The Prime Minister of Trinidad and Tobago just announced to his citizens that there are dark days coming. In 2023 he is speaking from a financial perspective of course, and before you begin to make any negative comments about his announcement, please understand that this is the current world economic climate in which we all have found ourselves in.
According to CNN, Google, Microsoft, Amazon, and even McDonald's have all had to retrench workers due to the current world economic crisis. As a student of economics, I understand that at this point it is clearly a numbers game. As the cost of goods and services go up, people have less disposable income to splurge on luxury items (i.e things that are not food, clothing or shelter),which means that tech companies would obviously feel the pinch, as citizens would rather spend money on something to eat rather than a new cell phone.
The anomaly in this mix is Mcdonalds, because as a food outlet, and a reasonable one at that, they are providers of one of the basic needs of man kind, i.e food, but we will address this subject in a subsequent Blog-post.
So are you going to be on the chopping board next with your present place of employment? Or would it be difficult for you to meet your current expenditure target as goods and services go up leaving you with less and less disposable income?
These are the questions that we would have to ask ourselves, not only here in Trinidad & Tobago in 2023 but also world wide. The days of having a single income is quickly vanishing. The question is what are you going to do about it?
In today's economy, it can be difficult to rely solely on one source of income. With the cost of living on the rise and job security becoming increasingly uncertain, many people are turning to side hustles to supplement their primary income.
A side hustle is a way to earn money outside of your main job, whether that be through a part-time gig, freelance work, or a small business venture. These opportunities can offer a level of financial security, as well as the potential for career growth and personal development.
- One of the most popular side hustles today is freelancing.
Freelancing allows individuals to use their skills and expertise to work with a variety of clients, on their own schedule. Platforms like Upwork and Fiverr make it easy for freelancers to find work in fields like writing, graphic design, and web development.
- Another popular side hustle is starting a small business.
Whether it be an online store, a service-based business, or a brick-and-mortar store, starting your own business can be a great way to earn extra income and gain control over your career. However, starting a business can be risky, so it's important to do your research and create a solid business plan before diving in.
Side hustles can also be a great way to explore different career paths and gain new skills. For example, if you're interested in a career in digital marketing, starting a side hustle as a social media manager can give you the experience and skills you need to land a full-time job in that field.
It's also important to note that a side hustle should not be viewed as a replacement for a full-time job, but rather as a way to supplement your income and gain new skills. It's also important to have a balance and not to overwork yourself, as a side hustle should not interfere with your job or personal life.
Overall, a side hustle can be a great way to earn extra money, gain new skills, and take control of your career. Whether you're looking to supplement your income or explore different career paths, there are plenty of opportunities out there for you to pursue. So start exploring, and take the first step towards maximizing your earning potential."
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