The subtle art of the side hustle has helped many Aussies generate a bit of cash. Here are five great ways to make money online.
The pandemic forced many people inside, and to think about where their money is coming from. Suddenly, hour-long commutes each way became a thing of the past, and work from home became the norm.
Many people found a new hobby or skill, and developed thoughts on how to turn it into a side hustle. While it’s likely against your employment contract to do other work while you’re on-shift at your current job, here are five ways to make money online that could supplement your income or even turn into a full-time gig.
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market. 5. Freelance work
Research from 2021 found lockdowns and reduced hours forced many Aussies to freelance their way to an income using online platforms such as Fiverr and Airtasker. These online platforms allow you to create a profile and complete one-off tasks for businesses or individuals at your own rate.
Melissa Gerke is a former teacher who transitioned to freelance copywriting in 2018. She told Savings.com.au freelance work offers many freedoms, but doesn’t come without challenges.
“Having a consistent income is hard to achieve as my income is still a bit like a roller coaster,” she said.
“The leaner times you have to tell yourself things will pick up, and they do (touch wood). Also, you have to learn and wear many hats, such as accountant, marketer and sales.
“You need to get comfortable with sharing your image, phone number and some facts about yourself online, which is a big step for some professions, such as teaching.
“Also, don’t get caught in the race to the bottom. It’s difficult at first to price your work, but don’t get into the trap of discounting what you do.
“But, I wouldn’t look back, I love what I do now and the lifestyle freelancing has given me.”
According to Fiverr’s 2022 small business needs index, the most in demand and high paying skills are:
Source: Fiverr
Peggy de Lange, VP of International Expansion of Fiverr, said non-fungible tokens (NFTs) are becoming a useful way for illustrators, artists, designers and developers to monetise their skills and work with businesses and individuals investing in this space.
“The fact that over four in five Australians freelancers are already earning income by selling NFTs and related services, showcases the foresight that freelance talent have in staying on top of the latest technology trends. It also shows the massive opportunities that NFTs, and related services, such as blockchain technology and the Metaverse, have for future job creation,” she said.
These earning ranges should be taken with a grain of salt, as some use freelance work as their main source of income, while others look for smaller jobs as a side-hustle.
Australian startup Canva recently calculated the top ten side hustles for making money in Australia.
Source: Canva Whether you are transitioning to using freelancing as your main source of income, or just looking for a side-hustle, freelancing could be a viable option for making money online. 4. Investing Investing online is a way to increase your wealth, however always comes with the possibility of losing money.Helpful tool: Beginner’s guide to investing Shares or ETFs A common form of investing is through companies listed on the Australian Securities Exchange (ASX). You can invest in individual companies or invest in a group of companies that are grouped together. These are called Exchange-Traded Funds or ETFs for short.The goal for any investor is to invest in stocks or ETFs that increase in value over time. Investing is now easily accessible through online stock broker websites, usually charging a small fee for each transaction. A common minimum for investing is $500 per transaction, and brokers generally charge anywhere from $5-$30 to place a trade, meaning you might want to invest a larger chunk of change to make brokerage worth it.For those wanting to invest smaller amounts, micro-investing apps have grown in popularity . These allow you to invest less than a dollar into ETFs and other investments. Cryptocurrency Investing in cryptocurrency has gained popularity in recent times, however comes with greater volatility than other investments. The rise in crypto trading has also come with a rise in online scams targeting those who are looking to invest.The appeal of a digital currencies like bitcoin or Ethereum is the low […]
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