3 Ways to Create Secondary Hustle at Home That Helps You Beat Today's Inflation Worries

The US Bureau of Labor Statistics reported that inflation continues to rise. With prices increasing at an annual rate of 8.3%, it makes sense to consider strategies to counter this trend.

What is the best way to fight inflation?

Inflation means that the cost of living increases. As your expenses increase, you need solutions to increase your income. You don't have many choices. If you are working, increasing your business is the best way to fight inflation. But is an 8.3% increase realistic?

"With the value of your savings and income 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 salary increase isn't possible, it's natural to turn to a side hustle or home-based business."

What if you are no longer working or are close to retirement? It turns out the answer could be the same whether you're working or retired. AARP cites recent research that suggests the percentage of new start-ups in the 55-64 age bracket has risen from 14.4% in 1996 to 25.8% in 2018. If you consider how While it's easy 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 evolved towards knowledge work, people who retire can more easily return as consultants and continue to earn a living without working full time," says Dr. Aleksandar (Sasha ) Tomic, economist and partner. Dean of Strategy, Innovation and Technology at Boston College in Chestnut Hill, Massachusetts. “As such they are attractive to business as they bring knowledge and experience and are not looking for a full-time role with all the extra costs that may entail. In addition, people stay healthier and live longer, so they are more likely to continue their own business in retirement."

How do people survive high inflation?

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

"I've had many clients over the years who have used side businesses to earn extra money, but never as many as I've seen in the last 18-24 months" , says Charles Catania, Chief Brand Officer at Chuck. in Vernon, Connecticut. “For many, the extra income helps make ends meet. The burden of inflation still exists. Side hustles make life more manageable. »

It doesn't take much to ease the pressure of higher prices. The near double-digit inflation rate represents the historic extreme and may not bode well if it continues.

“The inflation rate over the last year was 8.3%,” says Kari Brummond, accountant and chief content officer at TaxCure.com in Trumbull, Connecticut. “This means that, on average, most people are spending 8.3% more than a year ago on the same purchases. A lot of people have to dip into their savings or resort to credit cards, but if you make enough money by your side, you can use that money to cover the rising cost of living."

However, the numbers may be more manageable than you fear in the immediate future, especially if you embrace the entrepreneur within you.

"By starting a small business from home, you can help beat inflation even if you only make a small profit," says John Bergquist, managing member of Lift Financial in South Jordan, Utah. “For example, if grocery spending increased by 10%, and let's say your grocery budget was $1,000 per month, then your overall spending in that category only increased by $100 per month. let it be daunting every time you go to the store, if your side hustle is making "only" $100, you've effectively covered that cost. The same goes for the monthly gas bill. So even if you don't earn only a few hundred extra dollars a month, ...