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2023 is the year of side hustles

2023 is the year of side hustles

January 16, 2023

Your side hustle, an extra part-time job, could be your solution to cope with the rising cost of living, writes Peter Watson.

Many are facing serious financial challenges this year. Let’s look at possible solutions.

A starting point is what we know.

One, things are more expensive including mortgage payments, housing rental rates and groceries. Many cannot afford to cover basic living expenses.

Two, humans are resilient and can adjust when needed. This ability will lead to considering new ways to augment your income.

My prediction is many will create a “side hustle” in the form getting an additional job or perhaps several jobs to help make ends meet.

There are several factors that will encourage people to get an extra job. The labour market in many industries is very strong because the supply of workers seems to have evaporated.

The work-at-home trend means people are no longer spending long commute times to and from work. This time could be allocated to additional employment close to home.

For the tech savvy there are endless opportunities to use the Internet to generate income. Perhaps that’s your skill and if so start looking for financially rewarding options.

COVID-19 has interrupted the education of our children. Perhaps your calling is to be a tutor, and this might include children of people you know in your community. This could be done via Zoom.

Consider the current inflationary trend to be a financial storm. This storm, like those caused by mother nature, will pass. The challenge is to survive in the short term and prevent financial damage that could negatively affect you for decades ahead.

Long-term financial damage should not be an option. Be creative so that you can survive this financial storm.

Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com