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Working as a writer involves a lot of side gigs. As a freelance writer, it can feel like every gig is a side gig. It’s all about using your creative energy to pitch ideas, write articles, and network among the world of writing. Sometimes working as a writer involves finding innovative ways to help pay the bills and keep cashflow coming in. However, it can be difficult to find a lucrative side gig that won’t sap your creative energy when you need it for writing. This is where finance and investing opportunities come in.
Finance is grounded in logic and mathematics, which employs the opposite side of your brain. Finding a side gig that involves investmenting can help you make more money while saving your creative energy for any writing opportunities. These nontraditional investment options may be just the side gig you need.
Foreign Exchange Stocks
The benefits of investing in foreign exchange stocks, often called forex, include its large liquid market, high diversification, 24-hours-a-day trading, and potentially low costs. The risks include high leverage and high volatility.
Exchange-traded funds (ETFs) are a great option to allow someone without a lot of stock experience to invest in something like foreign currency. Like anything else, it involves a lot of learning and experience to get the hang of it. But once you do, it’s a side gig that can be highly lucrative without utilizing any creative space in your mind. Additional ways to invest in the foreign exchange market (other than ETFs) include:
- Forex: A 24-hour cash market where currency pairs are traded.
- Foreign currency futures: Where futures contracts are bought and sold. A futures contract is a legal agreement to buy or sell an asset at a predetermined price at a specified time in the future.
- Foreign currency options: Foreign currency options give the holder the ability to buy or sell foreign currency at a set rate.
- Certificates of Deposit: Investing in foreign CDs and earning interest at foreign rates.
- Foreign Bond Funds: Mutual funds that invest in the bonds of foreign governments.
Self-Directed IRAs
Many freelance writers know the plight of a retirement account. Retirement saving is incredibly important, but working as a contract writer or choosing to turn your freelancing into a business involves creating a retirement account on your own with the sometimes limited cash flow that writing offers.
Creating an IRA or a Roth IRA involves allowing a third party to manage your retirement investment, but a self-directed IRA allows you to make your own investment choices. The benefits of a self-directed IRA include reducing management costs and offering a tax savings. It also offers portfolio options that are a lot broader than a traditional IRA. With an IRA that’s self-directed, you can even use it to take part in foreign exchange trading.
You can get a self-directed IRA from a company that specializes in them, including some banks and trust companies. However, self-directed IRAs can be risky, so it might be helpful to seek out a financial advisor to assist you if you’re not investment savvy just yet. If you don’t follow the rules of self-directed IRAs, you can lose the IRA tax benefit, so it’s up to you to understand the investments you’re making. If you do understand your investments, however, you’ll be free to invest in things you really care about, not to mention with high returns and portfolio diversification.
Franchise Ownership
Franchise ownership is a popular investment option because a well-known franchise brand has a built-in customer base. For those looking to invest in a small business for purely financial reasons rather than creating a business based on passions, a franchise is perfect. The options for franchise ownership include restaurants, department stores, convenient stores, and more. Though there are many different ways to run a franchise, one way to do it is to be a sort of silent owner and leave daily operations up to the franchisee. Choosing to run daily operations yourself, however, will quickly turn your side gig into a full-time job.
The downside to utilizing franchise ownership as a side gig is that it involves a lot of upfront capital. Though many writers make a decent living with their art, it’s not a guarantee. This means franchise ownership will likely require a loan. You may also be able to invest with partners. Either way, it’s worth weighing the pros and cons while taking your overall worth into account.
Bitcoin Investing
Bitcoin is an alternative currency that has been steadily gaining traction in the world of fintech. This digital currency can be difficult for some to grasp the concept of when looking for a lucrative side gig. After all, unlike gold or paper money, bitcoin is basically just a line of code. There’s no set price for bitcoin, but the price changes are on a global scale instead of changing based on one specific country. Before deciding to jump into the world of bitcoin investing, it’s important to do your research and understand what bitcoin is and how it works.
Taking part in bitcoin investing involves getting a digital wallet and finding a bitcoin exchange, which is a marketplace similar to one where traders buy stock. A digital wallet is vital in order to keep your investing secure. Do your research and make sure you’re investing wisely, but it’s a great option for a side gig that won’t take up too much creative real estate in your mind.
If you’re looking for a side gig that won’t sap your creative energy, you might consider some options in investing. Though the world of technology and math may not be what you’re most comfortable with, take comfort in knowing there are many tools out there to help you understand the best way for you to invest. The best part is, you won’t be expending all of your creative energy so that you can still focus on your writing.
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