11.05.2022

HOW CAN WE MAKE ADDITIONAL INCOME?

"It turns out that less than 1% of people officially have a second job in Bulgaria, according to NSI statistics. Nearly 90% of Bulgarians' incomes come from salaries, pensions and social benefits. Investments are also below 1% and other sources are around 4%. At the same time, many studies are being done, which show that about 30% is the share of the gray economy in Bulgaria." This was stated by financial expert Stoyne Vasilev.

"What I recommend is, where we work, to take advantage of options for additional projects, which is the easiest and closest to us. If this is not possible, we can look for additional work. Freelance platforms, for example, are a good option for finding additional income," Vasilev said.

According to him, the other thing we can do is to organize a small business - it is very easy to make an online store or even use advertising sites and buy and sell there.

Another very popular activity in our country is the so-called Drop shipping - to sell without having any stock, as the goods are actually sent from another store.

However, we have to evaluate the sites very carefully, because in addition to the opportunities, there are many companies that are trying to make some fraudulent schemes or are not correct with the payments. We need to check whether the company is legitimate and whether the site has other people who earn extra income from it, says the expert.

"I would start with the homes we do not currently use in some cities. Let's take advantage of what we already have, because it is not so difficult to rent them out. There are companies that are fully involved in this process.

Before we think about buying an investment property to rent, we can think about those that we already own and are empty. Statistics show that even in Sofia close to имо of the properties are empty.

Secondly, when we decide to become rentiers, we have to do our homework again and look for specialists in this field. Although it seems easy for many people to buy a property and rent it out, this is not the case. Prices are currently rising and rents have remained at lower levels, which reduces profitability," explains Vasilev.