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Fred Dole with The Biz Wizards – We help new Side Hustlers make money online!

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Introduction:

Job security. Two simple words that can cause great comfort or great stress.  Add the words “lack of” and the phrase “lack of job security” can turn your world upside down.

While the labor market is strong right now, that doesn't mean you don't have specific concerns related to your job. Getting a side hustle could serve as not just a nice income boost, but also, for peace of mind and a safety net.

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Post-Pandemic: How we got to where we are today – lots of jobs – but out of control inflation

Now, post pandemic, the labor market is much healthier. The national unemployment rate dropped to its lowest level since the start of the pandemic, and job opportunities are plentiful.  Wages are higher than ever, so life is good….

However, if you listen to all of the financial guru’s, a recession is coming.  Why?  Because our government which was already deeply in debt, gave out a massive amount of money throughout pandemic.  It was necessary to ensure that the massive amounts of people who suddenly lost their jobs would be able to buy basics, like food! 

Since our government was already so deeply in debt, they didn’t borrow this money – they just printed it!  Now, we are paying for this action with the highest inflation we’ve seen since the 1970’s.  The most basic rule of economics – is that if you just print and input money into an economy – inflation will follow.

Job Security is a Myth that we’ve believed in for ages 

The pandemic showed us that job security is a myth or maybe well call it a false reality that we all wanted to believe in.  We effectively “furloughed” entire industries during the pandemic, including, Airlines, Hotels, Restaurants, Sports arenas.  Even if you feel that your current job has “high” job security, is it pandemic proof, for when the next global pandemic hits?

The pandemic has also prompted us to seriously revisit our now outdated perspective on what’s typically been deemed a “stable” or “unstable” career path.  The pandemic has debunked the notion that the only way to achieve financial freedom is through a traditional, 9-to-5 corporate desk job.

If you are like me and now truly believe that job security is a myth, now is the time to pick up a side hustle. Here's how a second gig could help ease some of your financial worries.

Future, meet the side hustle A side hustle can provide that first step to achieving a recession-proof career path.  Here are just some of the benefits of starting your new side hustle.

Tips to create real job security

1. You'll have a chance to pad your savings

Having a healthy savings account balance could make it easier to get through a period of unemployment if that's the boat you land in. While jobless benefits will replace some of your lost paycheck, they'll generally only make up a portion of it, especially now that the federal boost we saw earlier on in the pandemic is long gone.

A side hustle could be just the thing that helps you pad your savings, especially if your main paycheck is currently monopolized by your various living expenses.

Can't save for retirement? Start a side hustle to secure your retirement

2. You'll have a backup source of income in case of job loss

If you lose your job and have to wait a few weeks for an unemployment claim to be processed, your side hustle could serve as your main income source until those benefits start rolling in.

That could, in turn, prevent you from having to raid your savings or rack up debt while you wait for that aid.

3. Post-Pandemic Industry trends support new and plentiful side hustle opportunities

With the onset of COVID-19 came a flurry of activity as entrepreneurs sought to create side-hustle businesses that would support the needs of a population increasingly based at home and online.

For example, drop-shipping and e-commerce platforms have fared well during this time. The drop-shopping firm, Spocket, saw its customer base double between March and July of this year as those worried about their financial future explored side hustles.

Some side hustles that emerged in the online-merchant space include remote workouts and coaching sessions, video channels that utilize advertising, and e-commerce shops, such as those selling and deliver baked goods or homemade artisan products. With the rise of the home office, and the need to bring outdoor elements right into our living spaces, many e-commerce merchants have started selling houseplants and indoor plant accessories. And when gyms and fitness studios shut down, some merchants began selling athleisure apparel or yoga accessories.

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FINAL THOUGHTS: Job Security is a false reality – Financial Security with a Side Hustle is REAL

Job security – does it exist anymore?  Whether you believe YES or you believe NO, you could be right. It’s a great question to talk about and debate.  Some industries have high job security but many of the high job security jobs are government jobs. 

I am a firm believer that due to downsizing and furloughs, Corporate America jobs, for the most part have no real job security these days.  So, the only way to gain true job security is to start your side hustle, and if you do lose your job, you can still have financial security!

Ready to Start Your Side Hustle? We Can Help!

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