Everyone dreams of achieving financial independence. Aside from being able to live the lifestyles that they desire, being financially independent also allows you to be free from the anxieties and worries that come with not having enough money. However, it may be difficult to achieve this by solely working a 9-to-5 job, especially since Nigeria’s inflation rate continues to bite individuals and businesses alike. In order to overcome this hurdle, you should consider pursuing a side hustle. In this post, we list down four low-investment side hustles that can help you achieve financial stability.
Buy cheap dividend stocks
Some low-investment side hustles can help you secure your financial security in the long-term. Take dividend stocks for example. In our post ‘Long Term vs. Short Term Investments: Which is Better’, we highlighted how the dividends from your investments can make up for any potential losses caused by inflation. If you have some extra cash to spare, you can scour the stock exchange for cheap dividend stocks that can provide you with passive income over time. What’s great about dividend stocks is that the payments aren’t exclusively given out through cash. Sometimes, additional shares in the company may be handed out as dividends, allowing you to make even more money as time goes on.
Venture into spread betting
For those who want to create passive income through investing, but don’t have enough cash to pay for the full value of a position upfront, spread betting is the next best thing. FXCM notes that spread betting is a type of derivative trading that’s driven by the movement of a security. This means that investors can make money off the price changes in the market without having to hold any of the involved securities. This is a great side hustle for those who can’t keep up with the demands of traditional trading, who want tax-free investments, and who desire realized profits as soon as a trade is closed.
Fund new ventures
If you prefer having someone else do the work for you, why not invest in peer-to-peer lending? Through crowdfunding platforms such as Kickstarter, Indiegogo, and GoFundMe, you can connect with entrepreneurs with big ideas who need an extra financial push. As the entrepreneurs pay off their loans, those who invested in the business will receive a share of the interest in proportion to the amount they have invested. A word of caution though: crowdfunding is a high-risk side hustle as tons of new businesses and startups fail to live up to their promises. However, you can mitigate your risk by carefully choosing which business to back.
Content by : Jbabel