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5 side hustles that can increase your net worth during a recession

TFP - 5 Side hustles
TFP - 5 Side hustles

This article was created by StackCommerce. Postmedia may earn an affiliate commission from purchases made through our links on this page. 

We live in a day and age when money trades hands faster than ever. If you know how to navigate the internet, you can capitalize on the nearly 30 million Canadians making purchases online every year. But, like most adults, you probably have a primary job deterring you from new ventures. And if that is your perspective, you likely haven’t explored side hustles. These are gigs you can work on part-time to increase your income and possibly replace your full-time job one day.

Photography and videography

The photographed image is one of the only forms of content more valuable than the written word. And if that photograph is a moving video, even better. So if you’re looking for a side hustle that might scratch a creative itch, this might be the way to go. Social media platforms like Instagram and TikTok dominate the industry, so image-based content is poised to grow more valuable over time.

If unsure where to start, you can learn modern photography best practices with some easy and affordable online courses. These accessible resources can also show you how to optimize your images for valuable social media platforms.

Dropshipping with Amazon

Many parties are involved in creating a product in one location and then selling and shipping it to another. With Amazon’s dropshipping services, the mediators between creators and consumers can now operate from anywhere globally. If you have no idea what this is or how to get started with it, take a second to check out the 2022 Complete Amazon Dropshipping & Private Label Master Class Bundle.

Comprised of eleven courses, this 4.5/5 star-rated bundle teaches you how to find, source, and sell your first products on Amazon. The info comes from Brock Johnson, a multimillionaire who has sold over $8 million USD in products on Amazon. The training covers in-demand and effective strategies for paid-per-click advertising, suspension prevention, and how to establish and scale a business. This might sound like a lot for a side hustle, but if you start learning now, you can set up a stream of passive income for years to come.

NFTs and Cryptocurrency

Even if you’re not actively following the blockchain revolution, you’ve probably heard about it from a friend or colleague recently. Crazes over Bitcoin and Ethereum have inspired a run of endless competitor coins trying to replicate their value, new celebrity endorsements every day, and the launch of parallel markets like that of NFTs. However, much like dropshipping, these supposedly lucrative worlds are often clouded by ambiguity and confusion.

To help set things straight, you can opt for an all-in-one NFT Masterclass for Artists & Entrepreneurs. Once you learn how to create original, compelling digital art, interact with and invest in the blockchain, and mint NFTs, you can open up an entirely new and potentially fruitful venture as a crypto trader and NFT business person.

Copywriting

No matter what line of work you’re in, you will have a message that needs to be relayed to an audience. And if you’re talented at conveying such messages, copywriting might be up your alley. This side hustle can fast blossom into a full-time career; it just depends on your ability to acquire clients, retain them, and grow in terms of your skills and professionalism.

When getting started as a copywriter, there are many avenues you can take, including advertising school, responding without a portfolio to Craigslist advertisements, taking on smaller projects, and slowly building up a clientele. But, no matter how you find your way into this side hustle, once you’re there, the freedom can be compelling and make it easy to keep your day job for as long as you want.

Investing

Investment might seem like a general side hustle concept, and that’s part of what makes it attractive. Use your perspective on the world and interests to zero in on an industry of particular interest to you, and then research how you can invest in it. If you’re interested in general savings and wealth growth, consider one of the many financial service applications and regularly allocate bits of your paycheck.

Building a portfolio and developing different strategies to save, grow, and preserve your wealth can function both as a safety net and a side hustle. If you focus on an evergreen sector like real estate, you can set yourself up for substantial, life-changing gains.

Prices subject to change.