With the unemployment rate at a 50-year low of 3.5% many Americans are happily back in the workforce.
Yet, even when the economy and the markets seem to be doing well it’s still extremely important to ensure that you have multiple streams of income.
THE JOB MARKET SEEMS TO BE DOING WELL RIGHT NOW SO WHY IS IT SO IMPORTANT TO HAVE A SIDE HUSTLE?
It’s certainly great news that many of our friends, family members and neighbors are back in the job force. The problem, though, is that many of these folks have all of their eggs in one basket.
Relying on your job as your sole source of income can cause real headaches if that job ever goes away.
For instance, just this month, Johnson & Johnson announced 300 layoffs, pharmaceutical giant Merck announced 500 layoffs and tech/transportation company Uber announced that it was laying off more than 1,000 employees.
No matter how amazing a job you feel like you have today, if someone else signs your check, they can decide to stop signing it tomorrow.
It’s important that you have multiple streams of income so that your entire life isn’t turned upside down if your one source of income suddenly goes away.
WHAT’S YOUR ADVICE FOR PEOPLE WHO WANT TO ADD ADDITIONAL STREAMS OF INCOME BUT DON’T KNOW WHERE TO START?
I believe that there has never been a better time in the history of this planet to increase your income by starting a side hustle. Technology has truly leveled the playing field. There are so many tools that you can use for free or at a very low-cost in order to connect with people who want or need your product or service that the possibilities are literally endless!
Here are 5 easy ways to start earning money from a side hustle:
Participate in the Sharing Economy
o Drive with Uber or Lyft – (though you’ll have to act fast before the self-driving cars take over!)
o Rent your home or apartment on Airbnb
o Provide care for children or the elderly on Care.com (more two-income households means more need for childcare…baby boomers are also aging and need care)
o Care for pets on Dogvacay.com
o Deliver food on GrubHub, Postmates or UberEats
Sell Products on Amazon/Ebay/Etsy
o Create your own products
o Source products using Alibaba.com
o Buy clearance items from Marshalls/Walmart/Target and sell online
Become a Virtual Assistant
o With more and more people starting their own businesses and working from home, the virtual assistant business is beginning to boom!
o Start out by doing small tasks through a site like Fancyhands.com
o Take advantage of what you know
Start an Expert Business
o The aforementioned marketplaces are great, but you can also create your own business around your unique knowledge, education and experience
o It’s never been easier to demonstrate your expertise and connect with people who need it.
o Become an author, speaker, coach, consultant, trainer, seminar leader, etc.
WHERE CAN WE FIND ADDITIONAL INFORMATION ON HOW TO START A SIDE HUSTLE?
I teach these strategies and more in my book, Secure the Bag.
For a limited time, I’m offering listeners access to two free chapters from my book where I talk about the importance of having multiple streams of income and the exact steps to follow to earn your first $1,000 on the side.
TJMS LISTENERS CAN GET ACCESS TO THOSE TWO FREE CHAPTERS BY GOING HERE.
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