As the global economy is currently undergoing a significant amount of pressure due to the coronavirus pandemic, uncertainty looms on the prospects of industries and how people cope with finances due to unemployment and the slowdown of economic activities.
But while the real estate industry in Australia has gradually adapted to the new normal, it has not been spared from the widespread economic impacts of the pandemic, especially with the decline in real estate transactions from property and home buyers who have put on hold their purchase decisions waiting for the storm to calm down.
According to industry and economic experts, it would be worth considering having a side hustle, especially one that could help make up for the loss of income during these times.
For instance, e-commerce, pick-up, and delivery ventures are seeing a lot of steady growth over the last several months, especially businesses that minimise or eliminate physical contact to comply with social distancing measures.
Here’s why;
It is empowering
Having an extra source of income is not bad, in fact, it gives you a sense of financial security since it gives you a fall back when your primary source of income is affected or disrupted.
Among the benefits, a side hustle might include learning new skills, exploring a passion, or empowering yourself to enhance your economic value outside of your regular job or paycheck.
People start to realise the need to focus on increasing their earning potential outside of their primary means of livelihood because multiple sources of income allow you to be more self-reliant.
Helps you pay off debts
Since it can help you earn additional income, it can surely help you service your debts and settle your obligations easier and faster.
This is true if you are paying off debt and feel you are not making any headway, so having a side hustle can help you make extra money to pay for it.
Making an effort to assess your debt status and strategising your financial plan is an important factor in considering getting a side hustle.
Can help you establish wealth
Having a side hustle can help you find ways to build wealth, especially if you are not struggling to pay off any outstanding debt.
No matter if you are doing it to boost savings for the rainy days or enhancing your investment accounts, having the extra cash can help you achieve your financial goals faster than just relying solely on your primary career.
The coronavirus pandemic may have impacted businesses, but there are always two sides to the story. While there are businesses that were adversely affected, there were those that thrived to meet the demands of the changing times.
The same holds with income sources, what you need is to do your research and see how you are capable of contributing your skills for a side hustle that can boost your income whether to augment for your basic needs, boosting your investment portfolio, or saving up for the rainy days.