This is a guest article by Elijah Dawson of lookforjobshere.com.
How to Make Extra Money After Losing a Job
6 million people lose or quit their jobs every month. Some will move on to a job that pays equal or better wages than their previous job. Others may struggle with long-term unemployment or may accept lower-paying jobs to try to make ends meet. If you need to replace the income you lost when you were laid off, these tips can help.
1. Find a Side Gig
The gig economy is a popular place to turn for people seeking an extra income. You are probably familiar with common side gigs, such as driving a rideshare vehicle or delivering food. Both of these are viable options, but they aren’t the only gigs out there. Other options include becoming a personal trainer, doing freelance work or consulting, starting an e-commerce business, tutoring and selling stuff online.
2. Find Work Online
There are side hustles to be found through traditional job hunting methods, such as using your network or looking at the ads in the local paper. However, the internet is one of the best places to find a side gig. If you are interested in renting out your home, check sites such as Airbnb, VRBO and HomeAway. For rideshare jobs, Uber and Lyft are the main players in the market.
3. Think About What You Are Good at
Make a list of all the things you are good at even if they don’t seem like something someone would pay you to do. For example, do you love posting on social media? Have you built up a large following? Businesses will pay you to run their social media campaigns.
If you love playing video games, you could make a living doing this as well. While it’s not easy to become a professional gamer, it is possible to make money by starting a video game blog or YouTube channel. If you’re into Minecraft, you could use a free tool that has Minecraft banner designs and templates. Create your own banner to enhance your branding.
4. Turn Your Side Gig Into a Business
A period of unemployment could be the perfect time to start a business. If you don’t already have a business idea, you might want to try out a few side gigs to find one you like and then turn that gig into a business.
To start, you must decide on a business structure. Forming your business as a limited liability company protects your personal assets, requires less paperwork, is more flexible and has tax advantages compared to some other types of businesses. States have different rules about forming an LLC, so do your research, or save yourself some legwork and avoid legal fees by using a formation service.
5. Go Back to School
Are your marketable skills a bit out of date? Consider returning to school to earn a degree. By enrolling in an MBA program, you can improve your knowledge of business, management and strategy while also learning leadership, self-assessment and self-awareness skills. Pursuing your degree online allows you to study at your own pace while you are learning the ropes of your new business or side gig.
6. Spend Your Extra Cash Wisely
Don’t just blow your extra income. Use it to save up for the down payment on a home or invest it in a passive income stream.
It can be tough to make ends meet when you lose a job. However, you can take steps, such as returning to school or starting a business, to replace the income you lost.
This website, and any communication stemming from it, should not be taken as financial or legal advice for your specific situation. Consult directly with a licensed financial professional should you need investment advice and consult directly with a licensed attorney directly should you need legal advice. Assume all links are affiliate links. I am an Amazon affiliate.