Topic: Does a side job/business improve your finanical stability ? - page 27. (Read 3287 times)

Why wouldn't it? Side gigs are extra money that you can save or invest for the future. Of course it will improve your financial stability in the long run. As long as it isn't affecting your primary job or isn't depriving you of anything in your life, I see no reason why someone wouldn't prefer doing a side gig. Each and every penny you save for the future will one day be worth it. Might not look like much now, but you will appreciate later. But don't forget to consider the time and effort you will be giving for those side gigs. Not worth it if you are going to spend hours for few bucks.

Keeping finances stable is to refrain from buying useless things.  Besides that, looking for additional money is really needed at this time, you can sell online or become a content creator, it seems like that is enough to cover your basic financial needs.  tips from me look for a side job that doesn't drain your energy and doesn't drain your mind.

To be more precise, we are looking for financial improvement, not financial stability. Actually when it comes to financial stability is something very luxurious for us who are working hard every day to earn money. But with human greed, how can it be called stable? because once you have it, you want more, it's never enough. 2 years ago, my salary is 500$, and I can still take care of my life. But now, my salary has increased many times, but I still find myself struggling in life, it has never been stable for me.

The word "financially stable" is like a scam to me, every rich men out there never stopped working, they always want to grow higher and that's where financially stable doesn't make any sense to me, I believe that if one is truly financially stable their money will never go down, their net worth will stay the same or grow higher always which is impossible.

I don't know if anyone's financial stability is ever truly secured. Elon Musk was claimed to have lost $200 billion in net worth in 2022.

From 2020 to the present there were more than a few billionaires who hit rock bottom, who had their entire fortunes wiped out by stock market swings and other tragic events. Even billionaires are not guaranteed stability in the current market.

One thing that stands out to me is the use of the term "armchair financial advisor". It is possible that the only road towards gaining competence and comprehension of markets, investing and business is to try to do it yourself. Especially in the current era where the balance between corporations, the state and the average citizen leans so heavily in favor of the establishment.

I don't know if my financial stability will ever be guaranteed. But one thing I do is try to come up with ideas which have the potential to make a million dollars for fun. Calculate basic costs versus potential sales and profits to come up with a business model and niche area that might have a chance of success. Even if it fails, or has zero chance of success, it could be good exercise. Like a crossword puzzle or sudoku. I don't think its an exaggeration to say that there are many paths to becoming a millionaire and attaining some degree of financial freedom all around people. Things they never notice and never really think about.

I have to sell some of my assets and that's just to sustain for the time being since everything is crashing lately since the bull of 2021 has done. Yeah, even if it's not a bull run then I have to sell some of my assets as if they're my life savings and that's the use of it. I can wait further and be patient to see its value go up but that's not the thing when you're in a tough situation. Aside from having a part-time job when you've got assets that are liquid, that's going to be the one of the use of it.

There is one way to keep our finances stable despite the economic failure and that is to multiply our sources of income.
Many people had worked hard, relying solely on their job but as we can see these people are still suffering in debt due to inflation and their salary isn't enough to cover all expenses and basic needs. I know we don't need to risk our health due to extended time working but something it looks like we need to do this just to fill all our needs otherwise, we die of hunger and have no better future for our children.

Maintaining multiple streams of income can give assurance of a level of financial stability. That is majorly the goal for everyone seeking financial stability. Having just one stream of income is highly discouraged in this economy where things are unpredictable. A side hustle or business can offer another stable stream of income if managed well and properly. So yes, a side hustle and job improves financial stability.

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.

There are jobs that are pandemic proof but not all of the jobs that are also pandemic proof are crisis proof. Honestly, during this pandemic, there were too many side hustles that were able to save a lot of people to bring something into their tables. Don't understimate the effect of side hustles and businesses. When your side hustle makes more than your stable job then you're doing good and a day might come that you'll be able to decide to just quit your job and focus on your side hustle and make it full time because the potential is higher.

Everything that I can, savings, investments and having side hustles while working for a full time job. The pandemic taught us a lot of things and economy crises as well. There's no permanent in this world and we need to hustle despite our passion and perseverance, someone who understands those situation will make him not comfortable having one-two source of income.

We human must not depends on a single source of income such as office job. I think being self employed would be more profitable and keep you off from financial stress, even though you must work in an office then it's best ideal to have multiple stream of income in other not to be affected much financially. Those working in an office are highly exposed to lose their job at any given time, most times having a skillful works also help you much as well, where you could also renders your services and get paid for the particulars task or skill.

I know that there are different assessments and situations.
Case 1: a person has 1 stable job, the source of income. This is considered healthy, standard, and secure, but I don't ever see myself doing that because I feel like there's too much dependence on one particular workspace and employer and because that limits the activities you're doing, unless this one job is very creative, or you have one major area in life in which you want to succeed.
Case 2: a person has several jobs / does freelance, there are multiple sources of income and no central one. I know that sociologists are studying this as a negative phenomenon because allegedly not having a stable job, a fixed long-term employment contract, makes a person's life precarious, worrisome. To me, however, this seems to be a normal and stable situation, as it means that you'll be okay to lose one of the sources and look for another one because it's not everything, you don't depend on any particular employer, you get to do a variety of things in different settings, and you're not likely to lose all your income at once because it's diversified.
Case 3: you have a stable job and a side job. If the stable one is full-time, I think it's too big of a load for one person. Also, having a side job does give you more flexibility, but losing the main source of income is still highly undesirable in this scenario. I think this case likely means that a person isn't making enough money with one job and is forced by circumstances to supplement it with something else. Or has a small thing that the person really likes but which isn't bringing enough money and a proper job to make ends meet. Both situations aren't ideal.

It comes down to the individual really and how much work they are willing to tolerate. Some people are happiest to go through life just doing 40 hours a week or lower, they pay their bills and accumulate a pension. Hopefully paying off the mortgage by the time they retire and managing their money frugally from that point. Other people try to hustle up extra income every day to make themselves better off financially, hopefully putting that extra money to work instead of leaving it to languish. However there is a fine line to walk when it comes to health, if you're doing 12 hour days for 6 days a week then you can burn yourself out which might be more detrimental to your health in the long run.

Business and cut all your expenses to the minimum level is my long time strategy when I’m preparing for recession. I never rely on my main job because there’s always a possibility that my company will be close in the future. I’m currently have a bond contract to my company which locks from resigning because they need me but still I’m thinking to never rely solely on my job which is why I start my own business using my knowledge that I’m using to my current company.

To make it short. I’m still working and managing my own business at the same time with the help of my wife. We have already a stable income which is x2 to x4 of my salary. My target is to save money as much as possible that can withstand a recession for 4 years or more. We are now have an organic backyard that is good source of vegetables and fruits to cover some of our meals for free.

Changing the way we leave and not relying on other people business will give you self confidence since you are the one in control to your life fate.

Extra income are the way to go for financial independence . Because everything you earn is just extra, and you can just save it.

I believe signature campaigns are an amazing extra income. I can make posts while in the bus, in the metro, etc.

I can read news while in the queue in a supermarket and post later.

Personally, I have a side job as a front end developer and I participate in signature campaigns for nearly 5 years.

My financial life would not be the same without those 2 extra incomes.

A side job is also a job and in economic instability it will also face the same problems that your main job faced. Now the problem here is that humans love to remain in a status quo and not get out of that safety pocket. In times of bad things, newer opportunities come up, we might be foolish enough to brush them aside and not start getting involved in them. This is where we go wrong and end up collapsing with our original hustle.

Keeping a track of your hobbies which can generate income is important. Being able to capitalize on the current situation is the principle of earning during a bad time. It is difficult and a struggle indeed, but can be done - just use COVID as an example, so many gig-workers started their journey in those times of lockdowns.

Simply because OP is currently incapable of joining a signature campaign, and signature campaigns isn't really the best side "job" recommendation unless you're really interested in bitcoin/cryptocurrencies to start with.

Yes I think we need to have more than one source of income,
besides the higher demands of life we also never know what will happen in the future,
We cannot achieve financial stability if we just stay silent.

I think the whole issue of economic downturn is to alert citizens about how their finances will be affected.  however, having a Side job will also improve your cash inflow.

But one major aspect to surviving this period is to reduce your spending,  cut cost on things ordinarily you don't need.  Because prices of goods and services will be inflated, hence the need to spend money on the basic things you need and also make out time to save the little you can.

I wonder why there's no one mention signature campaign while every users who make a reply wear a paid signature

@OP I will tell you, many users are getting money in this forum through signature campaign, it's one of side job although some users might consider it as a primary job since few campaigns already run for 2-3 years.

Signature campaign pay for around $50/week which is really good for people who live in poor country e.g. third world countries. Those poor country only pay for $50/month for a job that need to work from 8AM to 5PM.

Side job or business do make money, make money = improve financial. It doesn't make sense why you're asking this question.