If the past year has taught many of us anything, it has been that our financial situation can change in an instant through aspects out of our own control, and with plenty of research being done over the years suggesting the fast majority don’t have enough in their savings to cover any event like this, relying on one source of income that may have no longer been available throughout 2020 certainly hit hard. The good news is that there are a huge number of options to diversify income with the growth of different online platforms, but which can help you out the most?
The ability to offer professional services online – Whether it be through freelancing or remote work, many individuals have been exploring the opportunities to take their profession and make a little extra – sites like Etsy have certainly helped the crafty bunch by providing exposure and an online marketplace specifically designed for this, and many have been able to set up their own business in this way. Similarly, other sites like Fiverr have done the same for professionals looking to offer something different too and has provided the groundwork for many to explore what would otherwise be freelancing whilst also doing their regular day job and offering an easy way to diversify without stepping outside of your comfort zone, or without relying on spending some of your own savings to get going.
(Image from folyo.me)
Retail trading has gained a lot of popularity too – Investing in different stocks or commodities has always been a way for a select few to expand their own financial opportunities and create a more diverse income and revenue stream too, and the start of 2021 has shown just how successful some are finding this. There is a downside of course, as you’re betting on prices going up it is exactly that much like these betting sites not on gamstop, you’re wagering your own money in hopes of a return. Whilst this has been successful for some and a great way to diversify, there’s no guarantee of a return and a risk of loss too, so this may not be a great option if you can’t afford to lose what you’re potentially betting on the line – a rule of thumb for many has been to steer clear of volatile markets like crypto too, as they’ve been shown so far this year to be perhaps more risky than it’s worth.
There are plenty of other options becoming more available too, especially as the online space continues to grow and evolve, so if you’re looking to take advantage of opportunities to diversify you’re income then getting in early can certainly be the most impactful change, and the best way to secure additional sources of income moving forward.