Call it a post-pandemic phenomenon, but something old has become new again: the side hustle.<\/p>\n
The term \u201cside hustle<\/em>\u201d dates back to the 1950s, and the concept of a\u00a0hustle as a way to make money outside of your full-time job<\/strong>\u00a0goes back a decade earlier.<\/p>\n A popular form of hustling (aka self-employment) is\u00a0freelancing<\/strong>, where an individual specializes in a trade or craft, and hires out to other companies on a per-hour or project basis.<\/p>\n Prop trading<\/strong>\u00a0is another established way to make a part-time income.<\/p>\n Also referred to as \u201cfunded trading,\u201d\u00a0 it usually involves working with a trading company that provides technology, training, and some support, but allows individuals to self-direct their working hours and trading strategy. And, if a prop trader finds success, they can turn prop trading into a full-time job.<\/p>\n Both approaches have merits, but for the ambitious and self-motivated person, they are not equal matches.<\/p>\n In this article, we\u2019ll\u00a0compare freelancing and prop trading<\/strong>\u00a0as a side hustle, to give you a sense of which path offers the most potential for independence and success.<\/p>\n Although the global self-employment rate fell steadily from 1991 (55%) to 2019 (47.1%), according to the World Bank, the\u00a0COVID-19 pandemic reversed that trend<\/a>.<\/p>\n In the U.S., nearly\u00a059 million people are independent workers or have a side hustle<\/strong>. This amounts to roughly\u00a036% of working-age citizens<\/a>\u2014nine percentage points higher than in 2016.<\/p>\n Outside the U.S. and much of Europe, the\u00a0numbers are even higher<\/a>. That\u2019s because for much of the world, self-employment is the best way to make a living.<\/p>\n By some estimates, the rate of independent work and side hustling in the U.S. is closer to 50% for Millennials and Gen Z.<\/p>\n Chalk it up to disillusionment with the career advice doled out for decades and low full-time wages, but it\u2019s clear that\u00a0younger generations want more control of their income<\/strong>.<\/p>\n Side hustling allows them to maintain a steady job and bring in extra money for living expenses, savings goals, luxuries, paying debt\u2014plus the autonomy of working for yourself.<\/p>\n Whatever the reason, self-employment offers people the chance to\u00a0grow personally and professionally<\/strong>\u00a0and take control of their destinies.<\/p>\n For most of their existence, stock exchanges have been physical places where traders gathered. Today, technology makes it possible for people to\u00a0access global stock markets from<\/strong>\u00a0almost\u00a0anywhere\u00a0<\/strong>in the world.<\/p>\n Although investment companies and banks hire professional traders as full-time employees, there are many ways to trade stocks independently.<\/p>\n The most obvious is going at it on your own, with your own money.<\/p>\n But\u00a0proprietary (or prop) trading<\/a>\u00a0(aka funded trading) makes it easier: a prop trading company recruits traders, and provides training, certification, technology, and eventually funding for them to make trades.<\/p>\n Prop traders exchange stocks, commodities, currencies, and other financial instruments on national markets.<\/p>\n The financial backing of the prop firm allows traders to\u00a0achieve far more than they would<\/a>\u00a0by working solo.<\/p>\n Pursuing\u00a0prop trading as a side hustle<\/a>\u00a0(or eventually full-time job) has several\u00a0advantages<\/strong>\u00a0when it comes to making extra cash:<\/p>\n Of course, prop trading isn\u2019t a cakewalk, as it comes with its unique\u00a0challenges<\/strong>:<\/p>\n So, is trading a good side hustle? Sure,\u00a0but\u00a0it\u2019s not for everyone<\/strong><\/a>. If the advantages outweigh the challenges for\u00a0you<\/em>, then you can easily get moving and become a prop trader.<\/p>\n The best way to get started as a prop trader is to evaluate the prop trading firms that operate or accept traders from the country you live in.<\/p>\n Look for characteristics such as time in business, user reviews, industry recognition, and public transparency. Then apply to the one you like the best.<\/p>\n The best firm isn\u2019t likely to be the cheapest, as many charge a deposit for training and gear. But focus on what the firm offers after that:\u00a0 aim for those that give you the highest chance of\u00a0building a successful career<\/a>.<\/p>\n A freelancer is someone with a\u00a0particular skill who offers it to clients<\/strong>, hourly or per-project.<\/strong><\/p>\n There are freelance writers, designers, coders, accountants, carpenters, designers, video editors, and even executives (although they prefer the label \u201cfractional<\/a>\u201d). In short, freelancing is a way to keep your autonomy and get paid for doing something you specialize in.<\/p>\n Sites such as\u00a0Fiverr<\/a>\u00a0and\u00a0Upwork<\/a>\u00a0have created global marketplaces for freelancers to advertise their services, and for companies to browse and secure talent.<\/p>\n Freelance remote work has become increasingly popular for established companies to grow their capacity without increasing their full-time headcount.<\/p>\n Freelancing gives people the freedom and job satisfaction that many 9-5 jobs lack,\u00a0<\/strong>as they can work how and where they please, and negotiate their own fees.<\/strong><\/p>\n These are some of the\u00a0benefits<\/strong>\u00a0of freelance work:<\/p>\n However, a freelancer\u2019s career is often bumpy and thankless. Although you see a direct connection between your labor and your pay, it\u2019s not always straightforward.<\/p>\n Invoicing, bookkeeping, and client support can steal time and joy from your days. These are some of the\u00a0disadvantages<\/strong>:<\/p>\n Despite the drawbacks, freelancing could be the side hustle that works best for you. In that case, here\u2019s what you can do to get the wheels rolling.<\/p>\n Many freelancers start with a side hustle.<\/p>\n It could be a hobby with money-making potential\u2014such as carpentry or interior design\u2014or a professional service that they perform outside of their 9-5 job\u2014such as plumbing, graphic design, or software development.<\/p>\n The first step is to\u00a0assess if you have a skill you could get paid for<\/strong>\u00a0and then start talking to prospective clients.\u00a0<\/strong><\/p>\n Freelancers usually need a\u00a0portfolio to demonstrate their abilities<\/a>\u00a0or a list of satisfied clients who can serve as references. This may require taking on unpaid or low-paying work to establish credibility.<\/p>\n Many people take the freelance route, but there\u2019s no question that working as a prop trader offers much\u00a0higher earning potential with much lower risk<\/strong>.<\/p>\n You get to work from nearly anywhere in the world, doing a fast-paced, high-stakes, and lucrative job. You can start as a side hustle, then make enough money to\u00a0go at it as your primary source of income<\/a>.<\/p>\n In fact, if you become successful, you don\u2019t even need to spend too many hours a day working on it.<\/p>\n The prop trading firm provides you with training, technology, and the funding necessary to capitalize on market opportunities. All you need to do is cultivate a teachable attitude and an insatiable hunger to win.<\/p>\n Real Trading is one of the few prop trading firms built entirely around trader success.<\/p>\n Some firms take your money and throw you to the wolves.\u00a0<\/strong>If you survive and manage to execute winning trades, they\u2019ll take half of your profit and act like they did you a favor. That\u2019s no way to build a career.<\/p>\n We want our traders to take pride in their work and\u00a0reap as many of the rewards<\/strong>\u00a0as they can.<\/strong>\u00a0By following our training plan, using our tech, and\u00a0trading with our capital<\/a>, we position you for a life-long career as a short-term trader.<\/p>\n Some of our traders treat it as a side hustle, and that\u2019s ok!<\/p>\n However, most of them discover that prop trading is the career they\u2019ve been looking for and jump into it full-time.<\/p>\n You don\u2019t need to build up a stable of clients or juggle all the responsibilities of being a business owner. You can\u00a0focus on\u00a0creating a winning trading strategy<\/a><\/strong>\u00a0and generating a profit for yourself.<\/p>\n No gimmicks. No shady fine print. Just a fantastic opportunity to get paid at an exciting job.<\/p>\nThe Importance of the Side Hustle<\/h2>\n
What Is Prop Trading?<\/h2>\n
The Pros and Cons of Prop Trading<\/h3>\n
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Getting Started as a Prop Trader<\/h3>\n
What Is Freelancing?<\/h2>\n
The Pros and Cons of Freelancing<\/h3>\n
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Getting Started as a Freelancer<\/h3>\n
The Winner Is\u2026 Prop Trading!<\/h2>\n
Real Trading: From Side Hustle to Long-Term Career<\/h2>\n
A Serious Side Hustle<\/h2>\n