3 Side hustles that South Africans should consider in 2021
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.
Source: Getty Images
Three of the best side-hustles to consider
Forex Trading
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.
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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
Rianette Cluley (Director and Editor-in-Chief) Rianette Cluley is the managing editor of Briefly News (joined in 2016). Previously, she worked as a journalist and photographer for award-winning publications within the Caxton group (joined in 2008). She also attended the Journalism AI Academy powered by the Google News Initiative and passed a set of trainings for journalists from Google News initiative. In February 2024, she hosted a workshop titled AI for Journalists: Power Up Your Reporting Ethically and was a guest speaker at the Forum of Community Journalists No Guts, No Glory, No Story conference. E-mail: rianette.cluley@briefly.co.za
Kelly Lippke (Senior Editor) Kelly Lippke is a copy editor/proofreader who started her career at the Northern-Natal Courier with a BA in Communication Science/Psychology (Unisa, 2007). Kelly has worked for several Caxton publications, including the Highway Mail and Northglen News. Kelly’s unique editing perspective stems from an additional major in Linguistics. Kelly joined Briefly News in 2018 and she has 14 years of experience. Kelly has also passed a set of trainings by Google News Initiative. You can reach her at kelly.lippke@briefly.co.za.
