Did you know that more people became millionaires during The Great Depression than at any other time in history? Savvy entrepreneurs saw the opportunity of starting a business when supply costs were low, and went to work. So, as their businesses grew, all those entrepreneurs who became millionaires, got together to figure out how to provide this thing called "security" to people. Everyone was scared, and out of that fear the "salary" was born.
Yup. The millionaires in The Great Depression dreamed up this great idea that they would pay employees a fraction of the revenue they produced, say it would be paid regularly no matter what, and everyone went running to get jobs with a salary.
Fast-forward to 2022 and there's no such thing as job security, much less financial security if you have a job. Competition is fierce, especially in the higher paying positions. The stress of staying ahead of the newbies, you know, the kids who are half your age and cost half as much, who come in proud and loud, happy to tell your boss about how outdated you are.
Or the new boss who may want to bring in her own people, which is typical, so you might lose your job just because your boss is new.
Or you make a mistake, a minor one, but it seems like all minor mistakes get blown up in to the apocalypse in a job. Someone wants you out, or wants your position, or...whatever else. You get the point.
Financial security comes from having more than one stream of income. In a two-income house, you might want a 3rd stream of income in case one of you loses your job. The idea is to have another reliable source of money in case you lose your primary income.
Here's 4 Good Reasons To Start A Side Gig:
1. The average millionaire has 7 streams of income. That's right, SEVEN. To be fair, you're not going to launch your side gig and suddenly be a millionaire, but, if you don't get started, you'll never get anywhere better than where you are either.
2. Make $27.40 a day with your side gig? You’ve got yourself a $10,000 raise for the year. What could you do with an extra $10,000? Would you feel a little more secure knowing you can cover the unexpected?
3. Speaking of the unexpected--the average American can't cover a $400 emergency expense. Translation: zero savings or secondary income. How stressful is that? The aforementioned $10,000/year is sounding pretty good, yes?
4. The community and connections. In a 2020 survey conducted by the CDC, over 40% of respondents reported having at least one adverse mental or behavioral health condition. You can’t turn your nose at a supportive, empowering online community, especially during these times.
Getting ahead means being smarter and diversifying. I'm sure you've heard that phrase, "diversify your investments" or "diversify your portfolio"? Well, to achieve security you can't rely on one source of money. You have to have a secondary source. Besides, you may crush it at your side gig and be able to leave that job....it you want to.
Melissa Pranzo is The Comma Check Girl. To learn more about success strategies to build financial security and make comma checks, email email@example.com or text "success" to 727-334-8271.