Extra income in Portugal - answers to all the important questions

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Copy trading - Engage in social trading by copying the trades of experienced investors
Become a dog walker - Offer services to walk dogs in your neighborhood and earn per session
Babysitting services - Provide care for children during your free hours and earn for each session
Invest in stock trading at Interactive Brokers - Dive into the stock market using platforms like Interactive Brokers and profit from market movements
Create a course - Share your expertise by creating and selling online courses on platforms like Udemy
Become a freelance writer - Offer your writing services on platforms like Upwork or Freelancer and get paid per article or project
Rent a room In your home - Utilize unused space in your home by renting it out to travelers or locals
Start a blog - Share your passion or expertise through blogging and earn through ads, sponsorships, or affiliate marketing
Buy and sell goods - Engage in buying low and selling high, whether it's antiques, collectibles, or other items
Build websites - Offer web design services to businesses or individuals looking to establish an online presence

In the age of digital transformation and the gig economy, many individuals worldwide are exploring avenues to supplement their primary income. Portugal, with its vibrant culture and growing economy, offers numerous opportunities for locals and expatriates alike to earn additional income. This guide delves into the concept of side jobs, the potential to earn extra money, and the best online avenues to explore for extra income in Portugal.

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Top ideas of extra income in Portugal

Copy trading

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Then, there is copy trading. This is an easy to use way to copy trading transactions easily online. You don’t need to know much about how trading works to get started, and you don’t have to spend a lot when you’re starting out. Some of the best copy trading platforms are:

eToro - the largest number of participants in the USA.

RoboForex is the best according to the reviews of Traders Union users (for non us users) This kind of trading allows you to identify top traders and simply copy what they do. So, you don’t have to learn too much about how it all works before you start earning from your trades.

Become a dog walker

If you love dogs, then you will love this one! Rover.com is a leading dog sitting and dog walking app, and if you live in areas they serve, you can sign up to become a dog walker or sitter. It’s also relatively easy to create your own dog walking business, or to offer a dog sitting service when people go away or can’t be home for their furry friends. Not a bad answer to the question of how to make extra money for dog people!

Babysitting Services

This one is really simple, and you can either sign up on a site like Care.com to market your services, or just print flyers and pass them out in your neighborhood. People always need babysitting services, so while you might need to do a course to do this, you can get started quickly. If you have kids of your own, you can even offer this service in your own home, so you can still be around when they need you.

Invest in stock trading at Interactive Brokers

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Stock trading is not a short term or quick way to make extra money – at least not at first. But if you have some extra cash to invest, you can make around 10% in profit every year without doing anything. Interactive Brokers is an app that makes this easy, and you can choose to invest long term or be an “active trader.” Investing in the right stocks at the right time can make you a lot of money. Just ask Warren Buffett.

As you can see from this list, there are many ways to make extra money in 2023, and this list only just scratches the surface.

Create a Course

Online learning is big these days, and everyone has something to teach! If you’re wondering how to make an extra 1000 a month, this is a great option. You can sign up to sell your course on a site like Udemy, and the nice thing about this is that you only have to make your course once to be able to sell it many times. So, it becomes a great passive income option.

Become a Freelance Writer

There are lots of writing sites out there, and while many don’t take beginners, there are some like iWriter and Upwork that are open to everyone. You do have to be a reasonably good writer for this, but you can make some easy spare cash in your downtime. If you’re not a great writer in English but you know another language, you can also find a lot of work as a translator.

Rent A Room In Your Home

Of course, there’s always Airbnb and Vrbo. They’ve been around for a while, but they’re still a great option. Whether you rent your vacation property, an apartment on your property or a room in your home, this is an easy way to make some extra cash.

Start a Blog

If you have an interest in something that other people want to read about, you can create a blog. Before you ask how to make extra money by writing blog posts, the answer is advertising and affiliate programs. If you can get enough people to read your blog, you can use both to make a decent amount every month.

Buy and Sell Goods

More and more people are finding that flipping secondhand items are one of the best ways to make extra money online. Buying items at a low price and then reselling them (with or without repairing or refinishing them) is a great way to make some extra cash. Some people even find items offline in thrift stores or similar and resell them online.

Build Websites

This one takes a little more skill, but with easy to use site builders like Wix and Shopify, you could quite easily create a business building websites for people in a relatively short time. You can get started free though, and by the time you’ve built a couple of sites, you will have a good handle on how these platforms work.

What is a side job?

A side job, commonly termed a side hustle or side gig, is an occupation taken up in addition to one's primary job. It serves as an avenue for individuals to earn extra income beyond their main source of employment.

The rise in side jobs, especially in countries like the U.S., reflects wage stagnation and escalating living costs. Many resort to side hustles to bridge the gap between their earnings and expenditures. Surprisingly, almost half of the American population has some side job, with 43% of full-time employees also engaging in supplementary work. The quest for additional disposable income primarily drives this trend. The scenario in the UK is similar, with a notable 60% of students and graduates having side jobs and 43% relying on them to manage their rent. The domain of side jobs is extensive, including jobs like copywriting, trading, tutoring, and even entrepreneurial ventures.

Rules and Regulation

Portugal's market capitalization is relatively small compared to major global markets at approximately €65.5 billion.

Major Stock Exchanges
Euronext Lisbon is the primary stock exchange in Portugal and part of the Euronext group, which operates exchanges in several European countries. It traces its origins back to 1769, making it one of the oldest stock exchanges in the world.

Trading hours are from 9:00 am - 5:30 pm (GMT+1), Monday-Friday.
Market Overview
- The main market index in Portugal is the PSI 20 (Portuguese Stock Index 20), which tracks the performance of the 20 largest companies listed on the Euronext Lisbon.
- The average daily trading volume is around €150-200 million.
- The top sectors by trading volume include Energy, Consumer, Financials, Telecommunications, and Industrials.
- Portugal's stock market is influenced by broader European economic trends and events, as well as the performance of major European indices like the Euro Stoxx 50.
- Several Portuguese companies have gained international recognition, such as EDP Renováveis (renewable energy), Galp Energia (oil and gas), and Jerónimo Martins (retail).
- The average dividend yield for companies in the PSI 20 index is around 4-5%.
Regulations
The primary regulatory body for the Portuguese securities market is the Comissão do Mercado de Valores Mobiliários (CMVM), or the Portuguese Securities Market Commission.

Is it possible to earn an extra $1,000 per month in Portugal?

With the correct network, talents, and approach, it is possible to make an extra $1,000 per month in Portugal. Higher prices may be demanded for specialized abilities, especially if they are in demand. Potential wages are influenced by the Portuguese labor market, particularly in freelancing and part-time positions. Through recommendations and contacts, a strong professional network can provide access to beneficial prospects.

What is the best way to make extra money online?

Since producing extra money online has risen in popularity, there are numerous opportunities to investigate based on one's strengths and interests. Here are some of the best ways to earn additional income online:

Freelance work. Offering services based on one's skills on platforms like Upwork or Freelancer can be profitable
YouTube channel. Creating content that resonates with a target audience can lead to substantial earnings
Copy trading. Many people ask: How to make money in Forex without actually trading? That’s possible with copy trading. This involves mimicking the trading decisions of experienced traders, allowing beginners to benefit from their expertise. Choose the best copy trading app and start copying trades to make money
Dropshipping business. This e-commerce model allows selling products without holding inventory
Online surveys. Online surveys can provide a steady, albeit smaller, income stream
Forex trading. Investing in Forex trading offers profit opportunities, though it comes with risks
Stock investments. Investing in stocks can yield returns, depending on market conditions. Choose from the best stock brokers in Portugal and start trading them
App development. With the increasing reliance on mobile apps, developing a unique app can be lucrative

Is it possible to combine a full-time job with a part-time job in Portugal?

Yes, combining a full-time job with a part-time job in Portugal is possible. In Portugal, many individuals are on the lookout for supplementary income streams. However, merging a full-time role with a part-time position necessitates a deep understanding of the country's labor laws. These laws govern aspects such as working hours and overtime, making it vital for individuals to familiarize themselves with them to avoid potential pitfalls.

Balancing professional commitments and personal life becomes challenging when managing multiple jobs. The risk of burnout is real, emphasizing the importance of maintaining equilibrium. Additionally, the prospect of extra earnings brings tax implications. Hence, seeking advice from a local tax expert is a prudent step.

FAQs

Is Foreign Income Taxable in Portugal?

Residents in Portugal are taxed on their worldwide income. However, non-residents are only taxed on incomes earned within Portugal.

What is the additional solidarity rate in Portugal?

An additional solidarity surcharge of 2.5% on taxable income between EUR80,000 and EUR250,000 and 5% on income exceeding EUR 250,000.

How can I make good money in Portugal?

Joining online rewards sites, especially survey sites and Get-Paid-To (GPT) sites, is a quick way to earn online in Portugal.

How much income do you need to live in Portugal?

For a comfortable life in Portugal's cities, a couple would need around €1,700 per month, making it relatively affordable compared to other European nations.

Team that worked on the article

Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.

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Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

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