Nearly 70% of Americans have less than $1,000 in savings. In February 2020, USA Today reported that the average credit card debt is $6,200. As these stats show, many people are walking on a financial tightrope. According to Marketwatch, less than half of the 22 million jobs lost due to COVID-19 have come back.
22 million jobs lost!
Not due to poor performance; not due to company mismanagement. But rather, something completely out of their control that caused them to lose their “security.” The truth is, there is no such thing as job security!
In today’s environment, it is a risk to not have a secondary source of income. No matter your level of income or how much savings you may have, hedging your financial security is always a better move than doing nothing.
So, you want to own your own business but don’t know where to start?
Again, start with your end goals in mind. Are you looking for extra money to pay down debt or begin saving, or are you looking for something that has the ability to earn your financial independence? If you want a second income stream, you might as well pursue one that doesn’t limit your earning potential (like just going out and getting a second job.)
There are a lot of ways to make money in today’s economy. Do the research and look into ways that can help you enjoy the freedom that comes with being a business owner.
Want to learn more?