In uncertain economic times, finding a reliable side hustle can be crucial to boosting your finances. While many side hustles can offer additional income, some may prove more resilient during economic downturns, particularly as market instability impacts global finances.
The recent global selloff in emerging markets, triggered by recession fears in the United States, has once again underscored the importance of a stable income stream.
As investors flee to safer assets like the Japanese yen and stock markets from Asia to Europe suffer significant losses, the need for additional income sources becomes even more apparent.
Considering these economic challenges, it's worth exploring side hustles that can help you navigate challenging times. Below are a few options that provide a financial buffer during periods of market volatility.
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1. Child care
No matter how bad the economy gets, there is always a market for parents who need additional care for their children.
One way to make extra cash is to take a part-time child care position, such as nannying for school-age children in the afternoon or evenings. Or baby-sit on nights and weekends to give parents a “date night,” or to help a working parent who has unusual work hours.
Own a car? Here's 7 warning signs you're paying too much for car insurance. 2. Pet care
Recessions don’t stop pet owners from needing extra help to care for their favorite animals.
You can offer daily services such as walking or grooming dogs, or visiting a client’s home to feed and pet their favorite cat.
You can also pet-sit by bringing a dog into your home for an extended period.
3. Furniture seller
Have you driven through an area on trash day and noticed some great furniture by the curb?
Sure, some people might look down on so-called “dumpster diving.” But smart folks look at that “trash” and see dollar signs.
Look for pieces that are in good shape and need minimal effort to get them into sellable condition. Take it an additional step and repaint or repurpose existing pieces to make them unique and appealing to buyers.
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4. Baking
Baking enthusiasts can build a successful side hustle making cookies and cakes.
There will always be birthdays, weddings, or other celebrations during a recession. Many customers want something special rather than just a store-bought cake or pastries.
Buy ingredients in bulk to cut down on costs and use free social media to promote your creations.
5. Virtual assistant
A virtual assistant can help people or businesses with administrative tasks such as booking travel, helping with social media and marketing, and other things that keep a business running smoothly.
You might even end up using your side hustle as a virtual assistant to boost the success of someone else’s side hustle.
6. Mystery shopper
A mystery shopper walks the aisles of a retailer and helps the business gain insights into what they are doing right and wrong.
As a mystery shopper, you record details about the store and your experience shopping in it. You then earn cash for your feedback.
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Kids and adults will always need some extra help with classwork. Tutoring can be a good gig if you are a teacher or simply specialize in a specific topic, such as math or science.
Tutors can set their own hours. You also might be able to tutor online from home or in person. The flexibility will allow you to find the best way to make money using your particular skills.
8. Online seller
Do you feel like you’re drowning in stuff? Try to make some cash by selling those items online and helping others who are looking for a good deal during a recession.
Take pictures of your items and create a listing online at websites such as eBay or Facebook Marketplace. You get rid of clutter and receive cash in exchange.
9. Ride-hailing driver
If you like driving, consider turning your car into cash as a ride-hailing driver. You decide when to work and where you want to drive in this activity, which many refer to as “ride-sharing.”
Pro tip: Gas is a major expense for ride-hailing drivers. So, look into ways to save money on fuel so you keep more of your earnings.
For example, a great Costco hack is to purchase gas at the warehouse retailer, which often charges cheaper prices than local gas stations.
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10. Bookkeeper
Working as a bookkeeper is a side-hustle option if you’re good with accounting and organizing data. This service is needed regardless of whether a business is booming or struggling during a recession.
Look for clients such as small businesses that might need your help.
11. Notary
Every day, people sign documents that require the services of a notary. Notaries witness the signing of important documents, including things such as mortgages and articles of incorporation.
As an independent notary, you can choose your hours and how much you want to charge. You will have to do a little research to find out how to become a notary public in your state, which might require training and a background check.
Bottom line
A side hustle is a good way to increase your income so you can stop living paycheck to paycheck . There are plenty of options that can help you build a new revenue stream.
Even during a recession, many services remain in demand. Choosing an option from this list might help you generate more income when times are tough.
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