The traditional 9-5 working life has rapidly shifted in recent years. A “side hustle” is another term for an alternate income stream, and is now considered the new norm for many individuals. Passive or alternative income streams are being utilised by many Australians, and alternative income streams are gaining traction in society on a global scale. But how is the “gig economy” gaining this traction?
Emerging applications and technologies have given this opportunity to individuals, allowing them to create their own alternative income streams. The internet has made passive income something that is accessible to most people – so it’s time to begin taking advantage of this.
Examples of ways that Australians are earning additional income through alternative income streams include platforms such as Uber, Deliveroo, Airtasker, Menulog, Shopify (or other e-commerce platforms), freelancing opportunities (Upwork), and even AirBNB.
Many are turning to these alternative income streams for a variety of reasons – whether it be the ease of earning on these platforms, the freedom of earning in an on-demand economy and additional income opportunities being present. This also provides experience, and can help instil a business mind set into individuals. Many people use an alternative income stream to incorporate things they enjoy – whether it be selling specific specialty product online, hosting guests or freelancing in areas of expertise.
Alternative income streams are rapidly growing – and it’s not too late to be involved. Whether it be renting out a room in your house to nearby travellers, selling unique goods online or completing random tasks on Airtasker. Having multiple income streams will help ease stress, as not one sole stream is being depended on – and if your alternative income stream proves to be effective it could even be scaled upwards!
If you’re interested in discussing your business or personal finances, including alternative income streams, feel free to contact us here – we’d love to hear from you.