Topic: Does a side job/business improve your finanical stability ? - page 5. (Read 3451 times)

Let me interpose. It appears that our trusty guide, conventional wisdom, might have stumbled off the beaten path. We often mistake time for a golden goose, tallying life's fleeting moments like entries in a cash register. Are we not pilfering the treasure trove that life has to offer? Ponder on the side gig conundrum you've posed. From your vantage point, the person seems to be "squandering" their precious time. But wait a minute! What if they find a sweet taste of joy, fulfillment, and a zen-like calm in their endeavors? Shouldn't we value life's little pleasures as much as we value the bulge in our bank accounts? At times, the real worth of an activity doesn't make a grand appearance on our income statement but rather, in the sheer bliss it incites and the personal growth it kindles. So, instead of being slaves to the clock, perhaps we should include happiness and personal fulfillment as valuable commodities in our calculations.

There should be tolerance for side jobs related to our hobbies, even if the income from them is below 50% compared to our main job.
For instance, imagine a person who works exhausting 8-hour shifts during the day. When they return home, they enjoy playing a game that allows them to earn money by live streaming and promoting the game. They find pleasure in their hobby and receive payment for their live streams.
Is it wrong to be someone who lives a more relaxed life while enjoying their youth?

a side job or business, of course, aims to be able to improve finances, if we have done a side job or business but the income doesn't change, then there is something wrong with what we are doing, maybe the side job is ineffective and just a waste of time, or expenses are greater than income , as I experienced when I took a side job as an apartment marketing which can be done on holidays or weekends, unfortunately I have go to the mall for promotions so that makes the expenses increase.

And thats why this is really very situational because if someone does have a main job but really pays off well and something that could really make you that contented then pretty sure you wouldnt really be tending

to look or find for another one.Usually people would really be finding other source if they do find out that their current earnings wasnt really that sufficient at all.This is all according on someones situation because

there's no point on finding one if you are on a condition on which your main job does really able to cover up all of your daily expenses + could able to save up some money for savings and investment.
It would really just that matter on a certain individual on how they would really be gonna handling out themselves because this isnt something that anyone could really be on such situation.
In todays economical problems plus having that worst inflation then most people would really be on a situation where their earnings wouldnt really be enough.

I think it's about being stable and not being financially free but he might be there someday by doing all of these activities he's got. Someday he'll be able to see the results of it and he'll not regret farming and planting while he's got free time. And if someone is able to do all of these things all at ones, he's good at managing time. There are those people that can manage their times properly and can do a lot of activities and waste not those free times that they have.

I don't understand how the last part of your post relates to the very topic of this conversation but whatever. Let's talk about the viability of a side-hustle.

Not all side-hustles are as profitable as you think. Just cause you got a second job doesn't mean you're out of the woods now and you can just live lavishly. There's a couple of factors that would affect how great this side-hustle of yours is, and I call the main factor the Money-over-Effort variation.

Money-over-Effort Variation just goes like this. Take a calculator, and divide your average daily earnings to how much time in hours that you spend on your side job. Now, check your main job's hourly rate. If it's 50% or higher, then you have a pretty solid side-job and I suggest you keep it. Anything below 50% to me is a complete waste of time and shouldn't be pursued, cause you could be using that time to work for more valuable ventures and you're wasting it over a side-hustle that pays you peanuts.

This doesn't necessarily apply to businesses, especially if you're just starting up. But for everything else, this is a pretty good gauge of how well you're gonna be with having 2 jobs. Time is your main currency here and you can't be wasting too much of it over lost causes and fruitless labor.

This gauge helps you determine how valuable your time is for you. Resilience will not get you anywhere especially in the corporate world, it's going to eat you alive and will leave you a soulless corpse of an employee, who'd rather just stay as a number that's replaceable when you die over having a full life and a self-worth to boot.

You got a point?
There are some single jobs that pay very well and if someone decides to stick with such a job, they might be comfortable living with it and paying their expenses.
Then for there to be a living above comfortability, the person need to source for other sources of income. One other factor to consider is the job security. With the level of inflation happening in the society, companies are seen downsizing, even when you least expected it, This is the reason everyone should also have a backup job. Not to rely on one because anything can happen at any time.

But all off  your hardwork like doing all of you hussle are you now financial free ? Because you work a lot and you ain't saying your stressed or you dont have enough sleep because myself i do only have 1 side hustle and full-time job but i dont have enough sleep and been busy all the time but I think its because i do have family now to take care and needed to attend to but I would still day that i dont have financial freedom on my end

A side job or business of course aims to increase income, I also do side jobs because I have a lot of free time, work in the office 5 days a week of course we still have 2 days, I use it to farm vegetables and earn income on the internet with many things I tried including following the bounty on this forum.

Side jobs and businesses can improve our financial stability by providing additional sources of income. Having multiple streams of income can help us to better weather financial challenges and unexpected expenses. Additionally, side jobs and businesses can provide opportunities for personal and professional growth, as well as the potential for increased earnings over time. To ensure financial stability despite unfavorable circumstances we need to manage our finance. Build up an emergency fund, live within our means, diversify our income, invest wisely, stay informed, and manage debts.

That is normal because no one is born intelligent and talented without learning. If you want to do many things and want to make a lot of money, you need to take the time to plan, learn the relevant knowledge and mentally prepare for the difficulties you face. You can't think of it as just a side job, and you won't need to learn or take any risks and still make money. Money is hard to come by these days, and we need to trade time and effort to get it.

Amidst the current economic situation, getting a job as an employee with a stable and secure income is a blessing. but in reality sometimes this income is not sufficient or requires additional costs for other purposes or other dreams. therefore, many people who already have a job are looking for a side business as a solution to meet their needs or achieve their dreams. A side business not only helps us meet our needs and improve financially, but can also be an opportunity to explore our passions and talents as well as add social and business connections. so, side business ideas can help us increase our financial stability. in fact, there are many benefits that we can get if we can do it right and right.

But in truth, every effort we make is not as easy as what we say. which in essence, before we got involved in a side business. at least, first identify what we are going to do. learn, before actually getting involved in it. because if one step is not only our side business that fails, but it can have an impact on our main job. it is no different when we are going to invest in crypto or other investments. before plunging and getting involved in it, what we need to do beforehand is get to know it first by studying it.

even if it doesnot - there are  a lot of ways people get resources to earn money
I didnot get rich after I started my business - but I have got money this way or that way that is a good thing.

A side job is really needed, especially if we live in a city, because the expenses are very different for living in a village than in a city. this is what I'm experiencing right now, I have to have a side job, one of which is my side job on the bitcointalk forum.

Because For single people like me who live in the city ideally a minimum monthly income of $ 500 from the main job. This is considering the large expenses to be able to live well and prosper in an expensive city, such as: Routine daily, weekly and monthly needs, there are installments, zakat / charity alms, gifts for parents and savings for unexpected needs and for investment.

With expenses like that, earning under $ 500 will make it difficult to increase financial stability, so we need a side job. This is based on my personal experience.

More the streams of income, more will be the stability of life. The growing inflation is a major reason, another thing is to go with the development. When we have single income, then it is possible to have our life moving and there won't be life change or transition to next level of living. Just think of making a small earning through trading, it will separately add to our finance. What we earn primary will help in the survival whereas the additional earnings help with the betterment of life.

The rate with which inflation is increasing the side jobs are must for financial stability,  one job cannot fulfill your needs as pay packages are still Low in most of the countries as compared to increasing prices of daily commodities.
Everyone wants to ateast put food in their table and provide their kids with best education and medical and honestly everyone deserves that for a smooth life.

Be it side hustle or business, an employee needs another means money. There is high level of inflation in the society and if you are not a high ranked employee, your salary may not be able to sustain your needs and wants. This is the reason why everyone needs a sidel hustle as my country men will call it to sustain them.

in my opinion it the side hussle is always needed - one should not depend on one job to meet their expances.

I think he ment to say both the jobs. doble jobs - or maybe husband and wife together - or all family memebers

that is so true - and in many countries there is a state of an unrest.
People are going through the very tough across the globe.