How To Make A Second Income
Whilst it’s important to bear in mind that money isn’t everything, it sure helps. And at the very least, we’re sure you’ll agree that it’s better to have more of it than less. This is, however, is easier said than done. After all, you can’t just pull money out of thin air! Or can you? Well technically no, but it is possible to make an additional income with minimal effort. Yes that’s right, money might not grow on trees but it does grow on webs. Well, the web, anyway.
So, if you are one of a growing number of people that are wondering how to make a second income buckle yourself in, we’ve got a lot to discuss.
So by now, you’re probably thinking to yourself, where do I even begin when it comes to generating a secondary income? When am I possibly going to get the chance to generate a secondary income in between my full-time job and binge-watching The Great British Bake Off! Well, as you’ve probably already come to discover, time is a very valuable commodity, especially when it comes to generating money. First things first,you need to determine how much free time you have to play with. Whilst many secondary income ventures may sound great in practice, it doesn’t take long before they are swallowed up into your already hectic schedule. Being time-poor is one of the greatest hindrances to accumulating wealth. That’s why it’s always beneficial to explore options that require minimal upkeep and little to no maintenance. As always, where there is a will there is a way!
Use What You Have At Your Disposal
Finding out how to make a second income can be tricky, so why not utilise the assets that you already have? Have your own home? Great place to start. Be it a house, flat, bedsit or otherwise, providing you have the necessary permissions, (or you own it) , you are well within your rights to make the most of services like Airbnb and other boarding services. You can rent out your living space to a lodger or simply hire it out when you’re not there, these days there’s a huge market and a growing demand for affordable, ‘homely’ accommodation.
By renting out that dusty old guest bedroom every once in a while you could soon have enough money to pay your own little indulgences: holiday, new car, you name it!
Not keen on the idea of sharing your home? It doesn’t necessarily have to be property that you rent out either. If you’re scratching your head trying to figure out how you can make a second income, turn to your everyday household items as a means of generating money. Even something as mundane as your trusty old lawnmower can prove to financially advantageous, given the right context. Have a flashy camera, guitar or car that you’re not using? One man’s unused paraphernalia can prove to be another’s workhorse. Even if you do use the items on occasion, it’s likely that you won’t be using these items 365 days a year. Capitalise on their disuse and and rent them out to the highest bidder. Before you know it, you could have a steady secondary income without even lifting a finger!
Pay Your Way With Passion
We all have hobbies, and we’re all experts about something to some degree (singing in the shower is where we draw the line, though). If you’re passionate about something, it’s more than likely that you’re good at it. Or, at the very least, you’re on your way to becoming semi-proficient! So, why not use your experience as a way to make money? Practice what you preach. Become a teacher, instructor or mentor. Show beginners the ropes and equip them with all the knowledge that you’ve picked up over the years. Are you an adrenaline junkie? Into skydiving perhaps? Great! Put your spare time to good use and make the most of something that you already love to do.
Invest With Property
Property has proven to be one of the most popular means for investors to earn a second income. It’s a means of generating cash that can mean little to no effort on your part – or at the very least as much as you’d like. At The House Crowd for example, you can invest into one of our Auto- Investment products (IF ISA, Auto- Invest or 30 Day Access) and simply leave the rest to us. That’s right, you don’t have to lift as much as a finger! Not only is your risk spread across a diverse portfolio of loans, but you no longer have to endure the hassle of self-selecting your own loans. Unless you want to of course.
But why invest with property, or with The House Crowd at all? Good question. Here at The House Crowd , all of our developments are based in the North West. You might think we’re biased, (maybe we are) but we can vouch for the fact that the North west is outperforming the south in a number of different ways.
In the North West the first-time buyer pays an average deposit of £19,000, equivalent to around 54% of their annual income. This in London however, translates to around £99,573; 149% of their average income. Not only this but stamp duty in the North-West comes to around £3,000. In London this escalates to around £25,700 (now that’s a bit of a sharp incline!). In short, it’s far easier for young people, graduates and first-time buyers to get on the housing ladder. It is this moderate sensible growth that underpins the demand for housing in the North West and cements its position as the country’s shining star when it comes to property investment. Where there is demand, there is a need to supply, and a potential for profit to be made.
Alternatively, if you would like to learn more about our Innovative Finance ISA and other Auto-Invest products click on the link below.