With the controversial furlough scheme expected to end on September 30th, it’s thought that more than 270,000 UK jobs could be at risk when the government ends its financial support for businesses affected by the coronavirus pandemic.
While those affected will see this as a disaster, however, it may also create opportunities in a digital age where it’s increasingly possible to develop multiple streams of income without being burdened by a 9-5 day job.
In this post, we’ll explore the benefits of this type of approach, while asking how you can earn income without a 9-5 job.
Why Should You Eschew the 9-5 Job?
Without a traditional 9-5 job, you aren’t burdened by fixed hours of work, opening up the opportunity to create passive and more flexible income streams online.
This makes it theoretically possible to generate income on your own terms, while making you less susceptible to economic contractions and the sudden or unexpected loss of a 9-5 day job.
Even on a fundamental level, creating a number of flexible income streams enables you to set your own hours, so you can develop a working schedule that suits your overall lifestyle and allows you to build your activity around desired earnings.
How to Replace the 9-5 Job – Addressing the Best Income Streams
The next stage is to identify the best methods of earning flexibly, as you look to combine several income streams and optimise your returns. Here are some of the best options in the digital age.
- Launch a Blog: While the halcyon days of blogging may have long-since passed, it’s still possible to generate income from a popular and established blog site. Here, the key is to focus on a specific area of expertise and create content that offers value to readers, while monetising the blog through the sale of targeted advertising space and paid guest posts to similarly authoritative and in-demand voices.
- Freelancing: While this may sound like a generic and broad idea, freelancing is popular in the digital age and capable of affording ultimate flexibility to workers. Freelance copywriters and web designers are in particularly high demand thanks to the project-based nature of job roles, and this represents an excellent way of optimising your earnings while working with complete freedom and to your own unique schedule.
- Financial Trading: It’s important to combine such income streams with more passive alternatives, with forex trading offering a relevant case in point. In the modern age, trading platforms on Oanda and similar sites allow you real-time access to the forex market, while offering technical indicators and a suite of analytical tools to help inform your decisions. You can even utilise a demo account to trade in a simulated, real-time market environment for a period of three to six months, allowing you to hone your strategies and achieve more sustainable success.
