Extra income in Portugal: A comprehensive guide

Top ideas of extra income in Portugal

Copy trading

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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

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.

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.