If you are keen to make some extra cash and you want your savings to work more aggressively for you, then take a look at these potential side hustles. A great side hustle shouldn’t be too laborious and shouldn’t impact greatly on your home-work life balance. The point of a side hustle is to be as hands-off as a savings account but with more lucrative rewards. If you have cash languishing in your account, it’s time to take the plunge and generate a side hustle portfolio to help you reap some monetary rewards. Side hustles can sometimes lead to a huge leap in your monthly income which you want to use wisely, you can invest it back into your side hustle, pay off debt or treat yourself. If you want to know what the best thing is for you to do from a professional point of view then it is best to speak to a financial advisor. They can help make your money go further.
Property
Buying a property to let out to potential tenants can be more involved than you’d like. The idea of being a landlord and running the risk of being woken up at 2 am in the morning because of a leaking roof doesn’t fill you with joy. Instead, focus on property in terms of your main asset. If your home is lacking space for your brood, consider moving onto pastures new. A more spacious pad by Brickworks homes will ensure that you have a humble abode that is designed by a renowned architect and super stylish, meaning that it will hold its value.
You might even want to stay put and increase the value of your own home. If you can add square footage by extending outwards or completing a loft conversion, you can outperform the market. If you can spend $5000 on an extension but add $10,000 to the list price of your pad, you have your money tied up in your bricks and mortar. This can be the perfect low risk investment side hustle for your cash.
Forex
Some people are keen to take on a challenge with their side hustle. Forex trading involves buying and selling currencies from across the globe to try and make cash. Sell yen against the krona and buy sterling against the peso in an effort to spot trends, patterns, and upturns in the markets. This can sound daunting and you may feel like this is solely the realm of investment bankers. However, you can open a dummy account with a Forex trading platform and experiment with some pretend money to learn the ropes. Hone your skills and learn the ways of the most successful Forex traders by trying out tactics from vlogs and online tutorials. When you are ready, you can take the Forex trading plunge for real.
Wine
If you want something a little more hands-off, think about purchasing some of your favorite bottles of red, rose, or white. Those fine vintages can be collected in the same way as art or antiques. The more scarce a wine becomes the more sought and valuable it is. With a bit of foresight, you can try and spot the wine of the future. Perhaps the 1999 rioja from Spain is one to watch or maybe a new world 2009 chardonnay is worth a punt. Buy a dozen bottles, store them in your cellar, and hold onto them for a decade. With any luck, you will be able to sell them on for a lucrative profit as your vintages become rare.
Follow this simple guide and you can craft a side hustle portfolio to make you some extra cash.
