3 Second Income Ideas
It’s fair to assume that most people, regardless of how much money they make, would be happy with that little bit of extra cash to line their pockets. Actually going about making more money, however, isn’t quite as simple. Thinking up second income ideas can take you in all sorts of weird and wonderful directions, especially with the continuous development of technology. When considering second income ideas, the general consensus would be that you should try to find something that isn’t time-consuming and allows you to make the most out of what you put in. Enough waffle, let’s dig a litle deeper.
The rise of technology has given way to an increase in the number of ways you can make money. The internet has opened all sorts of doors, and with it, plenty of inspiration for second income ideas. Let’s start with the modern-day phenomenon that is Youtube. It’s been reported that some Youtube stars have been earning more than £16 million. 26-year-old Youtuber Daniel Middleton – popular Youtube gaming icon- is reported to have earned £16.5 million in 2017 alone.
Launched in 2005, YouTube has since become known for propelling a new breed of internet celebrity to stardom. Those that do make it big on Youtube make money off the back of advertisements, sponsorships and monetisation.
The more monetised views you get, and the longer that people watch it, the more money you make. To put things into a monetary perspective, you can expect to earn around £1.20 per 1000 views. One million views equate to around £880. If this wasn’t enough, some YouTubers have even managed to get hitched with their own T.V shows from services such as Netflix, raising their already hefty paychecks to a new level. The trouble is unless your particularly skilled, entertaining or even just lucky, making it big on Youtube is no easy feat. Even well-known Youtubers considered heavy hitters report on some months earning less than £100. Ouch.
You know what they say, one man’s junk is another man’s treasure. The internet has helped to facilitate buying and selling since it first launched all the way back in 1990. Although primitive at the time, the internet allowed sellers to arrange for the sale of second-hand items through chat rooms and online listings. All things considered, second-hand sales is a great secondary income idea. These days the trend is still going strong. With the rise of e-commerce giants like eBay, second-hand selling has only continued to proliferate and grow in popularity. Only back in 2015, it was reported that online seller Linda Lightman managed to make 25 million in one year. Unless you’re Bill Gates (which we very much doubt you are) we can all safely say that 25 million isn’t exactly what you would call loose change. Whilst it may sound as easy as clearing out your attic and then waiting for the cash start to pile in, it isn’t always so easy. The savviest of sellers will tell you that their successes are built on endless hours of market research and experimentation. Spare few hours after that last shift? Didn’t think so!
The British have a longstanding love affair with property, especially property investment.
A type of investment that’s more predictable than the usual fare, property investment has proven exceptionally popular with all ages. Even younger generations are now turning down traditional pension plans in favour of a diverse property portfolio. Bricks and mortar are real, tangible assets. Furthermore, even those with a basic knowledge of investing (or not at all) can get their head around the property investing after only a short time. Property is also an asset class that allows you to use leverage, multiply your profits and produce instant gains if you buy from someone who is motivated to sell quickly. Property also allows for the potential to earn a steady income, all the while appreciating in value at around 7% a year.
Usually, people assume that property investing is not a passive endeavour and that it takes up a lot of time. Maybe once upon a time. From dealing with tenants to maintenance, managing a property could be very tedious to say the least. At one point the only way that you could get involved in property investment was if you had readily available capital and a credit rating sufficient to acquire mortgages.
These days, thanks to property crowdfunding, people can invest in property collectively through an online platform like The House Crowd. These platforms allow anyone to invest, and with all the due diligence and nitty-gritty detail taken care of, you can invest without having to get your hands dirty. i.e dealing directly with tenants. Taking it one step further, you can now also invest through an automated investment service that automatically diversifies your investment over a portfolio of varied loan opportunities. To invest all you need is a minimum of £1,000 and a desire to grow your capital.
All in all, for those looking for second income ideas, can rely on property investment to deliver consistent returns than the more weird and wonderful suggestions mentioned earlier in the article. It is pertinent, however, to bear in mind that all investments come with a degree of risk, and have every likeliness of going down just as much as they can go up.