As the pandemic comes to a rocky but inevitable end, what have you learned? The key takeaway from the pandemic should be this: You are replaceable.
One more time for those in the back.
You are replaceable.
A job can decide ,at any moment, for any reason or for no reason at all, that they are going to let you go. How long could you survive without a two-week paycheck? Do you have a rainy day fund with six months worth of salary in it? No, that’s okay, most people don’t but, you should be thinking about how to generate multiple streams of income now, if this wasn’t already a thought on your mind. Relying on one source of income is the definition of risky behavior.
This is not an entrepreneurship pitch about how to start your own business and to never work for the “man” again, although I do agree with that self-sufficient approach. This an article about why you need a side hustle of some sort and how to leverage the money you do have consistently coming in.
Side hustle examples:
- Taking online surveys
- Babysitting or dog-sitting
- Day trading, Forex, Crypto etc.
- Freelance writing, digital marketing, website design etc.
- Social Media Management
And the list goes on, but you get the point.
According to Dictionary.com, side hustle is defined as a means of making money alongside one’s main source of employment or income – that’s it. It doesn’t say, “replace your income,” it’s income in addition to the income you already have coming in, okay, we got that? Here’s why you need one, two or five.
Reason #1: Stability.
For me, stability is sustainability. Being able to support yourself through rain or sunshine is imperative. You can do that through side hustles and for some people, in time, their side hustles replace their main source of income. Stability is having that six-month rainy day fund. Stability is profitable dividends and a drop-shipping store on Shopify. Stability is being prepared financially for emergencies like medical bills or new tires. Say it with me, “I need and deserve stability and I am willing to work for it.”
Reason #2: Freedom
The more streams of income you have the closer you are to freedom. Notice the use of the word “streams,” streams flow with little to no effort from you. For example, if you have a side hustle as a social media manager, that’s not exactly a stream but, it might flow effortlessly from you. You might have a natural knack for social media management thus it’s not a chore. Side hustles are hustles not chores. You shouldn’t have to drag yourself to your side hustle like you might have to drag yourself to work. Answer the following questions:
- What does freedom look like to you?
- What does freedom mean to you?
- What is your ideal salary?
- What is hindering you from achieving your desired freedom?
Once you identify your hinderances, abolish them – period.
Reason #3: Versatility
We are the “F*** That Job” generation. We don’t want to work for the same company for 40 years, collect a little pension and live off retirement money. We want to retire at 35, yacht-hop, drink-more and worry less. Most importantly, we can do that. Be versatile. Try new things, shift careers, take courses on Udemy to learn about subjects that interests you. You can never fail at something when you’re trying. Be spontaneous. Travel more. Create versatility in your income streams, your friends, your relationships, your location, your job, your being.
You got this. Now get busy.
If you found this article helpful, insightful or just plain old necessary please share and repost – it’s free and I’d gladly appreciate it. Thank you in advance.