Three ways to earn money outside of your job - by Neil Hughes

Tuesday, 31 May 2016
A lot of people want more than they have. This is nothing to be ashamed of; if you're willing to work hard, then of course you want to maximise your earning potential. However, mention such an ambition, and you're sure to receive a lot of unhelpful advice. Most people will encourage you to work more hours or seek out a promotion, but if this were possible, you would probably have already done it. This means that you need to look for other avenues to increase your income, which also means that you'll have some very specialist requirements: a pastime that works around your existing job, is flexible in terms of hours, and doesn't require time you simply don't possess. Luckily, we have three great ideas to inspire you...

#1: Invest

Investing can be high risk, and this is enough to deter some would-be investors instantly. However, if you're willing to take a gamble, it may be an option for you. Flexible, potentially profitable, and not overly time consuming, investing can be done in a way to suit most people, so it may be worth exploring. With a wide range of markets to choose from, from forex and spread betting to stocks, you'll usually be able to find something to suit.

#2: Freelance your skills

If extra hours at work aren't an option, have you tried cashing in on your skill set independently by offering a freelance service? This will not require you to spend time acquiring a new talent, and can be tailored to suit your availability. You'll often find that you can charge more per hour when working in such a capacity, as your clients won't have the additional fees charged by your employer for their more extensive service, so it will feel like they're saving money overall.

#3: Cash in on your hobby

For those who are short on time, it can be an idea to try making money from any hobbies that you have, as this often won't feel like additional work. If you produce something through your endeavours, try selling it on to earn some extra cash. Alternatively, why not advertise your services as a teacher? Whether you horse ride, play an instrument or practise a martial art, people are sure to pay for your wisdom if you let them know it's on offer. So, which idea will you try?

Neil Hughes is a freelance finance writer specializing in the areas of stocks and shares, forex and ISAs. After studying business at Lancaster University, Neil worked at a number of financial institutions in London and New York and is now following his passion for writing.