The pressures of life are numerous — from work and health to family and finances, juggling everything can feel like a Sisyphean task. While each stage of life offers new challenges, many in young adulthood find themselves facing a hoard of obstacles, especially as it pertains to finances. With no nest egg or substantial savings, starting out in life can be more difficult with respect to day-to-day financial obligations.
As such, many young adults are faced with a variety of challenges. With job markets that are more volatile than ever, finding gainful, full-time employment that covers expenses is harder than ever. Because of this, more and more young adults are turning to a variety of unconventional financial opportunities in order to make ends meet.
Thankfully, technology — along with the new job market — makes it possible for young adults to find flexible opportunities that generate money on their terms. Today, let’s look at five money-making gigs in particular that young adults are using to earn an extra bit of income.
Young adults in need of money-making gigs that can be pursued at their own leisure may find that driving a taxi — either for a traditional taxi company or independently through a service like Uber — is just the solution for them. Particularly true in larger cities, taxi drivers can sign up for virtually any shift and cater to clients near their locations.
However, there are a few considerations young adults will have to make before agreeing to this gig. Most notably, if you’re planning to operate as a taxi driver in the UK then you’re legally obliged to take out a suitable taxi insurance policy.
Fortunately finding the right policy is much more straightforward than it used to be, with taxi insurance comparison services like Quotezone.co.uk enabling taxi drivers to find and compare a wide range of coverage options from multiple insurers.
For those who decide to drive for a company like Uber or Lyft, a relatively newer car (less than 10 years old) is generally required as well, and in most areas drivers will also have to sign up for a ‘private hire’ or ‘public hire’ taxi license from their local council.
If you love the idea of working from home or on-the-go, then the world of freelancing may just be the perfect solution for you.
As the need for content continues to grow, more and more businesses are outsourcing the creation of this work to those with a speciality in specific fields. From graphic design and website management to blog posts and podcasts, freelance work offers a plethora of potential work fields for those with a bit of skill.
Young adults will be happy to know that freelance careers can be pursued both part-time and full-time, and freelancers get to set their workdays and hours. Whether you need just a bit of supplemental income or want to make freelancing a full-time affair, the sky is the limit. And, as freelance work is not a one-size-fits-all approach, you can find the method that works for you. For example, you could work to develop an online store selling items. When you start to see there are high-end items such as Rolex Watches for sale at prices that are beyond the reach of the low-earner, it can make you realise just how lucrative selling items online, either through an affiliate program, or by yourself, can be.
Rent a Room
A growing number of people in the UK are earning a side income by renting out their spare room to holidaymakers and backpackers. The growth of platforms like Airbnb has made it relatively simple for people to rent their spare rooms to travellers on a nightly basis, with many earning substantial sums by hosting guests.
In fact, this option is now so popular in the UK that the government has introduced a tax break to support it: you can earn up to £7,500 per year tax-free through the Rent a Room Scheme.
You get to choose which days your spare room is available and how much you’ll charge guests per night. You can also specify any rules or restrictions (e.g., not suitable for children, pets etc.), making it a highly flexible money-making option for young adults in need of some extra cash.
Offer Tutoring Services
Many young adults are either enrolled in university or have recently left school, meaning the education they’ve received is fresh in their minds. As exams and the curriculum continue to become more difficult, students are in constant need of tutoring services for every course of study. If you have a certain level of expertise in one or more field, why not use that knowledge to earn a bit of money?
Online tutoring services are all the rage today, with solutions that connect students with tutors both via the internet and in-person. Most tutors earn substantial sums for their services (between £10 to £30 per hour), and this is yet another part-time gig that can be pursued based on your own schedule.
Be a Blogger
Finally, blogging is another option for earning money on your own terms. While this method takes the longest of the five to begin paying dividends, much of the income generated from blogging over the long term tends to be passive. By creating and monetising a blog, you can generate revenue through ads and other methods for years to come.
Blogs can be about anything, as long as there is an audience for the content. Young adults can spend as little or as much time blogging as they like, making it an easy activity that is flexible for those with busy schedules.
These five flexible gigs can be pursued either full-time or part-time, and can generate sizeable sums of money for young adults. Whether you’re looking to supplement your income, make ends meet in between jobs or pursue a new career, one or more of these gigs may be just the ticket.