How to be financially independent in 2020? Building-up your financial backbone

Becoming financially independent has always been an ever going conversation. Easier said than done, to become financially independent takes a lot of time, sleepless nights and consistency. With the recent COVID situations, almost everyone has realized that relying on a single stream of work and a single stream of income is probably the worst that one can do to itself. Let us see different ways through which one can create a source of income for themselves and become financially independent.

Switching to freelancing

The first thing that needs to be realized is that we can no more depend upon the stereotypical 9-5 work format. Being an employee means having almost no additional time for any other alternative work and total dependence on your employer for your daily income. In other words, it is like owning a credit card. You keep on using your credit card limits and suddenly one day you realize your debt has reached a limit that you can no longer take care of it.

Freelancing on the other hand gives time for the individual to work on themselves. There is no surety of income in freelancing but what is sure is that it helps in enhancing personal skills and those skills will eventually help you create multiple streams of income.

Below is a given list of different things that one can do for becoming financially independent

1. Youtuber

Youtube is probably the golden egg hatching hen in today’s time. With everyone stuck at their home, youtube is one of the most visited platforms when it comes to getting entertained and spending time. With big brands collaborating with different YouTubers, now is probably the best time to start your youtube channel.

2. Stand-Up Comedian

Stand up comedy is one of the most popular and the most money-making freelance job in the market right now. It can be taken as a booming industry as a whole. With people showing good interest for such shows, one can surely become a stand-up comedian given the fact that you must hold the nick to be funny.

3. Content Writer

The content writers have always been and have become more demanded in these times of COVID. With almost all marketing gigs happening online, demand for content writers has increased drastically.

4. Web Developer

Becoming a web developer has become easier in today’s time, thanks to automated coding software that make your task easier. You can make a small website for a business nearby and charge them for the same.

5. Social Media Manager / Marketer

Social media is a great way for companies to bring in visitors to their websites and convert visitors into sales. But managing multiple social media platforms could be a task for them. Therefore, one can become a social media manager for companies and earn a decent side income.

6. Stock Investment / Trading

Although trading is considered to be a risky and time-consuming affair, one can invest in stocks with long-term agendas and still earn a decent income from these investments. Stock investment requires patience, practice and experience but it is something that almost anyone could learn and does not require a financial background.

7. Video Editing

With Youtube and YouTubers booming, demand for video editors has also increased. The best part about video editing is that it does not require heavy equipment or computers. All one needs is a decent performing computer and innovative mind to excel in video editing. Not to forget, it is a completely work-from-home job.

8. Data Manager

One can easily learn languages like SQL and use it for data management. Even a small shop would love to have a data management system on their computer making their inventory management easier.

9. Social Media Influencer

If one has near to or more than 10,000 followers on any of the social media platforms, you can use it to make some money. Brands like Mama Earth, Mivi, Apple and many more love to collaborate with such people who could bring leads for their products or in-short influence their audience to buy their products.

10. Musician / Singer / Lyricist

The music industry will always be a money-making industry given the fact that there is no end to its users thus making it more lucrative. One can launch their own album, write lyrics and make handsome amount of money as a start.

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Disclaimer: Views expressed on MoneySymphony.com are just an expression of thoughts. To no extend we are or should be held liable for any losses or conflicts. MoneySymphony.com suggest users take advise from certified experts before taking any actions or investment decisions. User actions may carry risk. All decisions remain the sole responsibility of the individual only.