Layoffs, one of the most brutal words in the business lexicon. Basically meaning “hey you need to GTFO of this office, and have a nice day”, it usually happens quick and without much warning. This is especially true for massive corporate layoffs that happen with a simple email and a half-baked conversation with your manager about the “exciting new company initiative for growth and synergies” that you conveniently are no longer apart of. I suppose the silver lining is that at least, in most U.S. states, you should be eligible for some kind of unemployment. But sometimes this can take more 6 weeks for the unemployment benefits to kick in and some people just don’t have that kind of time.
As someone who has been laid off before, it is the one event that will motivate you to get a side income. I believe that we get too complacent when we receive a paycheck and the days, weeks, months and years can get meshed, and fly by us in what feels like a minute until that pink slip comes to your cubical. The good news is it has never been easier to have a side gig. Instead of actually having to start a business and deal with all the headaches of being a small business owner, you can now make side income through apps. Have a few hours to kill? Then sign up for Door Dash and make some deliveries. Do you actually want to be a taxi cab driver but like your Honda Accord too much to trade it for tax cab? Then drive share apps like Lyft and Uber are your ticket to a extra steady stream of revenue. Or perhaps blogging might be your calling, even that has become easier over time to start up, and start making extra income.
The real advantage of having an extra income stream is that paying bills and saving money become easier and easier. Also the key for these side gigs is that they should be something you don’t mind doing. For example delivering groceries doesn’t seem too bad to me, but having a side gig lifting heavy objects would. The point of these gigs is, in my opinion, to not feel like a second job. Because to be quite frank no one wants to work another 40 hr a week job, on top of their 40 hour a week job. Especially if your job is physically demanding or mentally draining like most office jobs seem to be.
In conclusion it is much easier to be less stressed out about your job when you have money that is coming from other sources. Bills become easier to manage and so does saving money for investments or retirement. In 2019 it has never been easier to get a side gig going, many apps are coming out each year, and freelancing work is still going strong. The best way to protect yourself from a massive, company wide layoff is be in a position to not really care about your job in the first place, whether that be through income from investments or side gigs, like drive random people around town.