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A Guide To Earning A Secondary Income In 2022

29 July 2022 | 0 comments | Posted by Harry Turner in Money Talks

Guide to earning a second income

The cost of living in the United Kingdom continues to rise, over 9%. Due to this, many people’s standard wage isn’t enough. Luckily, some people work in jobs that can help them afford the essentials. Furthermore, some businesses in the UK have the finances to give their employees a blanket pay rise, although smaller companies would struggle with this.

What several people are doing now is looking for innovative ways to work with their 9-5 job whilst having another income on the side. Some people will have a passive income, and others will work a little extra to earn more money. Other people may have two jobs, side by side with one another. No matter what way you are looking to make a little more money, it will use up more time, so you must prepare for the commitment. In this article, we look at several ways to earn another income without overworking yourself.

Buying and reselling

Buying and reselling is an easy method to earn another income. It will only need another 2-10 hours extra a week, which isn’t too bad if you work a 9-5. The internet is a great place to buy products and then sell them for a little bit extra.

Some people would rather buy products from a second-hand or charity shop. Furthermore, many people will visit vintage stores or wholesalers to see if they can find products and find good deals.

Buying and reselling products is an excellent way to earn extra income without taking too much of your time. Look out for local car boot sales at the weekend to see if you can find any items you could sell. All you need to do is spend around 2-5 hours a week finding products and then 2-5 hours a week packaging them and selling them. Depending on how much time you spend, you could earn an extra $200 a month or even more.

Delivery driver or taxi service

Working for Uber or Deliveroo could be another way to earn money if you have a driving license or a bike. These types of apps make it easier to earn money, and you can decide when you work. There are no shift patterns or certain hours that you have to work. All you need to do is sign up, log in to the app and accept a job.

Working for Uber or Deliveroo is very common in 2022 and something you should consider if you want to earn an extra $50-$100 per month. Again, depending on the number of hours you work per week, you can earn more. Moreover, if you work when not many drivers are around, some apps will earn you extra pay, especially if you work on bank holidays.

Trading

Trading is another good way of earning a little extra and takes up the least time. All you need to do is spend a couple of hours per week researching stocks that may have a good month. The only issue with trading stocks is you need to put money into a stock first. Furthermore, you need to ensure you are investing in stocks that are safe and not unknown. There are also different types of stocks you can buy, so it is important you know the difference between them.

Income (Blue-Chip) stocks

It is one of the safest stocks you can put your money into. Many people will invest a lot of money into these stocks because they are well-known companies, companies that have a reputation for profiting in each sector. IBM, Nike and many more are examples of blue chip stocks.

Penny stocks

Penny stocks are another type of stock that many invest in. However, there are risks with penny stocks. Nonetheless, the higher the risk, the higher the reward. That is why so many people invest in these types of stocks. Additionally, there are few legitimate stocks with these which can be costly, leaving you out of pocket.

Due to it being highly likely to lose money in stocks, there are investment fraud lawyers that may be able to return some of your losses. Not all the time will you be able to get your money back, but it is always worth trying. Nonetheless, before you invest any of your money, you must ensure you know the risks.

Defensive stocks

It is a much safer stock than those which have previously been mentioned. Defensive stocks are there to have you covered when there is a financial crash. These stocks will grow very slowly, but because they are a necessity in life, they will always grow. If you wish to invest money that will benefit you in 15+ years, then these stocks to invest in.

Value stocks

These stocks are also risky but could return a high reward. Additionally, they are stocks that people invest in because they are undervalued. Furthermore, there is a reason why these stocks may be undervalued. One of the reasons is that the company/ stock is new to the market. Another reason is that it is unproven. There are many reasons a stock may be undervalued. It is down to your research to find whether that stock has potential.

Growth stocks

Another safe stock that investors like to put their money on. Some investors will create an investment pie chart. It is where an investor will put money into several growth stocks and watch them gradually grow. Furthermore, these stocks don’t pay high dividends, and the investor will only benefit as the stock grows. If the growth of the stock slows, then it may lose value.

Summary

As you can see, there are many ways to earn a secondary income. Some people are happy with putting in the extra hours at their job for more money. Other people will get another job on the side and work extra hours in the week. The others will invest in stocks, so they don’t have to do anything extra. There are many stocks to invest in as well as cryptocurrencies. You must always remember that the higher the risk, the higher the reward.

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Recommended reading

If you enjoyed this post and have the time to spend diving deeper down the rabbit hole, then we suggest you check out the following posts about improving your finances in South Africa.

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Tags: Income, Investing, Personal Finance, Guest Post

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