What Side Hustles Can a Banker Do?

What side hustles can a Banker do?

Growing up, I used to believe that because bankers are paid so well, they do not need to worry about making additional income. On the contrary, that popular misconception is now a thing of the past.

The number of persons who rely on employed family members is rising due to the high unemployment rate.

So, regardless of where you work or how much money you make each month, engaging in a legal side business that generates cash is preferable.

This article suggests a few side hustles you can do as a banker.

Key Highlights

🎯 In the United States, there are currently around 144,959 bankers working.

🎯 In banking, women make up 53.7% of the workforce, while males make up 46.3%.

🎯 White people make up the majority of bankers’ ethnic groups (71.8%), while Asian people (10.6%), Hispanic or Latino people (10.2%), and Black or African Americans (5.6%) follow.

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🎯 In San Francisco, California, bankers are most in demand.

SEE ALSO: How Accountants Can Start a Bookkeeping Side Hustle from Home

SEE ALSO: How Much Do Bookkeepers Charge for Start-Up Businesses?

SEE ALSO: 12 Lucrative Side Hustle Ideas Accountants Can Do At Spare Time

1. Start Drop Shipping

This is a business strategy for online retail where the retailer sells goods straight from his website without maintaining any inventory.

To obtain goods from major e-commerce sites like Aliexpress, you must create an online store, install drop shipping software, and list your products there. The manufacturer or wholesaler with whom you have drop shipping agreements fulfills orders placed on your website.

Drop shipping allows you to sell just about anything, including cosmetics, clothing, accessories, home goods, gadgets, mobile phones, and more.

See this detailed guide on how to drive traffic in 30 days to your dropshipping store.

2. Become A Money Lender

You can create a lucrative side business of lending money which can be the first step you need to launch a comprehensive financial company quickly.

Banks and other conventional financial institutions cannot satisfy society’s desire for credit. Money is always needed by people, households, and small and medium-sized organizations to meet their demands personally and professionally.

However, Ensure you maintain accurate records and use strategies to lower the delinquent rate.

Start small, loan a small amount, and progressively expand. Once you have taken the necessary measures to become licensed as a moneylender, you can eventually leave your current employment (if you wish) and launch a reliable business.

3.  Become A Consultant

While working at your normal job, you can make a solid side income by providing consulting services (giving your professional opinion to people, business owners, and corporate organizations). Additionally, it entails assisting them in carrying out duties for which they may lack the necessary skills.

You can provide your professional services as a side business in various fields, such as bookkeeping and record keeping, tax preparation, the creation of feasibility studies and business plans, etc.

4.  Fx Arbitrage

People who need foreign currency exchange to address urgent personal or professional demands are frequently encountered by bank employees, especially those who interact with customers.

Also, bankers are in a position through their work to know clients who could have foreign exchange but are unsure how to sell them.

You become a very helpful conduit between individuals who require a foreign exchange and those who must sell.

When it comes to finding foreign exchange for small and micro businesses, if you are sincere, dependable, and always provide what you promise, you will quickly establish yourself as a focal point.

5.  Online Forex Trading

If you don’t want to engage in forex arbitrage, you can still make cool money by gambling on the changes in FX market prices.

You are aware, as a banker, of the size of the foreign currency market. Learn how to trade FX online and earn big money by placing bets on price movement.

You can trade a variety of derivative assets online in addition to FX. This includes indexes, cryptocurrencies, and commodities like gold, silver, and oil. Forex and other internet trading activities are now a common full-time income source for many people and could be for you too.

6. Try Finance Blogging 

The number of people who are unaware of the many sorts of accounts or services that banks provide and even how to create an account will astound you. You can choose to publish blog posts to inform readers about banking or personal finance. A blog can eventually become a significant source of side income if it is set up, maintained, and monetized effectively.

Final Thoughts

These suggestions for side hustles are not only appropriate for those who work in the banking industry or other relevant financial services.

It is appropriate for anyone seeking a side job, regardless of profession or trade. Many side hustles are available for anyone with the necessary skills to supplement his/her 9–5 income.