Posted: Today 9:45:28 AM EST
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Most of us tend to have a "two is one, one is none" approach to prep equipment. I'm going to suggest this approach may be relevant with regards to income. I'm going to sing the praises of the side hustle. We've seen it a lot: good job, but it's sole source of income. Something happens: plant closes, temp layoff, government shut down, whatever, and all of a sudden the good income went "POOF!, Gone!". Ideally there is an Emergency Fund. Excellent prep. However, a side hustle can pick up a LOT of the slack, taking a Emergency Fund and stretching it out. I've been seeing another benefit to a Side Hustle: while I am very responsible and fiscally sound with regular income, the side hustle is "extra". Possible uses are: 1) Back up job. When unemployment, it's often easier to scale a side gig up than it is to find a new job. I've done this a few times over last two decades. 2) Debt Reduction. Girl Friend, now wife, had $100,000 +/- in debt. The side hustle completely paid that down in a period of two years 3) Preps/ Emergency funds: extra $, or a portion , can be used to further prep . I'm buying another generator with some extra money 4) Quality of Life: those of us who are very "controlled" in our spending can sometimes begin to feel slightly too responsible. Raiding the budget for "fun" doesn't work well. However, if it's extra income over the budget, we find we can indulge in some extras without guilt,and while still being "responsible". Example: we just booked a rather expensive hotel for a few nights, in a very prime location, for a mid winter getaway... 5) Retirement Bridge. I just retired in Sept. No more employment income. But I'm 57. Too early for Social Security. The side hustle seriously supplements income, acting as a bridge to Social Security and reduces amounts withdrawn from investments, increasing security. I coach motorcycle classes. This gig has been a serious economic contributor for 20+ years. And in periods of unemployment, it got scaled up. If you have some special training or certification, it can often be monetized. Home handyman: gentlemen, the epidemic of "I'm a professional, independent, divorced 40+ woman" has created a huge opportunity: minor house jobs. Anything from painting, to hanging blinds, repairing the kitchen drawer slide, replacing the cartridge in the shower faucet, or the flapper on the toilet. Serious cash money available here, all for simple two hour- two day jobs. Once you've done a job or two, Be done it well, the ladies network fires up " omg, I got a guy. He painted my porch,and it looks great!... " And the phone starts ringing... Mobile Equipment Maintenance: oil changes, winterization, basic maintenance on ATVs, lawn mowers, generators, out board motors, etc. Door Dash. No personal experience. Retired buddy loves this gig. He signs on or off as time allows. Apparently, he does well.... Ideally, a fantastic side job ISNT part time retail at Home Depot. The usual schedule requirements often take away too much life. It's too intrusive. Excellent side Hustles are "self employed": you work when it suits you. And they are often cash businesses. Two is one, one is none . This might apply to income. Food for thought. |
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All good info. I have made a nice chunk of side money doing remodeling and HVAC work this year. Paid for a luxury trip to the Caribbean for the wife and I for next year. Lots of cash money to be made too. Reliable home handyman work is in VERY high demand. TONS of money to be made there. The combo of people who cannot do anything with their hands and single women means LOTS of money in small easy home repair jobs. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
