5 tips to keep your second income sustainable
There are times in life when no matter how well you are doing in your full-time job, life throws up some obstacles. So you may need to discover how to earn a second income.
In fact, people’s need to discover how to earn a second income continues to grow. It is estimated that around 29% of workers have a second job. The age groups most interested in how to generate second income are those ages 25-34. 44% of that age group have a second income.
In fact, 39% of people in the 18-24 age group also have a second income. This decreases as people get older, with 29% in the 35-44 and 22% in the 45-52 age group wanting to know how to create a second income source.
And it is of no surprise. The costs of living are outgrowing full time income rises. People are finding it more difficult to keep on top of general living expenses. There is a clear weighting towards young people having second jobs. This could be an indication of how difficult it is to get onto the property ladder.
And that is before we start thinking about indulging in life’s luxuries. Purchases like holidays are even more difficult to obtain for many.
In fact, those numbers of people with a second income would probably increase if more people knew how to generate second income. And how to generate the second income in a way which fitted in with their other commitments.
Anyway, without further ado, we’ll get to the point and tell you how to generate second income during your weekends.
There’s a cool method you can use to earn a second income by combining land based purchases with online sales. People have been doing this for years, but it was recently been made popular by entrepreneur Gary Vaynerchuk.
When goods sold in independent brick and mortar shops or car boot sales can be inaccurately priced. This is because there isn’t a convenient reference point for the price like there is online. It’s especially true in charity shops where workers don’t have the time to research. And also at car boot sales where sellers place arbitrary values on their items.
This creates an excellent opportunity for all of you to earn a second income. All you need is an internet connection to take advantage of it.
As you browse the car boot stalls, or charity shops your phone can act as a secret weapon.
All you need to do is load the eBay store on your browser, or via the app. And then search eBay for the item you’ve found that you suspect may hold some value. By clicking on completed auctions, you will then see the prices these goods have sold for.
All that is left for you to do then is compare the price, and if the profit margin is good, purchase it. Then you can list it on eBay to sell.
This is also great for those of you who don’t have much spare time as you can fit it around your normal weekend schedule as everything can be done via your smart phone.
Plus, this is accessible to anyone no matter how much cash you have lying around. You can start with as little as £20.
Or alternatively, there is another way that you can get started…
That is by selling your old stuff! Everyone has potentially hundreds or thousands of pounds worth of old things lying around their house that they have never even considered as holding any value. Or they may keep it ‘for a rainy day’, but never lay eyes on it every again.
Think of it as killing two birds with one stone. You get to declutter your house and earn money at the same time!
There is one important thing to consider, though. You may sell goods that you bought with the intention of using without being liable to pay tax. However, the second you buy goods with the intention of flipping them, you will need to declare this on your annual tax return.
The rise of tech companies and increase in use of mobile apps has lead to a lot of opportunities to work as a self employed worker on your own terms.
Deliveroo, Uber, and Amazon are all looking for reliable workers. And the structure of these businesses means that they provide a solid option in your search for how to create a second income source. Obviously, these will only be suitable for those of you with free time to spare at the weekend.
We’ll run through the three main opportunities:
There are lots of jobs that are suited to weekend work, where businesses are busier and need extra help.
These jobs can be for full working days, or just a few different shifts, so it’s important that you look around until you find something that suits you.
You will notice that a few different types of jobs continually present themselves. These are:
While experience can be an advantage, employers are usually happy to train people in these positions. What’s most important is that employees are reliable – as there can be a high turnover rate of employees in these jobs.
There are numerous places online that you can find a weekend job to help earn your second income. We have compiled a list of the most popular below:
The above links will take you to a weekend job search on each website. All you need to do is filter the results to display lobs local to you. This will give you a great idea of what is available in your area.
You need to ensure that your CV is up to date, and relevant to the job you are applying for. So you should highlight any relevant experience. Or if you have no relevant experience, make sure you include any transferable skills you possess that you feel are applicable to the role.