Get Job Loss Insurance By Making Money With A Side Hustle

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start-side-hustle-todayI know you’ve seen a friend or family member lose their job over the last few years. Chances are they weren’t expecting it. They were blindsided. They had no clue their position was at risk. That could be you.

How did your friend or family member do financially when they lost their job? Did they have any income other than a potential severance package or a small income from their state unemployment check? I’d bet your friend or family member didn’t have any income coming in at all unless they had a working spouse. That’s a shame.

We Live In An Uncertain World

Nothing is certain. That should be apparent to everyone after the Great Recession and the slow recovery that has followed it. Unemployment rates are still higher than when the recession started and many people are still unemployed without any income at all.

You don’t want to be one of those people. How do you prevent the total loss of income sudden unemployment can cause? The answer might be simpler than you’d think. You need to start something and you need to start it today.

You Need A Side Hustle

I didn’t say you should have a side hustle. I said you NEED a side hustle, and I’m not joking. Working for the man isn’t what it used to be. Very few people work for one company their whole lives, earn a pension and retire all on that company’s dime.

Pensions have virtually disappeared. Companies are no longer loyal to their employees. Instead, companies are now loyal to Wall Street, shareholders and maximizing profitIf that means cutting your job, most companies will do it without a second thought. This is the new reality and you need to accept it.

Your side hustle will help you be ahead of the game should something awful happen that causes your job to disappear. You’ll have at least some form of income coming in. You’ll have options when others are scrambling to take any job they can find.

Side Hustles Give You Options

You’ll have something you can grow into full time money if you decide to put the effort into growing your side hustle into a full fledged business. If that isn’t for you, the extra income will allow you more time to find the right job.

Others might have to take the first job that comes their way, even if it is a massive demotion or pay cut. The side hustle, in combination with a well stocked emergency fund, will give you options to hold out a little bit longer to wait for a better opportunity should you want another job.

How To Get Started With Your Side Hustle Now

Think about what you’re good at. Are you an Excel master? Do you know how pick out treasures from garage sales that can be flipped for more money? Do you have any skills people would be willing to pay you for? Think for what you can do in your spare time that will generate some extra income. Now that you have an idea, think about how you can earn your first dollar with your new side hustle.

Next, go out there and get your first client and make that first dollar! The key is to take action. If you never take action you’ll never have the side hustle income coming in.

Once you taste the first dollar you earn from your side hustle you’ll likely be addicted. Earning extra money can provide you peace of mind that should something horrible happen to your main gig that pays the bills, you’ll have a way to provide some income while looking for your next job.

So what are you waiting for? Start brainstorming that list of ideas then go out and get your first client and first dollar this week! If you don’t do it now, you never will.

What ideas do you have for side hustles? Where do you plan to get your first client? What about your second? 

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.

Comments

  1. Could not agree more Lance. For me, having a side hustle gives me options as well as another source of revenue coming in. You never know where it’ll take you or what you’ll see out of it, but it can be limitless.

  2. It certainly hooked me! I’ve been working nonstop for the last two months and have no plans on letting up now that I have a “taste” for the extra income!

  3. I guess blogging is my side hustle but it’s not very lucrative so far! My ideas for ebooks and so forth would be lagging – if I were unemployed I would have time to work on them, but the money (if any) wouldn’t come in for a while. That’s not so hot.

  4. Agreed! I loved having a side hustle last year because when I lost my job it took some of the pressure off. Now that it’s my main hustle the pressure is back on, but in a totally different way. I recommend everyone has a side hustle or two because you never know what might happen!

  5. The best thing of side hustles is when it grows it’s like giving you a raise every year in a time of stagnant wages

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