Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
The top five money making trends of 2020
Sam Smith
25th Jan 2019
We’re now well into 2020, and like last year, we’ve complied a list of the top 5 money making trends that are happening right now. Each of them is something you can get involved in to earn some extra cash.
The trends are likely to have evolved somewhat since we covered this topic last year with some new additions to the list, while older money making trends have continued into the new year.
Read on to discover the latest money making trends in 2020:
5. Switch accounts
Returning from the same spot as 2019, switching accounts is still a lucrative idea that so many people fail to take advantage of. But people are catching on.
It’s something you maybe don’t think much about, yet it’s simple to switch current accounts for a quick financial reward. Especially if you’ve found your bank’s performance unsatisfactory of late. Switching to First Direct as an example, will bag you a nice £100 just for switching.
More details and further options can be found here. You should also consider switching your various utilities and insurance premiums. You may make a considerable saving before spring arrives!
4. eCommerce
eCommerce is taking the world by storm at the moment. Throughout 2019 this really started to kick off, but heading into 2020, eCommerce is may actually change the way we shop and source our goods and services.
Anyone can get involved, and many people who do go on to leave their day jobs to focus on their eCommerce trading full time. We don’t blame them, if you get it right and come up with an original idea, then you’re earning potential can be vast!
3. Online surveys
It doesn’t bring in mega bucks, but people are turning to online survey sites as a relatively quick and simple way to earn a bit of extra cash.
It’s so simple too and can be done nearly anywhere on your phone. By signing up to sites such as Toluna to answer questions and offer opinions, you stand to collect money and also stuff like Amazon vouchers.
And it isn’t all mindless box ticking. You can also watch videos, play games and use the site as a search engine to release those potential goodies.
As you can do it all from the comfort of your own home, and with each survey lasting around 10 mins, it’s little effort for a reasonable reward.
2. Work from home
Freelancing has really taken off in the past few years due to all the advancements in remote working technology and the amount of jobs that can now be done from the comfort of your couch.
And in 2020 this market is set to get even larger; as those who possess creative skills, or skills that multiple businesses could benefit from learn how to monetise their strengths, then offer it to third parties.
For a price of course.
There are various areas you can get involved in if you’re looking to turn your front room into your office. Blogging or freelance writing are just two examples. Naturally you’ll need some skill in those arenas, but you can also learn. Experience and qualifications certainly help too.
But there are now more and more freelancing websites on the web that allow experts in various fields to offer their services. Graphic design is also becoming a huge market where freelance artists can do well by working from home.
If you have a skill to impart, online tutoring is a popular way of making yourself known. All you need is a webcam, and your students could live anywhere in the world.
Remember though, working from home can be a double-edged sword, and while there are numerous pros it’s worth hearing about the flip-side. Read more about this here.
1. Passive income
Do you fancy earning money for doing very little? Or doing something once and charging for it over and over?
Passive income typically involves getting a return from something in which you’re not actively involved. Or maybe you are involved, but what you do largely runs itself.
Here’s a few good examples:
- Investments – earning cash from stocks, shares and companies you hold a small stake in.
- Royalties – writing ebooks, short stories, poems or essays and self publishing them on platforms like Amazon’s self publishing tool. Then sit back and collect the money each month. The more you do and the more popular it becomes, the more you’ll earn.
- Consulting – Okay you may actually have to do something here. But it involves using your skills to help businesses grow. You generally collect a retainer from that company every month, even if you don’t actually do anything. What do you have to offer?
This is definitely something to have on the side rather than devoting all your energies towards, but you never know where it may lead.
2019 trends? Nothing new here and most survey sites are a con.
Useful information to start making some money in 2019.