Does a side job/business improve your finanical stability ?

[Marcellin9]

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 ?

[crunck]

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 ?

Well, it is not easy to get financial stability, especially during the current economic crisis caused by the pandemic and war. I have never felt financially stable even though my income is increasing year by year. Currently, I have just worked 2 jobs and added investment, but to be honest, I have never found myself having a stable income before.

[crwth]

I believe what is essential is that you are going to continue head-on with your goal and what you have set in your life so that you can continue and maybe do whatever you can to be successful. It may come from different aspects, perhaps a side job or a side hustle, or just plain business and hope you can handle the problems your way.

You can never really say for sure what’s going to happen, but it’s important to be prepared.

[bittraffic]

Encourage your family to stay together and help each other. Ask them whether they saw an opportunity that you can explore, it's always the family that you can rely on whenever there is a crisis. No single person can handle things on his own in times of crisis.

Just find whatever job is available. Anything that I can make money for. People today have 2 or 3 jobs already. I would probably go door to door to the whole town to ask if they need computer repair services, house cleaning, lawn trimming, or whatever.

[gabbie2010]

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 ?

It's always a good thing to have a side job considering the bleak global economy especially in IT industries which had been experiencing massive job cut, alternatively trading crypto or forex is a good side hustling to compliment a full time job, however combining the two will take a lot of time, investing in cryptos especially during bearish run is also a good alternative though it is better for a long term perspective which can guarantee a reasonable profit, setting up a business also requires a lot of time to monitor and flourish it, thus it is advisable to also have a plan B when working full time.

[Bitstar_coin]

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.  

[noorman0]

The internet space actually offers much greater opportunities for side business (even permanent), but it needs to measure some things that are generally not different from real-world businesses such as skills to adapt to market needs, financial ability to determine the scale of business, and environmental interests.
Of course, to build a new business in the midst of difficult times is really hard work and requires a lot more evaluation.

[mk4]

Re: Does a side job/business improve your finanical stability ?

I mean, obviously — it shouldn't even be debatable that extra income is a good thing for financial stability. As long as you aren't putting that much attention to your sidejob/business that you'll risk being fired on your main job.

[Plaguedeath]

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.

[Spaceman1000$]

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.

[CapGelatik]

Re: Does a side job/business improve your finanical stability ?

I mean, obviously — it shouldn't even be debatable that extra income is a good thing for financial stability. As long as you aren't putting that much attention to your sidejob/business that you'll risk being fired on your main job.

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.

[mk4]

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

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.

[TheUltraElite]

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.

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.

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 ?

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.

[bitmover]

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

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.

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.

[Eternad]

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 ?

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.

[Fortify]

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 ?

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.

[kryptqnick]

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.

[Adbitco]

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.

[tabas]

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.

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.

What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

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.

[xSkylarx]

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.