Since COVID-19 hit in early January 2021, the world has undergone an extraordinary transformation. Both socially and economically, the landscape has shifted, leaving many of us in a precarious fiscal position.
Whether you’ve lost your job, been temporarily stood down or simply want a backup plan in case things go south, taking on a lucrative side hustle is a great insurance policy for your future.
Here is a list of five easy-to-set-up side hustles to increase your savings during this challenging time.
In his 2021 year-end letter, Baupost's Seth Klarman looked at the year in review and how COVID-19 swept through every part of our lives. He blamed much of the ills of the pandemic on those who choose not to get vaccinated while also expressing a dislike for the social division COVID-19 has caused. Q4 2021 Read More
- Stock Photography
You know those captivating, vibrant images attached to the articles you read online? Someone has to take them and it could be you! With the price of cameras going down and the capabilities of smartphones increasing exponentially, taking high-quality photos is now less about expensive gear and more about creativity and perseverance. These ideas will help you get started.
- Captioning Videos
With the popularity of online media ever-increasing, so is the demand for captioning services. Most freelance captioning sites (like Rev) will require you to take a brief test to establish your competency, then allow you to start applying for projects right away. You don’t require any fancy software, just a computer or smartphone, and a keen ear. Compensation for projects varies from under a dollar to gigs in the hundreds, depending on length and complexity. If you have a niche interest or speak multiple languages, use this to land gigs that may be inaccessible to other freelancers.
- Graphic Design & Editing
If you’ve got an artistic side, taking on some graphic design projects is a great way to make some extra cash on your own time. Cute doodles and caricatures are often top sellers on gig sites (bringing in anything from $5 to $100+), like Fiverr, but you don’t have to be an artist to pursue this hustle. In the age of Instagram, everyone from proud moms to would-be influencers are looking to improve their snaps. With even rudimentary photo-editing skills and a low-cost photo editor, you can enhance the colors and remove imperfections for less tech-savvy social media users for a fee. If you want to learn some pro tips and tricks to command a higher rate, browse some of the excellent free editing tutorials available online.
- Freelance Writing
Maybe art isn’t your thing, but do you have a way with words? Using platforms like Upwork, you can apply for writing gigs in your spare time. The length and the complexity of the gigs you apply for will often determine how much you can earn. The key is to price competitively and in line with client brief expectations without underselling yourself. Once you’ve got a few gigs under your belt, use these to create a portfolio that showcases your work to potential clients. If possible, find your area of expertise and work on establishing ongoing relationships with clients to achieve repeat business.
The economic and social strain of pandemic life has been unquestionably challenging, but through resourcefulness and perseverance, you can still boost your savings by starting a potentially lucrative side hustle.