Best Ways to Make Extra Money for Finance Professionals
It is a myth that the people employed in the finance industry or working with banks, investment firms, insurance companies, and other finance companies are paid too much money. The high rate of unemployment and increasing competition have lowered the remuneration for some. This has necessitated people to look for extra income over and above their monthly salary. Engaging yourself in a legitimate job that can serve as a side work to fetch you an extra income is highly desirable.
Best Side Hustle Ideas for Finance Professionals
Let us discuss some side hustle ideas for financial professionals to make extra income.
🖊️Tutoring
Experienced financial professionals can tutor school and college kids. They can use their technical skills to tutor students who want to join the finance industry and earn finance certifications. You can also apply to companies that hire experienced financial professionals. They have a team of veterans who teach college students majoring in economics, finance, business, statistics, maths, etc. While high school tutors earn a significant amount per hour, college and management-level school tutors earn much more.
🖊️Keeping Company Books
Many small business entrepreneurs do not hire a full-time accountant. They just look for a part-time accountant to help the businesses keep the company’s books. If you have great financial knowledge like accounting, bookkeeping, etc., you can use this side hustle idea and earn as a part-time bookkeeper. Your job responsibility will be keeping track of revenues and expenses, doing data entry in bookkeeping software programs, paying bills, generating invoicing, reconciling financials, etc. A bookkeeper can get a handsome paycheck at the end of the month.
🖊️Advice Business Plans
If you have been a financial advisor or strategist, you can help entrepreneurs formulate a business plan. Many entrepreneurs in the U.S. dream of owning a business. Sometimes, they struggle due to lack experience, getting a loan approved, and not having a great business plan. As a consultant, you can help with the business draft plans for lenders and investors. Being a qualified financial professional and having rich real-world experience, you will know how to articulate goals and strategies and work with clarity.
🖊️Financial Freelancer
Freelancing works for finance professionals, too! This creates space for financial pros from various disciplines and backgrounds. You can work on a contract basis and perform several finance-specific freelancing jobs like forecasting, accounting, auditing, business analysis, financial advisory, tax services, etc. Make your listing on the sites, advertise your services, jot down your skills, academic and work background, and more. Look for the clients and build your clientele.
🖊️Become a Blogger
There are tons of finance-themed websites. They offer large and small pay scales to expert industry professionals. You can start creating blogs and provide valuable insights and ideas to the people. In short, you can cash in your knowledge by writing as a guest blogger. Freelance writing offers flexibility. You can work for websites, magazines, publications, etc. according to your schedule. This will also provide an excellent opportunity to build your professional portfolio and demonstrate your financial expertise.
🖊️Fx Arbitrage
Are you from the investment banking industry and have interacted with various customers? Some people need forex exchange but do not know how to get or sell them. You can connect with those who need FX and those who have to sell. You can make money through a regular bank channel transaction by linking them together.
🖊️Tax Preparation
Not everyone can file taxes each year on their own. Most people struggle to understand the taxation system, its procedures, and its preparation. Those people look for expert tax consultants who can provide tax preparation services. If you have a great career in finance, you can help the clients with a complete understanding of tax procedure understanding, how to prepare and file taxes, and other expert advisories related to tax and money saving.
🖊️Investment Advice
Those finance pros with a solid investment background can offer key investment advice and guidance to the people. You can help the clients know investment details, investment channels, available investment options, what will work for their unique investment goals and risk appetite, etc. You can help investors diversify their portfolios, choose the correct and the most lucrative investment, and build wealth over time.
🖊️ YouTube Channel
Running a YouTube channel has become a great side hustle. You can create videos about diverse topics, answer the most asked questions on finance matters, share your experiences, and provide advice to small business owners. You can also run tutorials for accounting software. A successful YouTube channel can help you earn a whopping amount.
Wrapping up
A side hustle is a good way to boost your income and develop an entrepreneurial pursuit. Whatever side hustle you choose, develop a marketing strategy to promote the same and attract clients. You can use various marketing channels like social media, references PR, professional networking platforms, etc.
