During the pandemic, the concept of “passive income” has gained significant attention through various articles. This financial strategy, though not new, has become increasingly popular. Amidst these discussions, individuals are exploring opportunities for additional income in different forms.
One avenue to boost your earnings is through side hustles, providing a way to generate extra cash. Understanding the distinction between passive income and side hustles is crucial in determining the approach that suits you best.
A side hustle presents a relatively straightforward option for those with more time than financial resources. On the other hand, if you can invest, creating a product or investing in ventures that offer passive income becomes feasible.
To optimize your financial gains, it's essential to consider various factors, including the best bank savings interest rates. This ensures that your money works efficiently, whether through active involvement in a side hustle or by capitalizing on passive income opportunities. Evaluate your circumstances and financial goals to determine the most fitting path for sustainable financial growth.
When you hear the word, what goes through your head is probably barely getting sleep and working until you can't feel your legs anymore.
Even if you are working from home, you might feel even more stuck, and your eyes can hurt from the screen. Nowadays, however, you can be in control of your time, even if you start a side hustle.
Being a mom is hard enough, but if you have to find a way to generate more income, there are ways you can still make some cash while not overworking yourself (we know having a kid is beautiful, but the exhaustion is real).
Types of Side Hustles
A classic way would be to get a second job after your “regular” job. It can work for a while, but being a mom means we should opt for something that can generate income without so much of a time commitment.
Making your own schedule is essential, and thanks to the internet, side hustles can be just what you are looking for.
Here are a couple of examples that work, and you can see that people do make money like this.Do you know that making money and earning money are two different things? Keep reading to learn the difference! Click To Tweet
The first and easiest thing you can do is sign up on websites where you can offer help in your area of expertise.
It could be tutoring kids with your math degree you don't use up to people who want to hire a designer for a specific project. Depending on the length and type, the price will vary, but it's a great way to start.
If you want something more consistent, knowing English well can benefit you a lot because there are always people who want to learn English. This type of education has been offered online for years.
Browse through websites that have a list of companies/schools hiring at this time, and sign up for what you think will benefit you the most. Some will have a fixed schedule, while others can give you more freedom (you can schedule time slots when available).
You will have an interview with a recruiter to check your knowledge, and after completing the basic introduction, you will be ready to go. Native speakers can get a great hourly wage, so consider this an option if you have a quiet room in your home.
You could also make deliveries, sell items on eBay, be a virtual assistant or blogger, and many many more things.
Passive income can be a variety of things.
Books are also a great example of passive income. You don't have to write constantly, but they will still generate income (that is passive, meaning you are not working actively on it anymore).
On the internet, you could create a course and have people sign up for it. It's best to go through certified course websites that will approve your course so you can be sure you will get money whenever somebody signs up for it.
You could also have rental properties, create an app, or invest among others.
Something in between
We've noticed many young people have started investing. So, the question is if you want to begin this endeavor, should you make it a side hustle or a passive income?
In general, trading is considered a passive income source if you are steady with it and don't rush anything. Forex trade is a bit complex to be a side hustle, so the best would be to find a certified and licensed brokerage (and a broker) and then set up a plan with an expert.
Forex is something you can see long-term benefits and generate income over time if you are patient and don't rush things, especially if you are a beginner. Since this can be considered as an investment (whether it's for savings purposes or something else), you can try doing side hustles where you can have control over your time.
In the meantime, sign up for a trading account and invest small so you can be sure money accumulates over time, no matter what you are doing.