Topic: Does a side job/business improve your finanical stability ? - page 16. (Read 3303 times)

I'm not in your situation so I don't know what's going on with you either, it could be you, or it could be the company. But in case, if you think that your current job is uncomfortable or you feel that they are unfair to you, and if you believe that you deserve more, then you need to find another one. But with the current difficult economic situation and widespread unemployment, you should not rush to quit your job but find a more suitable time.

Most side jobs are abundant in those 1st world countries, unlike in the third world, where most people need full-time jobs. Also, the impression is that finding an online side job is easy, but the truth is that it is difficult once you don't have skills. Even if you do, a lot of people are already looking, and the competition is very difficult, which is why you can't still find or accept it. That is why lucky people have side jobs, and for those who don't keep looking, for sure you'll find it sooner or later.

lucky for those who are living in countries who can easily get their side jobs. because there are so many countries that even if the person wants a side job to augment his income, he can't find one. so for those who are in the area where you can easily get 1 or more side jobs, take that opportunity and save for yourself. as no one can help you but yourself, if you have extra funds, invest it tangible assets like real-estate. in time, you will thank yourself that you got smart with your money.

I have been in the position and I totally get what both of you mean. Actually, most companies don't care about their stuff and what they need and like are only cheap labours, no matter what kind of job you are taking. In a sense, almost everyone is replacable in a company, especially in a big one. We have to realize this before we can get a big picture or make any decision. The capable and so called loyal employees are never scarce because nobody wants to change jobs if they get well paid and excell in their position. But the question is, does your company wants to make this happen ? Or what is the intention of company decision maker ? I have been in numerous companies, whether it's small, medium or large, and I found that only the small circle around the boss or owner is stable, the rest are in constant changing due to the company's needs. If the employees are paid fairly well, that will be OK as money can make up a lot of things in workplace but the problem is the most companies are trying to rip off their employees so the conflict between is extremely hostile and that's why turnover rate is high in many places. In economic conditions like this, a lot more companies are struggling and a lot more capable employees are forced to resign due to the unfair payment and empty promises.

The side job nowadays is nothing extraordinary anymore, I'm sure the majority of workers who are still in their productive age today definitely have at least 1 or 2 side jobs (I also have 1 side job), even if they only give a small amount of money. running out of money is really very bad, so multiplying savings and investments is very important.

The first thing a man can do when there's less income is to cut off some unnecessary expenses. The second thing would surely be finding another job or side income source. The new job won't only help you to achieve financial stability, it will help you to make some investments during this period, which is an appropriate period to lock up some money in investments like stocks or crypto. I think we can't be dependent on a salary-based job for the whole life, as the paying rates are declining as you mentioned. In addition, Artificial Intelligence will disrupt many sectors and a lot of jobs will disappear within a few years.

Side hustle don't make you rich - they can help you payoff your bill and you can have some fun time with your family
But unless you are paying so much time and energy and efforts to the side hustle it wont give you return ..

There are lots of reasons on why companies would either let an individual go or frustrate you into resigning yourself. We should remember that the business is there to primarily make profits and anything or anyone that would hinder the business into the dream that the owner has envisioned would be cut off and terminated.

I think while on a job, we should still make moves to better ourself with necessary skills and certifications. So we would rise up through the ranks easily. Picture this; An employee working for 15 -20 years with the same certification he came into the company with vs an employee who regularly improves on his certifications and acquires new relevant skills and expertise. Who do you think would likely be promoted more often?

I have couple of people in my office who did part time business, one was in real estate and other one was in wrist watches. They did established there business and when they were confident that they have a business they can rely on they left the job. Having said that I didn't mean that business is for everyone. I myself do part time work (not business) on different freelancing platform and result is good overall income at the end of month.
So it totally depends on your skill set and how much determined to earn apart from your secure job salary.

The thing is that, the company itself has a very high turnover rate. I was informed that even the seniors that joined before me left within after 1- 2 years. Also faced the same thing.

Empty promises.

Well, in this case, I think before you say the company is not fair to you, you should reconsider yourself. I do not claim that you do not do well or do not complete the assigned work, but evaluate fairly and objectively to find out the cause. I believe the company does that for a reason, maybe new people have better knowledge, do better work, or they know how to please their superiors more than you...Or the company is looking to replace you with more enthusiastic young people, and they don't want to fire you, they want you to resign yourself.

Using an example of myself at the physical office I work at, I along with my other coworkers haven't gotten a raise since I joined, while only a selected few got theirs as soon as 1 year after joining. Similar workload too.

Why work at a company that doesn't know how to appreciate their staffs?

On another note, part-time is definitely one thing and I'm thankful of having some but as age catches up, your expenses increasingly shift towards the basic necessities such as housing/ family and groceries.

Not necessarily stable
For example those of us who already have a monthly salary choose to do business outside of work, for example become a seller or whatever that is. Because we still have a main job, in the end we only think of the business as a sideline and don't focus full time there. It will actually lead to poor financial management of us. Let's say we spend money to start, but because we are still focused on our main job, our business ends up being abandoned.

But if the side job in question is trading or investing, we may still have plenty of time for that but the risk of loss is also haunting.

Not that they are not content but most because they are aiming or looking for better compensation, and if they can do it by extending
their limits finding the right side job or part times.

They can add more to thier monthly salary, money that they can use to address their finances
a very big help for them to have a much lighter and easier in terms of daily needs.

Sadly not everyone is able to be content with their main job.

Currently I'm waiting for the first raise in 2 years before I make the next move.

Definitely, every side jobs/businesses improves our financial performances even if you have a high paying job, a side business is just like a PLUS to our financial situation because the amount of income one would be earning would at the end of the day result into a surplus if not slightly, then massively which would help in paying bills, sorting out expenses, fuelling of the car, house rents, feeding and so on. It is such an excellent idea to improve one’s financial performance by having a side job/business outside the main job one is having moreover the advantages are numerous and that is why we see a lot of people indulging in this pattern of life in today’s society in order cater for every of our minor/major needs which are necessary.

That's right.
On the other hand, it's not all about how much money you make but how much money you keep and save. And with that saving, there goes on how you're going to grow it through passive income and make it work for you. That's the style of rich people that they don't have to exert a lot of effort when they've already made themselves a great source of passive income. But as we know, at the start of it, that isn't really easy at all and too many hardships that they've been as well.

Always have the balance and its true that you shouldn't really lose focus on your main job on where you had made yourself survive in the present.It is really just you've been adding up some side income which it isnt

bad either, there are really just people who are that impulsive on where they do leave out their main job just because of their side income which we do know that it is really that risky to do so considering that there's
no assurance on when those side income would last unlike with your main job which you had been dealing for a long time.

In overall suggestion then having side income is really that recommendable if you do really wish up a life which doesnt really have that much problem when it comes to money or finances.

I think not to wind up pennyless, you have to save something for the future from your current work. A side job is always a plus point for making life a lot easier, but it shouldn't be your first priority. You may lose focus on your main job and mess it up too. So if you are able to continue both work and making good money from both, then you can choose to do it. Otherwise, you will lose both in the process.

Apart from work and income, in my opinion, to stabilize finances in the future is to manage finances properly and correctly to make preparations for the present, yes, maybe a side job will help stabilize finances, but that cannot apply if the financial management we use is very bad. and the results of side income are usually relatively small. I personally, in this case, we must be literate with investments that can provide dividends or capital gains that might help us in making our finances healthy in the future, of course we can build this from now on before our jobs and businesses no longer generate income. Even though I didn't expect that to happen but preparations had to be made.