Not to mention a side business can be the best way to get a taste of a future career you might want to ramp up later. If you make purchases for the business, you may be eligible for tax deductions. For the groups hit hardest by job loss during the pandemic - women, people of color and older workers - depending on a job as your sole source of income is downright risky right now.Įven if you aren't worried about job loss, a side hustle can be a great source of extra income to pay down debt, save money and invest. That's one reason 56% of Americans said they'd be more secure working for themselves than in a traditional job in 2020, up from 32% in 2011, according to the State of Independence Report by MBO Partners, a provider of back-office services to independent workers. Even people in seemingly secure public sector jobs have been hit with furloughs and layoffs since Covid-19 struck.
With the economy shaky, no one can have too much income diversity.
Starting a side business is one of the smartest financial moves you can make right now.
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