career

BY: JOHN BENHAM,

CHIEF MARKETING OFFICER OF BETTR

“In the middle of difficulty lies opportunity” - Albert Einstein 

Almost everywhere you look you can see the signs that our country appears to be on the brink of yet another recession. This has many people worrying and wondering what they can do to survive, and possibly even thrive in the looming recession. COVID showed us that a recession can really hurt people and businesses like it did with restaurants, hotels, gyms etc., while other people industries benefited greatly, like webinar companies, grocery stores, delivery services, etc. 

The question is... How can you make sure you a ready for the next financial crisis? Building a side hustle can be one of the smartest moves you can make to prepare for a possible recession. A side hustle gives you a chance to enhance your cash flow on top of your full-time job, as well as you give you possible tax breaks. 

"When written in Chinese, the word 'crisis' is composed of two characters. One represents danger, and the other represents opportunity." - John F. Kennedy

Some key reasons why you should build a side hustle include:

Additional Income 

A side hustle can provide you with an additional source of income that can help you save money, pay off debt or increase your lifestyle. This extra income can also help you prepare for a possible recession by giving you a financial cushion in case of job loss or other unexpected expenses.

Diversification

Having a side hustle means you are diversifying your cash flow by creating multiple streams of income. If your full-time job is affected by a recession, having another source of income can help you maintain or possibly enhance your financial stability.

Developing New Skills

Starting a side hustle can help you learn new skills that can be beneficial for your career. Being exposed to additional business offerings gives you additional skill sets and possible mentoring from other successful business leaders.

"A recession is a great time to start a company." - Max Levchin 

Flexibility

A side hustle can offer you flexibility in terms of working hours and location and ofttimes can be done virtually. This means that you can work on your side hustle whenever you have free time, such as on weekends or in the evenings. This flexibility can be beneficial for those who have busy schedules.

Entrepreneurial Experience

Building a side hustle can help you develop entrepreneurial skills that can be valuable in any career. These skills include marketing, budgeting, and time management.

Building a side hustle can be a wise decision in general but is especially important, if not imperative in preparation for a possible recession. 

Tax Benefits

Depending on the structure of your second income business, you may be eligible for tax benefits such as deductions for business expenses or the ability to defer taxes on income earned through the business. *

What Are Your Side Hustle Options?

So, the next question is... What can of side hustle can I do that has a unique niche, fits your schedule, and can generate some serious income? 

Most people automatically think of things like becoming an Uber driver or delivering food or groceries, etc. While those can possibly make you some decent money, the idea of fighting traffic, the long hours, or the wear and tear on your personal vehicle makes them not even a consideration for most people. 

But what if you build a business from home and could get paid for simply referring some impactful ideas that could make a significant difference for people and businesses across the country? Believe it or not, such an opportunity exists! Bettr (ABettrLife.com) is offering people a change to dramatically improve their life, as well as the chance to build a significant income stream by simply referring. This creates a one of kind side hustle that anyone can do and costs nothing to get started! To learn more about Bettr simply go to ABettrLife.com and email info@ABettrLife.com to learn more.

"In a recession, there are opportunities everywhere. You just have to be willing to find them." - Barbara Corcoran

And now for our last question... When is the right time to start a side hustle to be prepared of the next financial downturn? The answer is of course… NOW! No one knows when the next recession will hit, but if you prepare yourself today you can be ready for whatever comes you way! 

* We strongly recommend consultation with a tax professional to understand the possible tax benefits of a second income business.