Finance

How to Maximise Your Earning Potential by becoming a Multi-Income Individual

With no immediate end in sight to the cost of living crisis, millions of people in the UK are looking for ways to make more money and ease the strain.

For some, that might mean finding a job with a higher salary. But for many others where this isn’t possible, achieving maximum potential earnings means finding an additional income.

In other words, your earning potential isn’t necessarily tied to one job.

New ways to gain a secondary income

Some think that having a side income means juggling two traditional jobs – maybe having a regular Monday–Friday 9–5 and then a part-time gig at a bar in the evenings or at a shop over the weekend.

While this is one way to increase your overall income, there are many other ways to maximise the money you make. For example, companies like Uber, Bolt and Deliveroo are ideal for some harnessing the ‘gig economy’. Many drivers for these companies aren’t full-time drivers, instead working around other ‘main’ jobs.

People are becoming more and more creative with their side hustles too, starting their own businesses from their own homes in their own time.

Starting a business doesn’t have to be a big, daunting thing – it can be anything from making extra cash from a hobby to offering a specialised service. And there are a few websites like Fiverr and TaskRabbit that let you sign up and offer your services through them.

Right now there are over 20 million Multi-income individuals (‘Miis’) in the UK, according to the Utility Warehouse Miis report. And by 2025, the number is projected to rise to 25 million. So you’d be in very good company if you decide to become one – if you’re not already.

Identifying multiple income opportunities

The great thing about developing additional streams of income is that you’re not limited to the number of streams. And there are lots of ways to boost your income by changing a few things in your everyday life, like selling old items on eBay or Depop, or using a trading app to invest in stocks.

But when it comes to finding earning opportunities that’ll keep paying out, finding a side hustle (or two, or even more) could help ease the sting of rising bills month after month, and even set you up for future stability. From regularly completing paid surveys to setting up an online shop, you can aim as small or big as you like.

Some of the best side hustles give you the freedom to work as much or as little as you want, for example, when you become a UW Partner. These kinds of opportunities let you fit your side hustle around your life with no pressure of targets or time constraints.

How much you make depends on your side hustle and goals

Whether you want to earn enough to help with your monthly outgoings, to buy something you’ve had your eye on for a while, or to save for a deposit on a house, no reason for finding a side income is invalid. And the old stigma behind having more than one way of earning money is disappearing fast.

Even better – if you’re looking to move up and onwards from your current ‘regular job’, having a side hustle could also give you the transferable skills needed to achieve this goal.

And if you’re happy with your current job, it’s also possible to earn a significant amount with a side hustle on top of your job. Some people in the UK are even boosting their income by an additional £10,000 a year with their side hustles.

What would you do with the extra money?

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