3 Types of Income Generation that Allow an Improved Work Life Balance

9 months ago

In 2023, many people are seeking to escape the routine of a 9-5 office-based career. The idea of spending over forty years in a corporate environment answering an unending stream of emails and undertaking routine administrative and project-based tasks is simply not a fulfilling career path for all workers. In traditional office-based careers, it is also commonplace to experience micromanagement by line managers. This can lead to a restrictive working routine and can stifle the creativity of some employees. Thankfully, an office-based career does not have to be the goal for millions of workers in this modern age of business. There is a wide range of ways to generate income in less restrictive environments, which can replace traditional working methods. In this article, three types of income generation that allow adults to achieve an improved work-life balance will be discussed.

Freelance driving work

Millions of people enjoy undertaking freelance work as it allows them to create their own working schedules, often with the ability to accept or reject specific work orders. Freelance working allows people to undertake tasks with minimal levels of supervision (provided that the work is delivered to standard and pre-agreed timescales). In short, this model of working allows people to plan their weeks around any personal activities and responsibilities. If you enjoy driving, a key freelance role is to become a driver for a shipping firm. All that is needed is access to a suitable vehicle (such as a truck or lorry) and a clean license to drive it. Freelance drivers can bid for shipping work on sites such as https://www.shiply.com/us/truck-loads. If their bid is the most competitive, they will be tasked with fulfilling the shipment delivery to a specific deadline or timescale. This type of work allows freelance drivers to create their own driving schedules and balance these with personal commitments.

Remote and hybrid working models

In recent years, there has been a dramatic increase in the number of workers who are engaged in remote and hybrid models of employment. The recent Covid-19 pandemic led to a dramatic rise in these models of work to limit the spread of the virus and protect key healthcare facilities from being overburdened with patients. It is estimated that by 2025, 32.6% of the American workforce will be undertaking roles from a remote setting, at least for part of the working week. A key benefit of remote and hybrid models of working is that time can be saved each day as there is no requirement to commute to a centralized workplace. Home office working allows staff to manage any personal commitments while still undertaking a set number of working hours.

Buy-to-let property portfolios

If you have substantial sums of money saved, it is possible to escape more traditional forms of employment completely and use your finances to build a property portfolio. By purchasing properties to rent to businesses or individuals, you can enjoy a persistent income stream without needing to cultivate a career. In the early stages of building a property portfolio, it is wise to buy lower-cost accommodation, especially if your financial reserves are limited. Over time, the money received from a rental property can be used to purchase additional buildings and further increase your streams of monthly income. Put simply, for people with high levels of savings, developing property portfolios allow you to escape the need for regular employment and achieve a lifestyle that benefits from significant amounts of free time.

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