There’s no doubt that side hustles are increasingly in-vogue across the world, with one-in-three Americans now carrying out a second job and the gig economy in England and Wales having recently reached 4.5 million people.
It’s easy to see why too, with side hustles helping households to boost their earning potential in a challenging economic climate and improve their financial prospects without having to rely on historically low interest and savings rates.
However, not all side hustles have been created equal, either in terms of the time commitment required or the level of remuneration on offer. In this post, we’ll appraise the side hustles that are the most rewarding financially.
#1. Freelancing and Social Media Management
Freelancing is central to the gig economy, while this broad term encompasses a number of tasks and job roles that vary in terms of remuneration.
Overall, a recent study of more than 7,000 freelancers in the UK found that they earn an average amount of £16 per hour, although this can increase to £30 or more for skilled content writers depending on the amount that they charge per word.
Freelance graphic designers and SEO technicians are also in high demand among employers who are looking to hire on the basis of each individual project, and such individuals can also earn £20 an hour and up in some instances.
For jobs such as social media management, it’s possible to recoup up to £43 per hour, so long as you have a depth of experience and a high quality portfolio.
#2. Trading and Investing
It’s thought that as many as 70% of forex traders actively lose money over time, but the remaining 30% are able to command significant profits while utilising leverage to accrue incremental levels of income over time.
Because of this, forex trading through the MT4 platform can be a highly ambitious and lucrative endeavour, and one that in the best-case scenario often delivers a so-called “win-rate” of 55%.
Overall, trading using a reputable platform can help you to make up to 20% on your initial investment each month, which can translate into huge returns over time.
Similarly, you can also invest in stocks and more secure assets such as gold through the MT4, creating a diverse portfolio that’s even more balanced and rewarding over time.
#3. Selling Cars
While this may sound like a slightly unusual startup and one that requires a significant upfront investment, it can deliver a sustained return over time.
The key is to determine a reasonable number of cars to sell each year without a dealership license, as you’re likely to be restricted by the existing laws in this respect.
You’ll also need to create a margin by buying affordably and utilising car sites that enable you to sell for a higher price, while properly cleaning and detailing the vehicle to optimise its resale value.