We live in a day and age where having only one main form of employment is not merely enough to secure a nest egg or extra cash to put towards that “rainy day”. During the past year, the Covid-19 pandemic was a driving force behind many new side hustles and there are many people who have even turned their side-hustle into their main source of income.
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It often takes a leap of faith to pursue a new idea or a dream job and starting any of these side hustles may be the first step into a new career.
Three of the best side-hustles to consider
Forex trading is one of the most lucrative activities as the forex market is liquid and easily accessible, requiring a small investment to get started. Choosing forex trading as a side-hustle can be a very profitable venture but it takes time, dedication, patience and discipline.
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Before you can take to the forex market, you must educate yourself in every way possible about trading forex. This will require that you read guides, tutorials, eBooks, attend webinars and make use of a demo account to practice trading.
Once you have the education, you can explore different forex trading strategies and decide on your unique trading style. Next, you can evaluate the brokers in your area with local regulations and test out their platform until you find the right one.
Once you are ready, you can register a live trading account and start trading using your trading strategy.
Invest in Cryptocurrencies
The cryptocurrency industry has exploded in recent years with the widespread acceptance of digital currencies. This has also resulted in Crypto Investment becoming a profitable venture where investors can make large sums when they invest at the right time, in the right currency.
Consider the cryptocurrencies which are currently on the market and evaluate their price history and previous performance. Measure this against what analysts forecast and decide on which one you are happy with.
There are many trading strategies in crypto investment, but the two most common strategies are day trading and scalping, where investors buy and sell currencies within one trading day to make a series of profits; or using the HODL strategy, which refers to the 'Hold On for Dear Life' strategy involved with holding the crypto for long periods to earn long-term profits and return on investment over time.
Some of the most popular cryptocurrencies to invest in include Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Ripple and several others, with platforms such as Luno, Gate.io, Binance and others offering safe and secure investment options.
Read more: Regulated Forex Brokers in South Africa
Start a YouTube channel and monetise content
If you are not camera shy and you are creative, you can monetise YouTube content by signing up with the YouTube Partner Program through the following ways:
Advertising revenue by displaying or overlaying video ads on your channel and videos.
Channel memberships, by allowing people to register for your channel for a fee.
Merch Shelf, by allowing your subscribers to browse and buy official branded merchandise.
Super Chat and Super Stickers, which allow subscribers to have messages highlighted in live chat streams.
YouTube Premium Revenue, which allows you to get a portion of a subscriber’s subscription fee when they watch your content.
You might also be interested in: List of successful Forex traders in South Africa and how they made a fortune in 2020
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Source: Briefly News