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3 Ways To Build A Home-Based Side Hustle That Helps You Beat Today’s Inflation Worries – Forbes

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The U.S. Bureau of Labor Statistics reported inflation continues to rise. With prices increasing at an 8.3% annual rate, it makes sense to investigate what strategies you can muster to count…….

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The U.S. Bureau of Labor Statistics reported inflation continues to rise. With prices increasing at an 8.3% annual rate, it makes sense to investigate what strategies you can muster to counter this trend.

What is the best way to beat inflation?

Inflation means the cost of living increases. As your expenses rise, you need solutions to increase your revenues. You don’t have a lot of choices. If you’re working, your company raise represents the best way to fight inflation. But is an 8.3% raise realistic?

“With the value of your savings and earnings being eroded by inflation, one immediate action you can take is to earn more,” says Nick Loper, Founder of SideHustleNation.com in Sammamish, Washington. “If an inflation-matching raise at your job isn’t feasible, it’s only natural to turn to a side hustle or home-based business.”

And what if you’re no longer working or close to retirement? It turns out, the answer might be the same whether you’re working or retired. AARP cites recent research that suggests the percentage of new business start-ups from the 55-64 age group rose from 14.4% in 1996 to 25.8% in 2018. If you consider how easy it is for recent retirees to pick up where they left off as independent contractors, you won’t be surprised by these numbers.

“As the nature of work has shifted toward knowledge work, people retiring from such work can return as consultants more easily and continue to earn while not working full-time,” says Dr. Aleksandar (Sasha) Tomic, Economist and Associate Dean for Strategy, Innovation and Technology at Boston College in Chestnut Hill, Massachusetts. “As such, they are attractive to companies as they bring knowledge and experience and are not looking for a full-time position with all the extra cost that can bring. Also, people are staying healthier and living longer, so they are more likely to pursue a business of their own in retirement.”

How do people survive high inflation?

While not new, this trend toward the gig economy has rapidly expanded. This tendency likely alleviates much of the inflation-induced financial stress.

“Over the years, I’ve had many clients employ side hustles to bring in extra cash, but never as many as I’ve seen over the past 18-24 months,” says Charles Catania, Principal of Branding with Chuck in Vernon, Connecticut. “For many, the extra income helps make ends meet. The burden of inflation still exists. Side hustles just make life more manageable.”

It doesn’t take much to ease the pressure of higher prices. …….

Source: https://www.forbes.com/sites/chriscarosa/2022/09/18/3-ways-to-build-a-home-based-side-hustle-that-helps-you-beat-todays-inflation-worries/

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