FINANCES : Money from a Hobby

Financial freedom is not just about saving more but earning more as well. One of the easiest and best ways of increasing your income is tapping in into one of your existing or yet to be found talents to make money.

Financial freedom is not just about saving more but earning more as well. One of the easiest and best ways of increasing your income is tapping in into one of your existing or yet to be found talents to make money.

Although many hobbies can be used as a way to make money, it doesn’t necessarily follow that you can just take up any hobby and make some cash. It’s usually the case that people develop a talent because it involves doing something that they enjoy.

Therefore, don’t choose a hobby purely on its money-making potential. Do something you love and extra income is a bonus.

Just imagine the freedom to work when you want to and to have extra time with your family, the money you need for those little extras like nice holidays and cars. Our hobbies are the expression of our true selves. They’re the place to which we escape, particularly if our working lives are less than fulfilling.

Chances are that there are several things you enjoy doing and are good at. You might not even think of them as hobbies.

Often, the things that come naturally to us - whether it is taking photographs, playing computer games, repairing cars, seem so easy that we assume everyone can do them.

But it isn’t so. You may know immediately what hobby or hobbies you have that you might want to make some money with or it may take some thinking. In either case, write down a list of your hobbies.

Picking up some extra cash with your hobby is often quite easy. Have a way with dogs? Do some training, dog walking, or informal boarding.

Love to cook? Become a personal chef, do catering, or sell homemade goodies at local Saturday markets. There are many ways to sell something you produce, on a small scale, without too much struggle.

Some things will be a lot more profitable than others, so consider the cost of your materials, what you can sell something for, and what a Chinese-made one sells for in local stores.

Try to turn your hobby into a business but make sure you have that before you are ready you understand the implications of going into business, especially with the time, commitment and the legal repercussions.

Ends

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