Are You Doing Enough!?

Today’s landscape has continually changed due to unforeseen events in our world. We weathered a worldwide pandemic with Covid-19. We pressed through a partial economic collapse. We watched Russia invade Ukraine. Now we are facing the Israel & Hamas conflict. These various events have created vast ripples throughout the U.S. causing a lot of confusion and uncertainty of the future.

In the year 2024 we have seen the cost of living rise significantly across the board. This is seen in the hike in gas prices, the cost of consumer goods and raw materials. Most notably the affects have been seen within the real estate market. Prices continue to rise right along with the increasing interest rates. Dan Weil of The Street said, “The Federal Reserve has indicated it will keep interest rates higher for longer”. This is troubling news in lieu of the 5.25 point interest rate hike that we’ve seen from March 2022 until now. This continues to put a strain on the American people. The same dollar used 4 years ago cannot go nearly as far today. Fortunately, we have received notice of our first rate cut of the year but still we are not in a great position yet.

Knowing that the cost of living will continue to increase the question must be asked, “are you doing enough?”. 2022 saw just the second dip in the median household income since 1990. Currently the household median income in America is $74,580 as of 2022. If you’re at the median or above it, then congratulations. However, this still is not enough to comfortably live and continue to prepare for your future. According to an article on MarketBeat, 54% of Americans live paycheck to paycheck, which is 125 million U.S. adults. The scarier statistic is that about 40% of those with annual incomes over $100,000 live paycheck to paycheck. Some of these individuals are dealing with issues such as lifestyle creep, hardships, or poor financial decision making. Undoubtedly this will be true for some, but the bottom line is a six-figure salary is not what it used to be. For example, in the figure below you can see that we’ve seen a nearly 30% cumulative inflation increase from 2015 to now. This means that you would need to increase your income by 32% over that 9-year period just to keep up with inflation.

So, what is the answer, how do you make more money and keep up with or surpass inflation?

We reside in the information age, and currently it is easier than it’s ever been to make money. There are a lot of options out there that can make you a few extra dollars. Many of these options can actually be done right from your phone or computer.

What it is I am referring to is a side hustle. Whether it is a hobby that you can turn into a revenue source. Or a part time job, increasing your number of income sources is paramount.

According to the author of “Rich Habits,” Tom Corley, 75% of millionaires have more than one income stream. For many, your goal is not to become a millionaire. However, just think about what you can do with an extra $200, $500, or $1,000+ per month. To some, this would be life changing. For others, it can afford them the opportunity to take advantage of other opportunities. This would include working fewer hours at the office or maybe taking a nicer vacation. You could now confidently save up for your kid’s college. Or simply allow you to more aggressively save towards your goals. These are just some of the great positives that derive from applying yourself and getting your side hustle on.

Here are 20 side hustles/income generating sources you can look into pursuing to help you weather this current economic climate:

1. Food Delivery (Doordash)

2. Bookkeeping

3. Proofreading

4. Freelance Writer

5. Clean Houses

6. Invest in Commercial or Private Real Estate (Loopnet)

7. Get Paid to Grocery Shop (Instacart)

8. Become a Virtual Assistant

9. Start a Blog (BlueHost)

10. Make Money Taking Surveys

11. Sell on Shopify