Does a side job/business improve your finanical stability ? - page 23.

Cryptock

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Quote from: iv4n on January 17, 2023, 06:15:26 AM

Quote from: boyptc on January 16, 2023, 03:36:19 PM

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For skilled people, specially those that have in demand skills, they're the most desirable in the gig marketplace as they're like the performance/output based jobs.

Skilled people will find a job more easily, and if their skill is in demand, they will find a well-paid job more easily. But in the end, there are always jobs, more or less paid, for those who want to work and improve. Those who do not want to work will only find excuses.

A side job can improve financial stability but it's exhausting. I combined two or more works when I was younger, but just when I needed more money for some of my plans. The last time when I needed some extra cash was 4-5 years ago... juggling between two jobs and a family (wife and one kid at that time) was physically and mentally difficult, it's a different experience when you simply can't get enough rest, and for sure you can't provide enough attention to your family.

A side job/business can improve financial stability, but it's not something that someone should do for a long time... it consumes a lot of time and energy, and if you overdo it your private life will suffer (your family (wife and especially kids) even more if you have them). I guess we all need some balance in life, it's hard to find it, but it's there.

Mostly people are taking courses for skills development - my skills have save me during COIVD and my degree went into drain

Erumo

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I good investment is more preferably than kill your back on two or three jobs. The chances of failing on both due to exhaustion is more than becoming an expert in one job and earn more as a professional. Train one thing, become a master of it and set your own price for your work and experience. That is more stability than balancing between two jobs.

iv4n

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Quote from: boyptc on January 16, 2023, 03:36:19 PM

...
For skilled people, specially those that have in demand skills, they're the most desirable in the gig marketplace as they're like the performance/output based jobs.

Skilled people will find a job more easily, and if their skill is in demand, they will find a well-paid job more easily. But in the end, there are always jobs, more or less paid, for those who want to work and improve. Those who do not want to work will only find excuses.

A side job can improve financial stability but it's exhausting. I combined two or more works when I was younger, but just when I needed more money for some of my plans. The last time when I needed some extra cash was 4-5 years ago... juggling between two jobs and a family (wife and one kid at that time) was physically and mentally difficult, it's a different experience when you simply can't get enough rest, and for sure you can't provide enough attention to your family.

A side job/business can improve financial stability, but it's not something that someone should do for a long time... it consumes a lot of time and energy, and if you overdo it your private life will suffer (your family (wife and especially kids) even more if you have them). I guess we all need some balance in life, it's hard to find it, but it's there.

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Quote from: bitgov on January 16, 2023, 02:40:04 PM

That is correct -our lives have been affected by the COVID and I am still not being able to settle myself.
I don't search for jobs anymore because I have lost trust in jobs.

Why would you lose your trust in jobs? Have you been scammed by a job posting? Why would you not trust them if they're from a legitimate company and business establishment that's hiring?

Quote from: bitgov on January 16, 2023, 02:40:04 PM

I want to run my small business. .. and would never work for anyone else - that is for sure

That's what many are wishing for but when you have started to build your business, you'll have to endure the hardship of building and maintaining it. When are you going to start your small business then? If you don't want to work for others, owning a business is certainly for you, and not just that, having investments that generate passive income too although this is also for everybody, employee or not.

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Quote from: Cryptomultiplier on January 16, 2023, 03:39:52 PM

Quote from: freedomgo on January 16, 2023, 02:45:31 PM

Quote from: Bitstar_coin on January 14, 2023, 03:27:36 AM

Yes, it does especially when your job does not come with a high income. Not everyone is lucky enough to get a high paying job so having a side job to generate extra income to support your main income always helps. I know it has help me and improve my financial status for some extent. Besides, earning extra cash aside from your salary comes with certain feeling if you know what i mean. Wink

Side jobs can always be an advantage even if we have a good main source of living, especially if it’s also sustainable and is giving us significant profits. But it also depends on how we will manage our funds that will make us financially stable because no matter how profitable our side jobs are, once we never know how to manage and budget our funds, we will never be financially stable and will still struggle with our finances.

One other point I think worth considering when checking if a side job/business is a determinant to improved financial stability is that of the mindset and also mental health. The task of attaining financial stability is one which requires a disciplined frame of mind to keep up with the stress and maintain balance overall. Where this is not balanced, it could cause mental health problems and money must be spent on health care to get better.
The presence of a partner could help ease the stress level of side job/business, also a side job or full-time work that does not have much stress would aid in improved financial stability. A person who is happy spends less.

If you are trying to avoid stress then having a side job isnt really for you because you do really need to be out of your comfort zone if you are really that tending to have a financial stability because no one are the
ones who had stayed up on their comfort space unless if you are really that rich cause of inheritance then this wont be an issue but if not then you would really need to grind up to place yourself on the top spot.

You would be needing to face up lots of challenges and stressful ones for you to commit or achieve such success.Although it wont really be that simple but it is really that part of the process.

You cant just make yourself into the top spot if you dont do hard work and dedicative actions or works which i could say that it would really be that normal.

Cryptomultiplier

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Quote from: freedomgo on January 16, 2023, 02:45:31 PM

Quote from: Bitstar_coin on January 14, 2023, 03:27:36 AM

Yes, it does especially when your job does not come with a high income. Not everyone is lucky enough to get a high paying job so having a side job to generate extra income to support your main income always helps. I know it has help me and improve my financial status for some extent. Besides, earning extra cash aside from your salary comes with certain feeling if you know what i mean. Wink

Side jobs can always be an advantage even if we have a good main source of living, especially if it’s also sustainable and is giving us significant profits. But it also depends on how we will manage our funds that will make us financially stable because no matter how profitable our side jobs are, once we never know how to manage and budget our funds, we will never be financially stable and will still struggle with our finances.

One other point I think worth considering when checking if a side job/business is a determinant to improved financial stability is that of the mindset and also mental health. The task of attaining financial stability is one which requires a disciplined frame of mind to keep up with the stress and maintain balance overall. Where this is not balanced, it could cause mental health problems and money must be spent on health care to get better.
The presence of a partner could help ease the stress level of side job/business, also a side job or full-time work that does not have much stress would aid in improved financial stability. A person who is happy spends less.

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Quote from: Desmong on January 16, 2023, 03:25:17 PM

We need to own a business if we want to keep becoming capable to pay bills and do other things. We can't rely on a single job to become financially capable, we need multiple jobs or our own business that we can build to become well responsible and business and financially sufficient. The world is becoming more difficult for people to leave and inflation is increasing everyday so we need to be prepared.

Not really owning a business but as you've said having multiple jobs.

You can be employed with several employers as a freelancer and work with all of them with the same skill that you've got. But to be on this type of situation will require you vast experienes and confidence that you can deliver what the clients are asking you.

For skilled people, specially those that have in demand skills, they're the most desirable in the gig marketplace as they're like the performance/output based jobs.

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Quote from: Marcellin9 on January 14, 2023, 01:00:22 AM

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

You're seeing a side hustle wrongly. For me, if you'd have to learn skills extensively to the point that it almost takes as much time as going for your regular 9-5, it's not a side hustle anymore, it's a second job, which could cause you to lose employment of both. For you to have a side hustle you must know what your skills are, or at least what your hobbies are. Then find a way to profit from it. I myself, have been a writer for 2 years now, starting from what otherwise would seem to be just a regular hobby I do to pass off time. Ultimately, my point is that your side hustle must not take too much time and effort as your regular job, that way you can still focus on both without losing your social life in the process, or your employment.

Desmong

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We need to own a business if we want to keep becoming capable to pay bills and do other things. We can't rely on a single job to become financially capable, we need multiple jobs or our own business that we can build to become well responsible and business and financially sufficient. The world is becoming more difficult for people to leave and inflation is increasing everyday so we need to be prepared.

freedomgo

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Quote from: Bitstar_coin on January 14, 2023, 03:27:36 AM

Yes, it does especially when your job does not come with a high income. Not everyone is lucky enough to get a high paying job so having a side job to generate extra income to support your main income always helps. I know it has help me and improve my financial status for some extent. Besides, earning extra cash aside from your salary comes with certain feeling if you know what i mean. Wink

Side jobs can always be an advantage even if we have a good main source of living, especially if it’s also sustainable and is giving us significant profits. But it also depends on how we will manage our funds that will make us financially stable because no matter how profitable our side jobs are, once we never know how to manage and budget our funds, we will never be financially stable and will still struggle with our finances.

bitgov

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Quote from: xSkylarx on January 14, 2023, 06:45:57 AM

This is a tough question since when the pandemic hits business and also your employment is in the verges to be ended. Having savings is the answer to those unfavourable circumstances because whether your business is booming your salary is big but when Covid hits when you lose your job you will not be getting money on it same with the business but if you have savings that will last you for few more years then for sure you are still stable but having a business are you can save a lot after all the efforts you've done and your business will start to self sustain since the profit on it is huge unlike in job that it takes few years to have a small increase.

That is correct -our lives have been affected by the COVID and I am still not being able to settle myself.
I don't search for jobs anymore because I have lost trust in jobs. I want to run my small business. .. and would never work for anyone else - that is for sure

Cryptock

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Quote from: Jody.Drummer on January 16, 2023, 12:58:00 PM

Quote from: Leviathan.007 on January 16, 2023, 11:22:24 AM

Quote from: Marcellin9 on January 14, 2023, 01:00:22 AM

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

As some who had the experience of having 2 and then 3 side jobs I can surely say the answer depends on yourself but if you ask to be the short answer is no it can't help you to have a financial stability situation. Even if you have income from 2 other resources you will need to have a plan for your life and how you spend your money without having a plan even a side job cannot help you. Besides that, I prefer to focus on one job and become successful in it instead of having other jobs.

That's because we don't focus first on the one job we have, but if one of our jobs is running smoothly then a side job can be a better thing to do. In your story it seems that some of the people you mentioned earlier have lost their focus, I mean the work they are doing is not completely smooth and they are taking other jobs. It would surely divide and would even make a mess.
I also have stories about this, which I noticed they were too greedy and didn't try to one job be more advanced first. But in my opinion side jobs are still important to do, this depends on how we see things.

not exactly - I work from home and my job is good but the business is not profitable I am helping my company too. But yes I now keep some side hustle too
It does help a bit in paying my bills and my fuel

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Quote from: Marcellin9 on January 14, 2023, 01:00:22 AM

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

One thing is for sure, almost everyone has experienced an unexpected situation, especially the moments at our lowest point in life. especially after post-covid, the Ukraine-Russia conflict, the global economic crisis, everything feels even more difficult. even to meet the demands of life, at least we have to find additional work so that everything goes on as usual.

Unfortunately, as you said. to get a stable job with high income is becoming a scarcity. especially if you don't have expertise in certain fields, you will only get worse. there is no other choice, but you focus on your goals, what you have to do and what potential can generate additional profits to increase your financial stability.
in fact, there are many ways to generate additional income. But, it all depends on how you react to it. even the simplest example, in this era you can use the internet according to your abilities and skills to generate income. but what should be remembered, nothing is easy and instant. I have my own philosophy. that the process will never betray a result.

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Quote from: Jody.Drummer on January 16, 2023, 12:58:00 PM

Quote from: Leviathan.007 on January 16, 2023, 11:22:24 AM

Quote from: Marcellin9 on January 14, 2023, 01:00:22 AM

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

As some who had the experience of having 2 and then 3 side jobs I can surely say the answer depends on yourself but if you ask to be the short answer is no it can't help you to have a financial stability situation. Even if you have income from 2 other resources you will need to have a plan for your life and how you spend your money without having a plan even a side job cannot help you. Besides that, I prefer to focus on one job and become successful in it instead of having other jobs.

That's because we don't focus first on the one job we have, but if one of our jobs is running smoothly then a side job can be a better thing to do. In your story it seems that some of the people you mentioned earlier have lost their focus, I mean the work they are doing is not completely smooth and they are taking other jobs. It would surely divide and would even make a mess.
I also have stories about this, which I noticed they were too greedy and didn't try to one job be more advanced first. But in my opinion side jobs are still important to do, this depends on how we see things.

The job I do is a new venture and most of the time I get my salary late - but since my boss supported me in good days. I don't feel like asking him money and bothering much to pay by salary on time - I have a few side hustles and they are enough to pay my bills. And yes my side business helps me alot. sometimes I even pay salary to my staff and then keep the salaries which comes to me. life goes on!

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Quote from: Leviathan.007 on January 16, 2023, 11:22:24 AM

Quote from: Marcellin9 on January 14, 2023, 01:00:22 AM

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

As some who had the experience of having 2 and then 3 side jobs I can surely say the answer depends on yourself but if you ask to be the short answer is no it can't help you to have a financial stability situation. Even if you have income from 2 other resources you will need to have a plan for your life and how you spend your money without having a plan even a side job cannot help you. Besides that, I prefer to focus on one job and become successful in it instead of having other jobs.

That's because we don't focus first on the one job we have, but if one of our jobs is running smoothly then a side job can be a better thing to do. In your story it seems that some of the people you mentioned earlier have lost their focus, I mean the work they are doing is not completely smooth and they are taking other jobs. It would surely divide and would even make a mess.
I also have stories about this, which I noticed they were too greedy and didn't try to one job be more advanced first. But in my opinion side jobs are still important to do, this depends on how we see things.

Leviathan.007

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Quote from: Marcellin9 on January 14, 2023, 01:00:22 AM

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

As some who had the experience of having 2 and then 3 side jobs I can surely say the answer depends on yourself but if you ask to be the short answer is no it can't help you to have a financial stability situation. Even if you have income from 2 other resources you will need to have a plan for your life and how you spend your money without having a plan even a side job cannot help you. Besides that, I prefer to focus on one job and become successful in it instead of having other jobs.

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Quote from: Erumo on January 16, 2023, 07:41:13 AM

Side job or business only fix financial situation, they does not suppose to influence on stability. Coz such financial flow can end suddenly. Stability and suddenly does not stand close. Side financial flows are only good when you pay taxes from it. Otherwise they might worsen "financial stability".

Id suggest to find a better paid primary job and focus on then, then spend time on different jobs. Cant be good everywhere. Cant perform perfect every time. Side jobs are temporary. Dont focus and rely much on them.

If a person already has a main job with a high and stable income, I don't think they need to look for a side job. To find a main job with a high income is not easy, it is not always possible. It is true that a side job cannot be compared with a main job, but sometimes its income is higher than the income of the main occupation. So cherish both, don't despise either, do well for both.

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Quote from: stadus on January 16, 2023, 05:01:40 AM

Quote from: Marcellin9 on January 14, 2023, 01:00:22 AM

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

In this case, investment is then suitable. Because what you need is to buy and hold, unlike in business where it needs time for you to manage. But if we know the law of leverage, running a business is not a problem even if you have a stable as it won't beat your time either. Having multiple sources of income is gonna be a great decision when we wanted to improve our finances but of course, we have to work hard and manage our time properly otherwise, we only just fail. And sometimes we sacrifice our time for our family.

That last part of your statement, I might say not sometime, but most of the time we need to sacrifice our time if we wanted to be more successful in achieving our goals.

Being financially freedom is a task that we can achieve if we are keen to find the right ways,
having business or right investment will be the ways of improving our finances, you just need
to work hard in finding the right place and type of business/investment to use.

Erumo

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Side job or business only fix financial situation, they does not suppose to influence on stability. Coz such financial flow can end suddenly. Stability and suddenly does not stand close. Side financial flows are only good when you pay taxes from it. Otherwise they might worsen "financial stability".

Id suggest to find a better paid primary job and focus on then, then spend time on different jobs. Cant be good everywhere. Cant perform perfect every time. Side jobs are temporary. Dont focus and rely much on them.

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Quote from: _BlackStar on January 16, 2023, 05:47:41 AM

Having a side business is your way to support your financial stability for the better. Basically, when you have only one source of income, you are one step away from poverty where you cannot better support your financial stability.

Let's say you have an income of $400/month as your main salary, while you have to spend $300 on daily needs and another $100 on lifestyle. So in conclusion you are just working to survive without being able to produce anything for you in the future. So having more than one source of income will support your financial stability better.

I personally highly recommend that we have a side business or business to support our main income. As you said, sometimes relying solely on main income will make it more difficult to manage our finances, especially when we have to incur unexpected expenses, so things like that will drain our source of income.
Having a side business won't make our time disturbed, moreover, now is the era where things are done via the internet, we can use it to do what we want to do.

Topic: Does a side job/business improve your finanical stability ? - page 23. (Read 3453 times)