Aug 22
What is our Real Economic and Financial Prognosis? - 4th Aug 22
The REAL Stocks Bear Market of 2022 - 3rd Aug 22
The ‘Wishful Thinking’ Fed Is Anything But ‘Neutral’ - 3rd Aug 22
Don’t Be Misled by Gold’s Recent Upswing - 3rd Aug 22
Aluminum, Copper, Zinc: The 3 Horsemen of the Upcoming "Econocalypse" - 31st July 22
Gold Stocks’ Rally Autumn 2022 - 31st July 22
US Fed Is Battling Excess Global Capital – Which Is Creating Inflation - 31st July 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

How to Make Money Efficiently in Your Spare Time

Personal_Finance / Money Making Mar 29, 2019 - 09:27 AM GMT

By: Submissions

Personal_Finance

Most of us could do with just a little more money in order to feel comfortable and do all the things that we want to do. This assumes that you already have at least one wage coming in to your household and are able to pay your bills and put food on the table, but could do with just a little bit extra. Perhaps you're saving for a particular purpose or would just like some fun money. It also assumes that you have a certain amount of free time that you're prepared to dedicate to making that money.


Work smart

It's generally not a good idea to work yourself to death in order to bring in as much money as possible. For one thing, this approach doesn't usually pay off as well as you might think. You'll end up exhausted, unhappy and dissatisfied, with your bank balance not noticeably improved. The secret is not to work every hour of the day and night, but to work smart and efficiently.

Working efficiently means keeping track of the time spent working in your spare hours, and how much it's earning you. If you're not making enough to justify the hours you're putting in, don't feel too bad about abandoning that particular venture. Remember, though, that with side hustles and freelance gigs, it can take a while before they start to pay off. You may have to spend a certain amount of time setting up your new business, doing research and getting established before any real money starts coming in.

Know when to walk away

Take this into account and give yourself a realistic timeline. At the end of a pre-set period, say six months, take stock and decide if you're starting to earn enough to justify the time you've been putting in. What are your projections for future earnings like? It can be galling to abandon a project after you've put so much work into getting it off the ground, but it will be more frustrating to keep pursuing it if it's just not working out. Patience and persistence are virtues, but so is knowing when to quit.

Set boundaries

Don't sacrifice all of your spare time to making money, if you can help it. Everyone needs space in their lives to relax, hang out with friends, dedicate to family or just catch up on sleep! Don't be tempted to monetise everything you do. It's good to have a hobby or activity that's purely for pleasure and that you don't rely on for an income.

Going into business

It's remarkably easy to set up your own small business if you have a product or service that people are prepared to pay for and the time to dedicate to providing it. Just make sure that you're doing everything above board, legally speaking. Crystal Choice is one example of a company that was set up to help freelancers and contractors navigate the world of self-employment without falling foul of complex UK tax and employment regulations. Using an umbrella company is a convenient and faff-free alternative to setting yourself up as a limited company. Crystal offers unbiased advice as well as a full range of umbrella services for processing payments, ensuring tax compliance and claiming expenses.

A gap in the market

Look around your local area and see if there is a gap for someone doing the kind of chores you could offer to take on. Plumbing, electrical work and the like should only be attempted by trained professionals, but cleaning, gardening and dog walking are among the services that any able-bodied person could potentially offer.

Get creative

Freelance creative work is another option, although be aware that this is a competitive field and you'll have to work hard to become established. But with talent, graft and original ideas, you can set up as a writer, artist, web designer or even a professional musician, all while working from home. You may need to dedicate a particular space in your home to this side job, whether that amounts to just a corner desk in the bedroom or a home studio in the basement.

The internet has really opened up the world of self-employment and working from home, so take a look around to see what works for you. Plan carefully before jumping in, and keep track of your activities and how much they're bringing in. Who knows, one day your side hustle could become your main gig!

By Peter

© 2019 Copyright Peter - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in