Does a side job/business improve your finanical stability ?

[Hispo]

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

[harapan]

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

It's always good to have something on the side. Relying on just one job these days is risky because of the rate of inflation especially if you don't earn a very big salary. Even those who earn high salaries try to involve in one form of investment or the other. The their is the fact that you can loose your jib at any time these days.
If you have considered starting a side hustle then you should go along with it. I cant say for certain how far it will help you in your pursuit for financial stability but I know its always better to have multiple sources of income that having just one.

[abralzain17]

I also do several side jobs and of course the results can help financially, around my house there are many empty houses that want to be sold, if the house is fully furnished then I will invite the owner to work with me to manage and rent it out daily to monthly, and this can make me earn about 40% of my monthly salary.

almost everyone is currently experiencing bad economic conditions, making good use of time and taking every opportunity or opportunity that exists is part of the solution that needs to be done. like the opportunity that you have done, in my opinion it is very good to stabilize your finances besides you get a monthly salary from what you do.
I hope for the best and from whatever we live to meet the needs of our family and stabilize the economy which has been sinking so far

Recessions happen every year and if you can't keep moving and don't take a side job that can make you profitable maybe the monthly money you receive won't be enough to pay all your bills. every year all prices will continue to soar and you will only be paid with $ 150 per month. so sad.

Yes, it's true as you said, doing side jobs that make money is a solution to current economic constraints and it shows that taking this opportunity will stabilize someone's finances. looking for other opportunities or side jobs is important, but don't leave your permanent job.

[Unbunplease]

It's always good to have something on the side. Relying on just one job these days is risky because of the rate of inflation especially if you don't earn a very big salary. Even those who earn high salaries try to involve in one form of investment or the other. The their is the fact that you can loose your jib at any time these days.
If you have considered starting a side hustle then you should go along with it. I cant say for certain how far it will help you in your pursuit for financial stability but I know its always better to have multiple sources of income that having just one.

I agree with this. These days, having only one source of income as your main job is too risky. The firm you work for could go bankrupt at any time, and you'd be left with nothing. And finding a new job takes time - and you need the money now. So it is necessary to have an additional source of income.

[dunfida]

It's always good to have something on the side. Relying on just one job these days is risky because of the rate of inflation especially if you don't earn a very big salary. Even those who earn high salaries try to involve in one form of investment or the other. The their is the fact that you can loose your jib at any time these days.
If you have considered starting a side hustle then you should go along with it. I cant say for certain how far it will help you in your pursuit for financial stability but I know its always better to have multiple sources of income that having just one.

I agree with this. These days, having only one source of income as your main job is too risky. The firm you work for could go bankrupt at any time, and you'd be left with nothing. And finding a new job takes time - and you need the money now. So it is necessary to have an additional source of income.

Risk on the sense that you might really be that be fired or would be laid off and this is the primary risks when you do have a day job on which you cant really assure that you would really be having this for the rest of your life or until you would really be retiring. This is why it would really be just fine or normal that you should really be finding other sources of income as much as possible or as long you do able to do so when you are still young. It is really just depending on how you would really be working hard for it. You cant really be able to enhance your way of living if you wont act now and just waiting up and sitting down until things
turns out to worst. Act while its still early.

[Marcellin9]

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

Well, a formal job in the public administration earns only $5 per month ? That's too little to live on. If most people can only survive by having informal job hustles or businesses, that is a real problem for the government, or simply admit it, your government is the problem. However, most people are still trying to grab any working opportunity to make ends meet, which is quite a good thing for your country. I respect all those who work hard to fulfill their responsibilities. Hope you'll find a side business to offer you a sizable profit.  Good luck.

[xSkylarx]

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

Well, a formal job in the public administration earns only $5 per month ? That's too little to live on. If most people can only survive by having informal job hustles or businesses, that is a real problem for the government, or simply admit it, your government is the problem. However, most people are still trying to grab any working opportunity to make ends meet, which is quite a good thing for your country. I respect all those who work hard to fulfill their responsibilities. Hope you'll find a side business to offer you a sizable profit.  Good luck.

What country is this? It is very low; you can't live on $5 a month even if you have no family. That was really an exploit to the employee; having this kind of salary is not worth it. The government or authority should be taking action on this, but again, for sure, this country is third world or full of corrupt officials in the government, which is why they don't care at all about their employees or other people.

[BRINIRHA]

It's always good to have something on the side. Relying on just one job these days is risky because of the rate of inflation especially if you don't earn a very big salary. Even those who earn high salaries try to involve in one form of investment or the other. The their is the fact that you can loose your jib at any time these days.
If you have considered starting a side hustle then you should go along with it. I cant say for certain how far it will help you in your pursuit for financial stability but I know its always better to have multiple sources of income that having just one.

I agree with this. These days, having only one source of income as your main job is too risky. The firm you work for could go bankrupt at any time, and you'd be left with nothing. And finding a new job takes time - and you need the money now. So it is necessary to have an additional source of income.

Yes. A side job can also help us to save more money either in savings or in investments. but we also have to choose a side job that still allows us to have plenty of time to rest. so that we can also maintain our health. because in order for us to work optimally we certainly need a healthy body.

[Lorence.xD]

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

$5 a month?! You work for a month and your income is only $5? Isn't something fishy about the payment to workers in your country? Maybe some part in your government is corrupt that they pay less to their employees, because if they care to people of your country they wouldn't pay with that amount. You can't even live in a week with just $5 with your essential needs. Hope you didn't typo with that number of income. If that's true it would be better to find opportunities abroad, of course it wouldn't be easy but they pay equally fair than in your country. Don't settle for less if you work hard for a month. If you think business could help you to earn more money then go for it, but don't work yourself out with just $5.

[Alphakilo]

Yes ofcause, side job improves your financial stability.
Having a stable well pay job will give you financial freedom but having a side business improves your financial stability.
One source of income is not really good because anything can happen.
So having a side business òr job that generate income for you will help you in many ways financially. It doesnt neccessary mean that without side job or business that you will not be ok, it just means that it will increase your financial stability.

[Sir Legend]

If we have a lot of free time then use it for productive things, we must understand that life today has a lot of unexpected costs, especially if we have a family of children and others, using time to find a side job or business is something we must do Unfortunately, many people use their free time for their own pleasure, such as wasting money, or exaggerating hobbies

[Hispo]

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

$5 a month?! You work for a month and your income is only $5? Isn't something fishy about the payment to workers in your country? Maybe some part in your government is corrupt that they pay less to their employees, because if they care to people of your country they wouldn't pay with that amount. You can't even live in a week with just $5 with your essential needs. Hope you didn't typo with that number of income. If that's true it would be better to find opportunities abroad, of course it wouldn't be easy but they pay equally fair than in your country. Don't settle for less if you work hard for a month. If you think business could help you to earn more money then go for it, but don't work yourself out with just $5.

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

Well, a formal job in the public administration earns only $5 per month ? That's too little to live on. If most people can only survive by having informal job hustles or businesses, that is a real problem for the government, or simply admit it, your government is the problem. However, most people are still trying to grab any working opportunity to make ends meet, which is quite a good thing for your country. I respect all those who work hard to fulfill their responsibilities. Hope you'll find a side business to offer you a sizable profit.  Good luck.

What country is this? It is very low; you can't live on $5 a month even if you have no family. That was really an exploit to the employee; having this kind of salary is not worth it. The government or authority should be taking action on this, but again, for sure, this country is third world or full of corrupt officials in the government, which is why they don't care at all about their employees or other people.

As I mentioned, It is a problem that we have here in Venezuela. You can easily find more information about it if you search on internet news about the minimum wage here. There you have an example:

https://english.elpais.com/international/2023-03-07/venezuelans-struggle-to-survive-on-the-lowest-minimum-wage-in-latin-america.html

The minimum legal salary here is now 175 Bs, which is around 7$. That is the min wage for a month of work, not per hour or per day, per month.
That wage calculation is mostly used for the government and public companies to calculate the wage of everyone working for them, an experienced worker usually gets more than the min wage, but it does not matter anyways, since the base is too low, so they get 10-15$ monthly for having a better position.

Added to that, our currency is so unstable that all the goods and services here are tagged in USD, not in local currency.
So a hamburger can cost 10$, that would be two months of work if you work for the government and do not have another job which pays better.

[blockman]

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

That's a tough situation there and I've watched some videos on how people are living in a day to day basis and that's exactly what you've just said. Many of the citizens there have someone in abroad working and sending them remittances to cover their needs because the entire salary of a working man in there is just enough to buy a hotdog sandwich. After hearing that, I thought that it was a joke but it is for real and even if I'm living in a country that isn't good as the others, I can say that situation I'm living is quite fair enough to be said decent on this type of country. And transactions there happening are being done through transfers like the owner of a shop has US bank account and customers can pay the transfers through their because bringing a stock pile of cash is not recommended because it's a lot of papers needed to bring. You're already starting your business and being a freelancer is also another type of business.

[Hispo]

If a formal job was not enough to make a living I would do what many people around here do and I would try to start an independent project where I can use my skills as freelancer.

Here in Venezuela, those who have a formal job in the public administration can earn as little as 5$ per month, so they earn the rest of the money they need by purchasing and reselling things from abroad, baking cakes and making food, reparation services, tutoring services, etc.

I would dare to say this is a country that a good percentage of it's economy is kept by the informal businesses. I have myself considered to start something similar, but I have not yet.

That's a tough situation there and I've watched some videos on how people are living in a day to day basis and that's exactly what you've just said. Many of the citizens there have someone in abroad working and sending them remittances to cover their needs because the entire salary of a working man in there is just enough to buy a hotdog sandwich. After hearing that, I thought that it was a joke but it is for real and even if I'm living in a country that isn't good as the others, I can say that situation I'm living is quite fair enough to be said decent on this type of country. And transactions there happening are being done through transfers like the owner of a shop has US bank account and customers can pay the transfers through their because bringing a stock pile of cash is not recommended because it's a lot of papers needed to bring. You're already starting your business and being a freelancer is also another type of business.

Not long ago, our currency became so worthless that people living near the frontier with Colombia started to use the bills to make crafts and other pretty things, so they could sell them for Pesos or USA dollars, here is a brief video about it.

https://www.youtube.com/watch?v=f3tpehKSJwA

Also, during the same time in the capital people used bills to decorate trees. I personally remember walking downtown back in 2019 and seeing a bunch of them in a pile, in a corner of the street and on the grass, as if it was simple garbage.  

[isaac_clarke22]

I agree with this. These days, having only one source of income as your main job is too risky. The firm you work for could go bankrupt at any time, and you'd be left with nothing. And finding a new job takes time - and you need the money now. So it is necessary to have an additional source of income.

The firm going bankrupt would be the least of your worries. It is that their massive hirings during the pandemic should worry many people at most since everything is almost RTO and company now realizes that they kinda overhired people and might consider layoffs at any time especially in tech companies for obvious reasons.

It's better to have another stream of income regardless.
This is one of the reasons why many tech giants out there are doing layoffs lately as far as I know.

[og kush420]

I also do several side jobs and of course the results can help financially, around my house there are many empty houses that want to be sold, if the house is fully furnished then I will invite the owner to work with me to manage and rent it out daily to monthly, and this can make me earn about 40% of my monthly salary.

almost everyone is currently experiencing bad economic conditions, making good use of time and taking every opportunity or opportunity that exists is part of the solution that needs to be done. like the opportunity that you have done, in my opinion it is very good to stabilize your finances besides you get a monthly salary from what you do.
I hope for the best and from whatever we live to meet the needs of our family and stabilize the economy which has been sinking so far

For me even a side hustle is just a drain on my pocket
I am not sure if I am unlucky or I don't know how to do the business.

[kak uli]

taking advantage of opportunities is something that everyone wants and must be used to the fullest, side jobs are a solution to stabilize the finances of each individual, I think any side job that has existed so far must be taken given the current uncertain or unstable economic conditions. therefore believe in your side job and stay focused on our main job

[abralzain17]

I also do several side jobs and of course the results can help financially, around my house there are many empty houses that want to be sold, if the house is fully furnished then I will invite the owner to work with me to manage and rent it out daily to monthly, and this can make me earn about 40% of my monthly salary.

almost everyone is currently experiencing bad economic conditions, making good use of time and taking every opportunity or opportunity that exists is part of the solution that needs to be done. like the opportunity that you have done, in my opinion it is very good to stabilize your finances besides you get a monthly salary from what you do.
I hope for the best and from whatever we live to meet the needs of our family and stabilize the economy which has been sinking so far

For me even a side hustle is just a drain on my pocket
I am not sure if I am unlucky or I don't know how to do the business.

it seems like it's impossible to happen, how can you work on the side without income?, I don't think this makes sense. or maybe you don't work but work socially or do charity work, this is normal if you don't have income from what you do

[deathcode]

taking advantage of opportunities is something that everyone wants and must be used to the fullest, side jobs are a solution to stabilize the finances of each individual, I think any side job that has existed so far must be taken given the current uncertain or unstable economic conditions. therefore believe in your side job and stay focused on our main job

Yes of course, we must be able to take advantage of opportunities as much as possible. We have to be good at seeing, looking for and taking opportunities to find or create side jobs, but in fact not everyone can be creative and see the many opportunities that exist and only focus on their main job.
I think having financial stability doesn't mean we have to have a main job and a side job. We know as humans we will never have enough if we don't have good financial management and are never grateful.
I think it would be the same if someone had a main job and a side job but they weren't good at managing their expenses. This will cause them to always feel deprived and feel economically unstable.
Good financial management and having a simple lifestyle in my opinion allows someone to achieve stability in their finances.

[Pamadar]

I also do several side jobs and of course the results can help financially, around my house there are many empty houses that want to be sold, if the house is fully furnished then I will invite the owner to work with me to manage and rent it out daily to monthly, and this can make me earn about 40% of my monthly salary.

almost everyone is currently experiencing bad economic conditions, making good use of time and taking every opportunity or opportunity that exists is part of the solution that needs to be done. like the opportunity that you have done, in my opinion it is very good to stabilize your finances besides you get a monthly salary from what you do.
I hope for the best and from whatever we live to meet the needs of our family and stabilize the economy which has been sinking so far

For me even a side hustle is just a drain on my pocket
I am not sure if I am unlucky or I don't know how to do the business.

it seems like it's impossible to happen, how can you work on the side without income?, I don't think this makes sense. or maybe you don't work but work socially or do charity work, this is normal if you don't have income from what you do

I don't know, but maybe also that he's trying to do a side hustle like investing/trading or putting a business that's not producing any income and instead of profits possible, that he's suffering from losses.

Not a typical side hustle to consider, as we always aiming for a side job that can add some finances
on our daily salary, something that you can earn with providing services which is very big help with
your entire financial needs.