Does a side job/business improve your finanical stability ?

[panganib999]

~ 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.

In situations like that, of course the Money-over-Effort variation won't apply. In my prior post I said that there are factors (emphasize on the plural) that could help you gauge whether your hustle is a good one or not. Money-over-Effort still is the main pointer, but in certain situations like the scarcity of open jobs, as well as the creative drought as you have mentioned, well then it's up to the person itself whether they'd much rather spend time resting and making sure that their mental health is fine and dandy, or if they are going to take up another job that doesn't pay as much as they wished it would.

Personally, I'd much rather rest and do stuff on my end, stall opportunity, while at the same time bettering my self in other ways like lifting weights, taking care of myself, or reading self-help and good books that would nourish my brain.

The Money-over-Effort Variation is a great gauge for how PROFITABLE a side hustle is, in the event that you are in the position where you can find other ventures that would better suit you. If it comes to a point where it's between choosing a low-paying job over resting, it's something that the person itself could only answer. I'm no psychologist, just some dude on the internet trying to impart something that I think is good and might help people who are unknowingly lowballing themselves by staying in a dead-end side hustle when they have the opportunity to make the switch.

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[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 ?

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.

Although I don't agree with everything you said but your last paragraph made an excellent point with which I totally agree. Time is our most precious and valueable asset that we should spend very carefully. Anyone who is not thinking about their future and just focusing on being an employee will end up bad when companies go under. To consider and live a full life with self-worth is essentially a question to think before we live, not a goal or consequence that is far away from the current moment.

[BRINIRHA]

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.

So, in fact, money from side jobs can also be used for investment if indeed the additional income is cold money. We can use the basic salary from our main job to meet our daily or monthly needs and additional income from side jobs for savings and investment. at least that's what i do at the moment. and also don't forget to keep our body healthy. by paying attention to a healthy lifestyle such as adequate rest and eating healthy food. and occasionally accustoming our bodies to regular exercise is also very necessary. even though it's only 30 minutes per day, it can have a big impact on the stability of our health.

[xSkylarx]

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.

So, in fact, money from side jobs can also be used for investment if indeed the additional income is cold money. We can use the basic salary from our main job to meet our daily or monthly needs and additional income from side jobs for savings and investment. at least that's what i do at the moment. and also don't forget to keep our body healthy. by paying attention to a healthy lifestyle such as adequate rest and eating healthy food. and occasionally accustoming our bodies to regular exercise is also very necessary. even though it's only 30 minutes per day, it can have a big impact on the stability of our health.

but not all are as lucky as you that the main job is enough for their needs, as others tend to have side hustles so that it would be enough, so they can't still use it for investment unless they have a good salary that can meet their needs. That is really the sad truth right now: people are working more than one job so that it will be enough for their family, and they are also sacrificing their health and time just to maintain those financial things.

[Blowon]

yeah that really helps. With additional work, I can save and invest more confidently because I have free money that I save. On the other hand, I still have money for my daily needs. we really need additional work if it is to make us want to develop financially so that we become people who have far more financial freedom than continuing to be employees.

[bbigtart]

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

Therefore we must be smart. Manage time when working on the side so we can rest, because rest is also important in maintaining health even though there is a lot of work. Indeed setting the time is difficult but if we do it with discipline in the time rules that have been made then we will be consistent with the time rules. Therefore it takes strong pressure and commitment, not just being reactive for a moment. That way we can achieve our desire, namely financial freedom.

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.

The point is don't get stressed, work is scheduled and done in a fun way. Because in living this life we need balance and make the best use of free time. Appreciating the process will later find the benefits in a process. That way, even if the expected results are not achieved, we will not regret spending time and energy on the things that are important in our lives. especially if successful, of course it will maintain our financial stability.

[barisbilgili]

yeah that really helps. With additional work, I can save and invest more confidently because I have free money that I save. On the other hand, I still have money for my daily needs. we really need additional work if it is to make us want to develop financially so that we become people who have far more financial freedom than continuing to be employees.

if you have free time of course that's great but if the main job takes a lot of time and already has enough income I think a side job is not needed anymore.
side jobs are only needed by people who have a lot of free time and lack of money.
our body also needs rest so that must also be considered, not only because of money everything has to be chased.

[macson]

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 ?

side hustle, in this era it is very useful to make someone not dependent on just one source of income ^{(even a country, will not be able to develop if it only depends on 1 reliable source of income)}, apart from that, a side hustle can also help you achieve financial freedom, as long as the time you spend is well organized.  don't be lazy to think & don't be satisfied with what you get today ^{(if you only have 1 source of income)} keep developing your skills to be able to get more money from other sources.

[Bushdark]

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 ?

side hustle, in this era it is very useful to make someone not dependent on just one source of income ^{(even a country, will not be able to develop if it only depends on 1 reliable source of income)}, apart from that, a side hustle can also help you achieve financial freedom, as long as the time you spend is well organized.  don't be lazy to think & don't be satisfied with what you get today ^{(if you only have 1 source of income)} keep developing your skills to be able to get more money from other sources.

well it all depend on the kind of job or business we are doing. There are some businesses that can increase our financial stability depending on the nature of what we are doing. There are also businesses that can make us very rich which also depend what role we arf playing. Having a business is the best thing to do now even though you have a done that you normally resume to which is nit bad.

Side hustle can put extra cash in our pocket if we are ready to develop ourselves and getting a new skill that would pay us even though we are nit always available to do it. We can simply get people to work with us which is a form of division of labour, yield substantial results.

[Dr.Osh]

yeah that really helps. With additional work, I can save and invest more confidently because I have free money that I save. On the other hand, I still have money for my daily needs. we really need additional work if it is to make us want to develop financially so that we become people who have far more financial freedom than continuing to be employees.

personally I can also save because of a side job. it's really very helpful, especially for people who work with a mediocre salary. when a person has a salary with not so much income and quite a lot of needs, it is difficult for him to save, I even felt this way until I found a pretty good side job, and was able to save with it. well, a side job is really very good for increasing and increasing financially.

[Qiubell5]

I think a side job is needed just in case the main job stops. The benefits of side jobs can also increase income, improve self-skills, be able to meet more people.

 And at this time, we should not be too wasteful to use money if there is no need.

[komisariatku]

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

In facing a difficult economic situation, we need to have good financial backups. The most logical way is to save part of your salary for a reserve fund and partly for investment (both investing in agencies/investing by creating a side business).

Saying something like the above is of course very easy, and many people would recommend it. But doing it, is something very difficult. Requires high commitment and discipline.

One thing that is often forgotten but very important. Don't forget to invest in skills and knowledge so that your abilities will always improve and be better. Good skills will make it possible to get more income.

[Marvell1]

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.

Not all businesses face difficulties during inflation. Like during the pandemic, most companies and factories had to close, but besides that, the food and medical industries had to operate at maximum capacity. Many people have become rich thanks to the recent covid pandemic. In a time of inflation, too, if you have foresight and dare to take risks, you can also have a chance to change your life, not all of them have difficulties.

No one doesn't want to land a high-paying job, but even finding one in times of crisis is tough, let alone a high-paying one. It is tough to get a high paying job, the best way, I think is to start your own business, but it requires many factors, and not everyone can do it.

[karmamiu]

yeah that really helps. With additional work, I can save and invest more confidently because I have free money that I save. On the other hand, I still have money for my daily needs. we really need additional work if it is to make us want to develop financially so that we become people who have far more financial freedom than continuing to be employees.

if you have free time of course that's great but if the main job takes a lot of time and already has enough income I think a side job is not needed anymore.
side jobs are only needed by people who have a lot of free time and lack of money.
our body also needs rest so that must also be considered, not only because of money everything has to be chased.

There will always be people whose salary is not enough for them not only to support the family but also to pay the bills and in most cases freelancing is the key to achieve that, even if it means they almost have no free time and almost their whole day is consumed by work. Nowadays due to expensive goods and other necessities, it is also very optimal to find extra income, but the problem is nowadays too due to high supply of freelancers and lack of demand, the competition of applying to decent paying ones are very high, that is mostly you can see in most cases several freelancers are flocking to apply on that said position.

[Pamadar]

yeah that really helps. With additional work, I can save and invest more confidently because I have free money that I save. On the other hand, I still have money for my daily needs. we really need additional work if it is to make us want to develop financially so that we become people who have far more financial freedom than continuing to be employees.

if you have free time of course that's great but if the main job takes a lot of time and already has enough income I think a side job is not needed anymore.
side jobs are only needed by people who have a lot of free time and lack of money.
our body also needs rest so that must also be considered, not only because of money everything has to be chased.

There will always be people whose salary is not enough for them not only to support the family but also to pay the bills and in most cases freelancing is the key to achieve that, even if it means they almost have no free time and almost their whole day is consumed by work. Nowadays due to expensive goods and other necessities, it is also very optimal to find extra income, but the problem is nowadays too due to high supply of freelancers and lack of demand, the competition of applying to decent paying ones are very high, that is mostly you can see in most cases several freelancers are flocking to apply on that said position.

The competition is really tight, and you need to do extra effort to win a client.

Like what you mentioned, there are many reasons why individual needs to find extra side job, relying on day job salary will not
be enough to feed yourself, plus if you have responsibilities like if you have family and kids that need to send to school, not just
the daily food but those extra expenses that needed to address, having extra side job can give you some breathing to solve those
concerns.

[barisbilgili]

yeah that really helps. With additional work, I can save and invest more confidently because I have free money that I save. On the other hand, I still have money for my daily needs. we really need additional work if it is to make us want to develop financially so that we become people who have far more financial freedom than continuing to be employees.

if you have free time of course that's great but if the main job takes a lot of time and already has enough income I think a side job is not needed anymore.
side jobs are only needed by people who have a lot of free time and lack of money.
our body also needs rest so that must also be considered, not only because of money everything has to be chased.

There will always be people whose salary is not enough for them not only to support the family but also to pay the bills and in most cases freelancing is the key to achieve that, even if it means they almost have no free time and almost their whole day is consumed by work. Nowadays due to expensive goods and other necessities, it is also very optimal to find extra income, but the problem is nowadays too due to high supply of freelancers and lack of demand, the competition of applying to decent paying ones are very high, that is mostly you can see in most cases several freelancers are flocking to apply on that said position.

there are indeed many ways that can be done if the salary is not enough to meet daily needs and even someone who is pressured by the economy is indeed required to find a side job or side income.
If we have many ways to make side money to make ends meet, there are even some real investments or opening a business that can employ other people, there are many ways that don't hinder it if we really want and really need it.

[smile1218]

Having a side job or a business can really improve financial stability, it can provide additional income. Side job or business can help to increase earnings which can be valuable in times of economic crisis. If we will diversify the income source we can better manage the financial risks and reduce the unexpected expenses or changes in employment status. Side job or business can provide a sense of security and independence. It can give us more control over their financial situation and provide safety net in the event of job loss or financial setback. This can also help to reduce stress and anxiety related to personal finances and improve overall personality.

[slapper]

~snip~

In situations like that, of course the Money-over-Effort variation won't apply. In my prior post I said that there are factors (emphasize on the plural) that could help you gauge whether your hustle is a good one or not. Money-over-Effort still is the main pointer, but in certain situations like the scarcity of open jobs, as well as the creative drought as you have mentioned, well then it's up to the person itself whether they'd much rather spend time resting and making sure that their mental health is fine and dandy, or if they are going to take up another job that doesn't pay as much as they wished it would.

Personally, I'd much rather rest and do stuff on my end, stall opportunity, while at the same time bettering my self in other ways like lifting weights, taking care of myself, or reading self-help and good books that would nourish my brain.

The Money-over-Effort Variation is a great gauge for how PROFITABLE a side hustle is, in the event that you are in the position where you can find other ventures that would better suit you. If it comes to a point where it's between choosing a low-paying job over resting, it's something that the person itself could only answer. I'm no psychologist, just some dude on the internet trying to impart something that I think is good and might help people who are unknowingly lowballing themselves by staying in a dead-end side hustle when they have the opportunity to make the switch.

You have hit the modern dilemma dead on. We're all here wanting to make some money, and occasionally the world gets in the way of our plans. It's like trying to pick anything to watch on Netflix after you've binged everything good.

Sincerity requires that we take a broad view of our potential side hustles. The time-to-reward ratio is undeniably important, but let's not discount our enthusiasm and cognitive capacity. We're not machines; no amount of money will compensate for doing something that saps our mental energy.

However, if the job market is weak, I wouldn't sit back and relax.Take that time to upskill, maybe learn a new coding language or get certified in digital marketing. As you've rightfully pointed out, this could be a great time to pump some iron or devour some enlightening books. Because who knows, the skills or knowledge you gain during this time might just land you an even better side gig in the future!

[Paul Pogba]

Of course, the hope is that if we do a business or a side job, we can increase our income. I also do a lot of side jobs, such as being a property marketing, especially for apartments, because as an apartment marketing, you don't need to come to the office regularly, you just do simple things, namely promotions in many media and if there are candidates the buyer can then make an appointment when he gets home from work or on holidays.

[bayu7adi]

Take that time to upskill, maybe learn a new coding language or get certified in digital marketing. As you've rightfully pointed out, this could be a great time to pump some iron or devour some enlightening books. Because who knows, the skills or knowledge you gain during this time might just land you an even better side gig in the future!

Absolutely... No one knows about it and the future. As long as someone isn't lazy, having free time is actually an opportunity to showcase their ability to grow. And it's important for someone to have a rival when they want to develop their skills or knowledge.

In my opinion, it is crucial for someone to have side activities that can thrive and evolve. A regular job cannot guarantee our productivity in old age. The elderly need passive income to continue enjoying life happily. Therefore, relying solely on a high-paying job and a monthly salary is not something extraordinary for the future. We need other sources that have the potential to provide us with prosperity in the future.