by Maurie Backman | March 16, 2020
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The stock market is in shambles. COVID-19 fears are shaking the economy. It might be time to find your hustle.
If it seems like every other person you know has a side hustle, you're probably right. In a recent survey of over 1,000 people, nearly 500 reported having a side gig. Taking on additional work when you already have a full-time job is easier said than done, but now could be the time to find yourself an extra source of income.
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Panic over the spread of COVID-19, caused by the novel coronavirus, has already sent stocks plunging into bear market territory. For those unfamiliar with the term, "bear market" refers to a period when stock values drop 20% or more from a recent high, and stay that way for at least a couple of months -- often longer.
You may be thinking, "If I don't have money in stocks, what's the big deal?"
Here's the problem: Though bear markets and recessions don't always go hand in hand, the former often spurs the latter. And when recessions hit hard, work hours can get cut and jobs can be lost.
That's why it's a really good time to get yourself a side hustle. Firstly, that extra money can help you build an emergency fund, which could be crucial during a potential period of unemployment. Secondly, having another gig gives you some degree of income security in case you lose your main job during a recession.
If you're not sure how to get yourself a side hustle, here's where to start:
Let's be clear: The fact that the stock market is deep in the throes of a downturn doesn't necessarily mean a recession is coming and your job is on the line. But given the uncertainty, it wouldn't hurt to have an extra source of income, and additional money in your savings account. If you can find a side hustle that makes you happy, it could even lead to a long-term arrangement that helps you stay financially healthy during less-precarious times. In fact, you never know when a side hustle might turn into a full-time career, or when it might help you build skills that get you promoted at your main job. Dive in now, and the possibilities could be endless.
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