Many of the current financial and socio-economic issues being faced by citizens in the UK are being linked directly to coronavirus, particularly as people nationwide face up to the prospect of widespread job losses when the government-backed furlough scheme ends in October.
However, the national average disposable income level in the UK has declined by a staggering 18% in the last two years overall, from £1,083 to just £889 each month.
Of course, this figure has been exacerbated by the impact of Covid-19, but there’s no doubt that households have faced mounting financial issues for years now. But, could a side hustle help with this, and how can you look to create a viable secondary income stream in the current climate?
Why You Need a Side Hustle
On a fundamental level, successfully undertaking a side hustle enables you to increase your earning potential, but there are other benefits to consider when looking to make the most of your time.
For example, taking proactive steps towards increasing your wealth can provide huge motivation for the future, creating a renewed sense of focus and helping you to break out of the monotonous 9-5 life cycle.
By creating an additional source of income and increasing your disposable income levels, you can also create a fiscal safety net to sustain you through increasingly difficult economic times. This may come in handy, particularly if you’re currently on the furlough scheme or are one of the 700,000 people potentially facing redundancy in the coming months.
Even if you’re not in these precarious positions, a side hustle and its associated earnings can directly increase the amount that you commit to savings each month, enabling you to accumulate wealth over time and create a genuine sense of financial security.
Who knows, your side hustle could ultimately lead to a lucrative career path, helping you to achieve all of your financial goals and more?
What Options Can You Pursue as a Side Hustle?
By definition, a side hustle will be combined with a regular 9-5 job and in this respect, you’ll ideally be able to target activities that generate passive streams of income.
Financial market investment offers a relevant case in point, as while you’ll have to invest time into learning about specific asset classes and trading conditions, this can deliver viable yields without the need for micro-management or constant human interaction.
Popular options such as stock and currency trading can also be accessed through online platforms, which enable you to hone your craft and utilise the same analytical tools that professional investors have come to rely on.
These platforms also offer access to a so-called forex demo account, which simulates a real-time market environment and allows you to test various trading strategies without having to risk your hard-earned cash.
Obviously, you’ll need to determine which type of passive income stream is right for you, but this is arguably key if you’re to create an effective and sustainable side hustle.
The Last Word – What to Keep in Mind
Regardless of the side hustle that you choose and your financial goals, it’s important that you strive to manage your expectations and understand that success might not necessarily come overnight.
Similarly, if you pursue a side hustle that doesn’t deliver a passive income stream, you’ll have to invest both time and hard work into the endeavour to ensure that it delivers genuine success.
With these points in mind, you’ll need to remain focused and committed to achieving your objectives, while also creating an organised schedule that helps you to make the most of your time.