The road to financial independence may often require people to find work aside from their regular paying job. It may be hard to accept, although minimum wage employees in the UK only receive £9 per hour at most. With the price hikes, it’s more common that the daily salary isn’t sufficient for living expenses, especially if you’re renting or you have other responsibilities to pay towards.
Many people experience scenarios where they have no choice but to find side hustles that add to their monthly income. The most notable side hustles people usually start are freelancing, blogging, starting their own Youtube channel, and Tiktok, all of which can create a sustainable source of income.
Some of these side hustles even made millionaires overnight, so they don’t have to work any longer.
But In your case, there is no guarantee that you’ll earn right away when you follow these side hustles. You could, but you need to compete with other people, websites, and channels. Therefore, why not try something different that few people know about that can make you earn £1k a month?
The emergence of cryptocurrency is revolutionary, allowing us to control our own assets. The majority of cryptocurrencies are integrated into a blockchain network, making them decentralized and transparent for all to see. Such a concept differs from how centralized financial institutions work like banks, where the governing bodies hide allot of their practices.
Cryptocurrencies can act as a hedge against inflation due to their limited supply. Some cryptocurrencies experience inflation, although leading coins like Bitcoin and Ethereum are not inflationary. The prices for each currency differ due to its market cap, usage, and distribution, but they are all similar in volatility. Each crypto coin experiences volatility or market swings, and over the past years, Bitcoin has earnt its name as the king of all price movements.
The other altcoins follow when Bitcoin prices drop, resulting in a continuous downward movement until they reach specific support levels. On the other hand, when Bitcoin prices move up, the other altcoins most likely follow, allowing opportunities to earn or take a position based on your plan. There are different ways to make money with cryptocurrency, but before we get into them, you must learn what you’re entering first. Let this article be a source of knowledge to help you pursue your cryptocurrency side hustle.
The first way to earn with cryptocurrency is by investing long-term. Cryptocurrency investing means buying crypto coins and holding them until their price increases. It does not guarantee you to earn £1k a month, but if you position and plan correctly, there is a chance. Long-term investing may take years to make money. For example, you bought Bitcoin when it was first released for trading in 2010 and held on to it until 2022. The price of Bitcoin back then was 59p, and now Bitcoin’s average price for the last 50 days was £32,592. Imagine the millions you can make if you bought 1000 Bitcoins in 2010. It is hard to perceive how many percentages Bitcoin or any other coins will increase in the future, but once you know how it can disrupt the current system, once you determine that they are valuable, you can position yourself.
Remember never to buy, sell, or trade coins based on what you’ve heard from other people or articles. It is your money and responsibility, give yourself time to learn before making any transactions, and most importantly, only invest money you can afford to lose.
Next, you can earn through cryptocurrency trading. These trades occur within a short time frame, either in minutes, hours, days, or weeks at most. The volatile cryptocurrency market makes it a suitable place for traders to take a position and earn. Although if you need to spend hours or days learning how to invest with cryptocurrencies, you should most likely triple your study time when it comes to cryptocurrency trading. The chances of losing money and earning money in an instant are 50/50, so you must carefully determine what price you’ll enter and exit. Still, cryptocurrency trading is not a gamble. You have all the indicators, like the moving average and MACD, to help you with your trades. Some traders can earn thousands and even millions in a day, but the majority of them already have years of experience, so you should not rush things out. Expect that you’ll make mistakes that will lose you money, but be sure to make it as a lesson for your future trades.
Lastly, you can earn with cryptocurrencies by buying or selling Non-Fungible Tokens (NFTs). These NFTs come in different forms like images, clips, recordings, and even game characters, all built under the blockchain network of various cryptocurrencies. The concept of earning with NFT’s is a broad discussion, but in summary, NFTs differ from regular jpeg files or other digital files, buying NFTs means that you own them. It is digital ownership with the buyer’s signature where there is a chance for its value to increase or decrease over time. NFT prices vary depending on how the community supports the NFT, the original artist’s influence and reputation, and the market demand. 2021 became a tremendous exposure for NFTs, where numerous artists earned millions just by minting/selling their NFTs. In line with that are the different NFT related games and the announcement of the Metaverse, which is also NFT based.
As technology continuously progresses, it is foreseeable that more people will join the NFT craze someday. On such a note, you have the advantage to try it before the rest of the population does. Give it your time and learn all about NFTs, and you’ll surely earn more than £1k per month once you’ve got an idea of your own.
People are known as consumers, and whenever they see a new product on the market that can increase the convenience of their lifestyle, they’ll surely buy. Starting a unique entrepreneurial venture that features innovative products can give you a sustainable source of income. Most big names included in the wealthiest people on Earth are entrepreneurs, and you can be one of them.
Entrepreneurs like Elon Musk and Jeff Bezos created revolutionary works that became part of history.
They did not consider how much cash they’d be earning when they were starting. Instead, they prioritize the value it will give to people. How can their work affect human lives? What significance will it provide? Elon made space exploration cheaper with SpaceX, revolutionized the automobile industry with Tesla Motors, and pioneered online payments when he started PayPal.
Entrepreneurial ventures require thorough research, commitment, and hard work to become successful.
No one said it would be an easy task, but don’t let that stop you from starting. Try to conceptualize an idea that can benefit many people, then pursue it. Use your skills, and stay convicted in what you’re doing. Don’t be afraid to fail, as long as you keep moving forward after your failure.
Even if you got a day job, it wouldn’t cost you too much time to manage your entrepreneurial venture.
Try to multi-task or set a schedule that fits you so you’ll have the convenience of focusing on your venture without any interference. During then, don’t quit your job if you’re starting. You’ll experience hardship during the first days or months. For such reason, you’ll still need your regular paycheck. Within months or a year of operation, you’ll be earning substantial cash from your entrepreneurial venture, more than your job, then you have the choice to quit your job and focus on your business or wait until you’re ready. Most importantly, having a successful side hustle lets you earn more than £1k per month and secures your future without the need to work for anyone else.