This past year in particular has shown just how important it is to have some diversity in your income as uncertainty for many around work or future working opportunities and the big changes seen by many businesses have left some a little worse off – and although it seems as if recovery is just around the corner for most, there’s no guarantee that many options that were previously available will still be. Fortunately, this same period of time has helped many explore growing opportunities to enhance personal finance options and to diversify income in many different ways, but which have been some of the most popular?
Retail trading options – The world of stock markets and trading and everything it entails may have been a mystery to many at the start of this year, but with the growing visibility of retail trading options brought about by the growing Reddit community of wallstreetbets and the drama around the Gamestop stock earlier this year, it has certainly become a successful venture for some too. Although to many it is like playing a casino like those found here, and trading stocks is always a bit of a gamble, if it’s something you can afford to do and are willing to learn how to do so successfully, you can certainly make a little extra on the side doing so.
(Image from medium.com)
The growing world of crypto – Retail trading platforms weren’t the only thing to make big news this year, as options in different crypto spaces did too. Bitcoin hit an all time high of over $60,000 earlier this year, and the emerging market of NFT’s on the Ethereum blockchain saw huge sales such as the $69 million Beeple piece. Whilst these options certainly aren’t as reliable, and of course are all part of a big gamble, but with each change granting more accessibility it could soon become a much better option for many.
Exploring online services – For the creative bunch, there have at least been some more reliable services becoming more available to. The likes of Etsy have provided a huge marketplace over this past year for the crafty types who have been able to get their own businesses off the ground thanks to these sorts of services, and in a more professional essence through other sites like Fiverr too which have allowed professionals to move their day-to-day work to an online platform and expand to a semi-freelancing style of work too.
Ultimately for many the future of work is changing to become more remote and more flexible too, and it will lead to a growing number of people turning to online alternatives and online options to self-finance in many different ways – for the meantime it may be worth exploring some of the options that have been successful for many throughout this past year however, and see if you’re able to find your own ways of diversifying your income a little more.