Despite decent recovery in the last 3-4 years the economic climate still remains unstable. Economic growth in Europe is stuck near zero, while Japan has fallen into recession, again! There remains a large gap between rate of inflation and growth in national average wage increase. This makes it very hard for average household to run household and save money. Finding additional source of income can help mitigate this gap by providing boost to your income and financial flexibility. Consider 3 creative steps below to find out how you can do it:
- Turn your Marketable Skill into a Career as a Freelancer: Recent reports suggest that 15% of the workforce now consists of freelancers. The flexible work of this type could add £90 million to the economy. This provides an ideal opportunity for you to maximise your income, as you complete freelance projects in your spare time and generate a small amount of viable money. This requires good time management skills and an understanding of pricing.
- Invest in the Open Financial Markets: The unrelenting continuation of technological advancement has had significant impact on financial trading, and made it far more accessible to a wider social demographic. With a number of online trading platforms and technical indicators now available to anyone with an Internet connection, all that remains is for you find a small amount of disposable income and suitable method of investment. Investment methods such as CFD and forex trading are especially suitable for novice practitioners, as they allow them access to a market with excellent liquidity and the opportunity to make money even as value depreciates,
- Create Viable Streams of Passive Income through Real Estate Investment: If you are in a position where you are simply unable to save enough disposable income from your earnings, then you may need to create additional revenues of passive income. Passive income refers to money that is earned without a direct action or time consuming effort, so it is extremely appealing if you have a demanding job and with to supplement your annual wage. Real estate investment provides a case in point, as once you are established you can diversify into rental markets and earn considerable monthly income. Check out sites such as Featherstone Leigh to see the types of property available and research the market.
