The first principle of my blog is Creating Ecosystems of Success, and two of its key focuses are Financial Literacy/Money and Business/Entrepreneurship. While many people have nine to five jobs, having an income generating ‘side hustle’ can prove to be very lucrative and a wise investment of time and resources. A key to effectively having this type of side hustle is organization. Many people in fact have these side hustles. The following contributed post is thus entitled, Why Organization Is Key To Make Success Of A Side Hustle.
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It’s easier than ever to try your hand at something new in the twenty first century. Millennials are savvy human beings with a thirst for interconnectivity and innovation, which is why they are reluctant to simply let their nine to five income wallow in their bank accounts. To make your money work more aggressively, you need to seek out more creative opportunities. Playing to your strengths means focusing on what you love such as craft, wine, real estate or stocks and shares and turning your hands to these ventures as an amateur. While you might not become an investment banker, you can develop a portfolio to help you prepare for your retirement. Organization is key. Take a look at these side hustle investments that you might want to look into.
Real Estate
Property is as safe as houses (excuse the pun) when it comes to making money in the long term. If you are willing to utilize some of your hard earned cash to put down a deposit on a pad, like those listed with William Pitt, you could find yourself with an exceptional asset on your hands. You could look into long term, short term or holiday rentals depending on the property type, target market, and location that you are after. Beachside, country or idyllic locations tend to lend themselves for the more lucrative vacation rental. In the high season, you could be charging over ten times your mortgage repayment weekly to cover costs and top up your nest egg.
Long term rentals may be a safer bet if you are looking for maximum financial security. By handing over the responsibility for the rental to a property management company, you can watch the money come in while not having to worry about a leaking washing machine or a burst pipe. For the long term investor, property is hard to beat.
Wine
If you love partaking in a tipple or two of the finest vintage, you might already have a decent amount of knowledge regarding vintage years and vineyards. Put it to good use and invest in some historic wines that will only grow more scarce and increase in value. You have to think of investing in wine in the same way as you would art. It has to be sought after, rare and have the ability to increase in value. Store it in your own cellar or ask for a wine storage company to look after your magnum or two for a decade or more, and you could have made a tidy profit.
Forex
If you’ve always wondered what trading currencies was all about, why not have a go. You don’t have to be investing hundreds and thousands straight away. Head online and set up a dummy account, and have fun investigating the markets. You might find that you’re a dab hand at buying dollars against the yen, and pounds against the krona. Take your time and learn the ropes, watching some tutorials along the way. When you’re ready, have a go for real but only ever spend what you can afford to lose.
By mixing the low, medium and high risk investments, you’ll create a portfolio that will see your side hustling go from strength to strength.
