Despite all the craziness going on in the world right now, there is also a lot of good going on. There are a lot of economies throughout the globe that have been on the upswing for the past 5-7 years. This means that job security has been off of a lot of people's mind for several years now. So, why would you even need a side hustle? Why not kick your feet up every night, relax, and watch some Netflix?
It’s crazy to me to how quickly people forget just about everything, especially the bad things. I mean, just a few months I was in Germany drinking beers with some locals on a Sunday night (which made for a rough Monday morning). We sat around, joked, and just enjoyed the night. Rewind 70 years ago and one of the biggest wars in history was taking place and two of the biggest rivals were America and Germany. Yet, on that night, it was on no ones mind.
For war and other tragic events outside of your control, it can be both good and bad to forget. For bad things that ARE in your control, you should do yourself a favor and not forget.
Just 10 years ago the United States was going through a terrible economic recession
In the recession, well over 8.8 million jobs were lost, according to the Bureau of Labor Statistics.
In the U.S., jobs paying between $14 and $21 per hour made up about 60% those lost during the recession, but such mid-wage jobs have comprised only about 27% of jobs gained during the recovery through mid-2012. In contrast, lower-paying jobs constituted about 58% of the jobs regained.
This means that a lot of the middle class people that lost their jobs ended up getting jobs again but at a much lower pay. Not cool.
So, why are we talking about the Great Recession and job loss?
YOU NEED CAREER INSURANCE!!!
Although you, as an individual, may be an absolutely amazing employee and add tremendous value to the company you work at, you cannot control the economic conditions nor can you control how well your company does.
If it hasn’t been you, I’m sure you know someone who has fell victim to a layoff, pink slip, boot, bum's rush, downsizing, firing, heave-ho, sack closing, shutdown, shakeout, shake-up, or whatever other words there are for losing your job. To me, the crazy thing is, most of those people that experienced this less than 10 years ago, are sitting at home each evening on the couch browsing facebook and watching The Office reruns.
Since we cannot control what goes on in the world or in our company, we never know when that paycheck could stop. Unless you have a BIG nest egg stashed away, then what would you do without a steady paycheck?
How would you buy food for your family?
How would you pay your rent or mortgage?
Would you want to be on public welfare?
Would you be able to live the same life on your spouse’s income?
How long before you had to sell your car to get something cheaper?
Could you imagine having to move back in with your parents?
If you have a side hustle that is also creating a separate income stream these would be questions you would not have to ask yourself - or at least not nearly as quickly.
Do yourself a favor. If you have a family, do them a favor.
Get career insurance ASAP! Start a side hustle!
You wouldn’t go through life without car insurance or health insurance, so why would you not have career insurance as well?
If you are struggling to find an idea, you can check out this blog post which will walk you through the process I use. If you have an idea but need some help systematizing your hustle, you should definitely check out this post.