Multiple Sources of Income as Hedge in Layoff Times - A Fix or Future Trend?

"Nearly half of workers (45%) aren’t planning to wait around to get a pink slip before looking for other sources of income, saying they plan to get a side gig amid the economic uncertainty. Some of that may take the form of freelance opportunities, but many Americans are looking at the gig economy as well." Yahoo Finance, January 27, 2023

No, it isn't just tech. Massive layoffs have spread to other sectors. Goodyear just announced 500 job cuts. Yahoo Finance also notes that the arts, finance, and recreation are getting hit hard. 

Overall, as I am hearing from my intuitive career coaching clients, employees expect reductions-in-force in addition to performance-based firings at their job. Of course, they hope they won't receive the tap on the shoulder. But they haven't been just sitting there waiting for whatever. 

The majority, just as the media confirms, have developed multiple sources of income. Some are passive such as playing the options game in the stock market and/or operating rental property. Some are hands-on as with meal delivery or walking dogs.

For those whose schedules are a fit there could be the part-time job or second full-time job with flexibility. Walmart currently pays $17.50 per hour. 

Will this kind of hedging about ensuring money coming in persist after any downturn? It could. 

Most of my clients have become cynical about trusting their financial future to any single employer. The future might indeed be this: waking up and finding yourself locked out the company's online systems. You have been terminated. Good thing you have your pizza-delivery gig.

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Please make an appointment with Jane Genova at janegenova374@gmail.com