Double-digit inflation rates and high energy prices have been the trend in the post-pandemic world. Many people have had to tighten their financial belts to literally guarantee survival. Some of the measures people undertake to streamline their budgets include restructuring their credit card debts and mortgages, auditing their energy spending, doing away with unnecessary subscriptions, and even shopping smartly to take advantage of potential savings.
While looking to survive is very prudent, you can also look to thrive. Here are some of the ways you can generate extra income in times of high inflation and high energy prices:
- Monetize Your Skills
Monetizing your skills is one of the best and quickest ways to start generating additional income. No matter the skill or passion that you have, you can be sure that there will always be a demand for it. There are also plenty of skills that have a lot of demand and can be learned within a short period of time.
Some of the skills that can be monetized online include web development, mobile app development, content writing, graphic design, videography, photography, language translation, virtual assisting, and digital marketing.
There are different ways you can monetize these skills. You can sign up with freelance websites where you can bid for projects that match your skills. You can also share your knowledge for money. This can be done by creating online paid courses or sharing content via blogs or YouTube videos.
Your content can then be monetized by advertisements or even sponsorships by relevant brands. You can also accept tips or donations from your audience. Any skill or expertise that you take for granted or utilize on a daily basis is capable of making you that extra cash. If your skill has high demand as well as a big audience, you can even turn it into a full-blown business.
- Sell Products Online
Online shopping has grown exponentially in recent years. There is practically nothing that is not available for sale online, and you can generate extra income by joining this eCommerce bandwagon.
The easiest way to start selling online is to sign up with a good eCommerce platform that will provide you with all the tools to quickly set up an online store. Some of the features integrated into a good eCommerce platform include interactive buy buttons, email marketing, social media profiles, inventory and shipping management, as well as payment gateways.
You can sell products that you own or produce, but you can also dropship. Dropshipping is an order-fulfilment business where you can set up an online store and sell to customers without owning any products or shipping them. When the customer requests a product, the order will be sent to a third-party supplier who will handle all the shipping, and you will earn the difference between the wholesale and retail prices.
Another form of selling is affiliate marketing, where you can promote products for companies, who will then pay you a commission for your efforts that result in a sale.
- Online Trading
Inflation is a tough time for many people, and it can even be tougher for investors who can see the value of their investments fluctuating widely. Inflation can cause financial markets to be very volatile as investors speculate on its impact, and measures are taken by relevant bodies in a bid to tame it. This volatility can be a huge source of opportunity for online trading.
CFD trading is the best way to exploit these opportunities. When trading CFDs online, you do not own the underlying asset, and will only be speculating on its price changes. This means that you can earn profits whether prices are rising or falling, provided your prediction is right.
To get started with online trading, you need to sign up with a good CFD broker. A good broker must be highly reputable and regulated. They should also have a stable and efficient trading platform that is user-friendly and integrates features and functionalities, such as forex copy trading, comprehensive charting tools, diverse asset classes, and low trading costs.
To succeed in online trading, you need to have the requisite knowledge and skill, and a good broker will have an education or knowledge center that will help you improve your trading competence.
Additionally, a good broker should support a selection of safe and convenient payment methods, as well as provide excellent customer support. Online trading is a great way to generate income during tough economic times, but it is important to have the right knowledge and skills, understand the risks, as well as to partner with a good online broker.
One of the biggest challenges people face during periods of high inflation and high energy prices is that their income levels do not appreciate proportionately. Having an extra source of income can make inflation more bearable, and also help in plugging any budget deficits. It is important to choose a method that will be effective for you to protect yourself from the dangers of inflation.
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