Households in the UK are facing unique challenges in 2021, as rising gas and energy prices continue to be compounded by a base interest rate of just 0.01% and minimal returns on savings.
What’s more, it’s thought that inflation in the UK could rise as high as 4% in the wake of coronavirus-inspired quantitative easing measures, forcing some to consider boosting their earning potential.
But what are the best ways to earn money from the comfort of your home? Here are some ideas to keep in mind:
#1. Become a Virtual Assistant
As online businesses grow in the digital age, they’re looking to create agile and cost-effective workforces that can adapt to the needs of different projects and workloads.
This means outsourcing non-strategic and creative tasks, with the demand for virtual assistants having continued to grow incrementally throughout the digital age.
Virtual admin tasks can vary depending on the nature of the business in question, from uploading images to ecommerce sites to scheduling appointments and making direct phone calls.
Typically, you can expect to bank between $7 and $40 per hour as a virtual assistant, depending on your workload and the experience that you can bring to the role.
#2. Trade Forex
The issue with being a virtual assistant is that it can be quite time intensive, meaning that you’ll have to juggle this with other commitments and a primary job (if you have one).
If you’re looking for a passive stream of secondary income, however, you may want to consider trading forex in the financial market.
You can access forex positions seamlessly through a trading platform online, for example, while trading currencies as derivatives and profiting even when target assets depreciate in value over time. What’s more, the forex market is highly leveraged, which means that you can open and control disproportionately large positions with a relatively small deposit of hundreds of pounds.
Sure, this means that you can incur disproportionate losses as well as returns, but you can offset this risk by utilising ‘stop losses’ and automatically closing positions once they’ve incurred a predetermined and manageable level of loss.
#3. Launch a Blog Online
While the halcyon days for starting and running a blog may have been during the noughties, this can still be a profitable exercise that’s capable of delivering passive income over an extended period of time.
We’d recommend launching a platform based on your passion or a particular area of expertise, with fashion, travel, musicand finance among the most popular blog topics in the current market.
You can even create a website yourself from scratch, although those with the necessary resources may prefer to work alongside a specialist and experienced design team.
But how exactly do you earn money from your blog? Well, you can have ads placed on your site by relevant product and service providers, with the most lucrative posts potentially earning you hundreds of pounds. Or, you can sell sponsored guest posts to interested voices or parties, charging a fixed amount for each piece of accepted content.