Does a side job/business improve your finanical stability ?

[uchegod-21]

I think side jobs are very necessary, I feel it myself. I currently work as a private employee, and the salary I get is certainly not enough to meet all household needs, therefore I need a side job, especially when I have free time after I work at my main job. On the other hand, by having a side job, we are not worried if one day unexpected things happen, such as a reduction in employees, at least we can still have the side job that we have been doing so far. and for employees who already have a large salary, I think they also have to have a side job, of course they will have higher necessities of life that must be met every day. because basically people will find it more difficult to lower their lifestyle than to increase it

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.

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.

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.

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[panganib999]

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 ?

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.

[blockman]

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.

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

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.

[Hamphser]

I think side jobs are very necessary, I feel it myself. I currently work as a private employee, and the salary I get is certainly not enough to meet all household needs, therefore I need a side job, especially when I have free time after I work at my main job. On the other hand, by having a side job, we are not worried if one day unexpected things happen, such as a reduction in employees, at least we can still have the side job that we have been doing so far. and for employees who already have a large salary, I think they also have to have a side job, of course they will have higher necessities of life that must be met every day. because basically people will find it more difficult to lower their lifestyle than to increase it

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.

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.

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.

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.

[Kadal Ijo]

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.

[bayu7adi]

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.

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?

[slapper]

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.

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?

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.

[woez]

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 ?

If you are a government worker or self-employed in terms of increasing the additional cost of living for your family, I'm sure you will take these steps to maintain financial stability. there is also a burden from us who must be lacking rest and tired. but it pays off if what we try goes according to what we mean. yes. money from working part time on the internet when you answer when asked by your children.

[Wildwest]

In living this life indeed our finances are not always stable, so we must have a way so that all problems we can overcome, then we must find a way to have a side job that can cover our financial stability and I believe this will help to overcome the economy that is currently not good, although to get a side job is very difficult but with the existence of electric media such as mobile phones we can get it all because there are many ways to  Make money ji social media if indeed we have the desire, and I am sure many people already feel.

[Davian144]

If you are a government worker or self-employed in terms of increasing the additional cost of living for your family, I'm sure you will take these steps to maintain financial stability. there is also a burden from us who must be lacking rest and tired. but it pays off if what we try goes according to what we mean. yes. money from working part time on the internet when you answer when asked by your children.

I don't think it is necessary to tell your children where you get money from on a daily basis, although it is also not wrong if you yourself have the initiative to tell each of them to be children. Because what I found in my environment, it's very rare for children to ask their fathers like that and most of the children don't want to know where their father gets money on a daily basis. But I think it's also very natural for a child because it's not time for him to think about that other than continuing to study and go to school as usual.

[benalexis12]

Maybe for others it improves financial stability, but for me it depends on the strategy that the individual does, for example you are working hard, but you neglect your own health and you are also stressed, I think it does not help financial stability.
I can only say that it is stable if the system we are working on is right, the type of you are working smart with the right system unlike when you are working hard but your not working smart.

[panganib999]

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.

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?

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.

I think I may have taken a pretty objective approach at side jobs in my prior comment (Which to me still isn't necessarily wrong but definitely leaves a lot out).

In any case, I agree with you guys. Personally, I think a stress-free hobby/side hustle is imperative, just as a good-paying side hustle. But I'd like to interpolate that things like this, are things that you should've considered right from the moment you decided you have to take that extra income stream. You wouldn't really take up another job that's stressing the fuck out of you that you'd be much better off just keeping a single job and retaining what little sanity that was left of you. So I figured since that is something that is already "common sense", it shouldn't be challenged per se when I'm talking about money-over-effort variation.

As for Slapper, you got a point, life's great and a fat bank account won't beat a peaceful and actualized life. But the main point of the post and this thread is how having a second-job/side gig's going to help you gain that financial stability which is arguably just as important as having a good life, won't you agree? Can't be having fun when you're worrying bout what to eat tomorrow, or where to get the money you'd pay your bills with, am I right? Doesn't really instill a sense of calm that way.

[bayu7adi]

~ snip ~
So I figured since that is something that is already "common sense", it shouldn't be challenged per se when I'm talking about money-over-effort variation.

Um... alright, I'm starting to grasp your point. I greatly appreciate differing opinions as they broaden my perspective according to each individual's principles.

So, what would you do if at some point you really wanted to have a side job, but the ones available don't meet your salary expectations? Would you choose not to take any of them and instead focus on resting during your free time?

In certain situations, there's a scarcity of creativity among people, making it incredibly challenging to find a side job that aligns with the 'money-over-effort variation' standard.

[Dr.Bitcoin_Strange]

I think side jobs are very necessary, I feel it myself.

Yes, it can be for some people, but it's not really necessary for everyone. There are people who are earning a huge amount of income in either their own company, their own business, or the private company they are working for. I have this guy who is earning above $2000 per month in the oil and gas company where he works; he is working from Monday to Friday, from 7:30 a.m. to 4:00 p.m., and there are still some other tips that the company gives him. Some months he accounts for $2800 max, and with the kind of job he has, he doesn't even have time to do any other side jobs, and he doesn't see that it is necessary for him to have any side hustles because his current job is well-paying and the payment is sustainable for him. That was the reason why I said that, in some cases, a side job is not necessary.

[xSkylarx]

Maybe for others it improves financial stability, but for me it depends on the strategy that the individual does, for example you are working hard, but you neglect your own health and you are also stressed, I think it does not help financial stability.
I can only say that it is stable if the system we are working on is right, the type of you are working smart with the right system unlike when you are working hard but your not working smart.

It really depends on the person, but financial stability is all about your financial aspects, no matter what your health issues are. If you have that money, then you are stable, but the problem really is that you are not in good health. This is really the common problem when it comes to money. People tend to work hard while sacrificing their health, which is true as I am doing it now. I think you really need to sacrifice something if you want to earn more.

[Pamadar]

Maybe for others it improves financial stability, but for me it depends on the strategy that the individual does, for example you are working hard, but you neglect your own health and you are also stressed, I think it does not help financial stability.
I can only say that it is stable if the system we are working on is right, the type of you are working smart with the right system unlike when you are working hard but your not working smart.

It counts for me as well. If you are doing an extra side job but you are not caring about your health, eventually it will fire back and it might cause you to spend more on your hospitalizations or medications.

But like what you said, if you are good at balancing your system and you can manage to save up and not to
overspend then it will bring good impact to your finances.

Eventually you will save up, and that savings can be used for business or investment that will give
you a chance to change your lifestyle once you succeed.

[Kelward]

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.

It is important to have a side job or investment, because of the inflation that is hitting many countries, making the cost of living to be quite high. Personally I've realized that one of the best places to get a side income or a permanent business is the internet, an example is bitcoin investment or trading, because it requires mainly your intelligence and time to earn money in the comfort of your home, as against a job, that requires your physical presence in a place of work. I also agree that if someone has the opportunity it is important to  acquire skill outside of your work area, these skills can became a side business to support  inflow of income.

[indo1]

Of course. people who want side jobs are those who add to their income outside of the income from the main job. I think it's better to do work without risk or if it's an investment, use money that is free to use, don't use money that will be used. using the money you want to invest is a fatal step where you can destroy your own assets in one mistake.

[carlfebz2]

Maybe for others it improves financial stability, but for me it depends on the strategy that the individual does, for example you are working hard, but you neglect your own health and you are also stressed, I think it does not help financial stability.
I can only say that it is stable if the system we are working on is right, the type of you are working smart with the right system unlike when you are working hard but your not working smart.

It counts for me as well. If you are doing an extra side job but you are not caring about your health, eventually it will fire back and it might cause you to spend more on your hospitalizations or medications.

But like what you said, if you are good at balancing your system and you can manage to save up and not to
overspend then it will bring good impact to your finances.

Eventually you will save up, and that savings can be used for business or investment that will give
you a chance to change your lifestyle once you succeed.

Everything should really be on balanced but having multiple jobs or side hustles would definitely be having that kind of sacrifice when it comes to time and effort to be spent which it would really be more that on your usual daily routine on which it would really be normal that you would really be making yourself more tired as you do get involved on multiple things but of course it is really that mainly needed for you to do so
if you are really that serious on having that multiple income sources.

Somewhat despite of such condition, you should really be that still concern of your health and its true that it would be useless that if you do make your body too much involved on work and compromise your sleep
then sooner or later it would really be backfiring into you and all of those earnings and savings you do have in fiat would really be just spend up on your health or medication
which it is really that somewhat pointless on doing so. This is why everything should really be taken on a balanced manner on where it should really be still not that compromising your
health despite of multiple dealings.

[RockBell]

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.

A side job or business is not a terrible idea at all, but both can enhance your financial situation. Anything that will bring in money matters, but operating a business in an economy with high inflation carries a lot of risk.  Earnings can't even keep you afloat anymore because everything is getting more and more expensive. I respect individuals who have wives and children because it's damn hard to take care of them and talking about feeding and other maintenance isn't even humorous. And if you're searching for a side job, I believe you should search for one that pays better because it will at least help you financially, albeit the higher the salary, the more complications there may be, Thats life for ypy.