Many industries we once believed were recession-proof have proven otherwise. What can we do to build multiple streams of income and the resilience needed so that we're not reliant on anyone else for financial security? Side hustles and passive income are key strategies.
Daniella worked for an IT company for four years when they laid her the weekend before her wedding. Luckily, she quickly found a remote job working as a contractor but was laid off from it as well.
The layoffs ruined Daniella's confidence and self-esteem. Before the first layoff, she was living paycheck to paycheck and carrying debt. Occasionally, she needed to sell things for gas money until the next paycheck arrived. It was a financial low.
Daniella still had the severance from her first job in an emergency fund and was encouraged to freelance to keep stable while looking for a new job.
Freelancing was something Daniella had some experience with and reached out to an old client.
The talent stack Daniella developed was not simply technical. She had a strong artistic and design background which was mostly self-taught.
She says when going for a job interview, be upfront about all of the experience you have. Think about it and write it all down so you don't leave anything out.
Not all jobs require the employee to be a world-class expert. Sometimes having a wide variety of experience and being able to synthesize different pieces of information is what employers need.
The freelancing came out of panic. In addition to the debt, she had not been aggressively investing for retirement and believed the only way to go forward was a job.
After finally landing a new job with a FinTech company, Daniella began reading about personal finance for her blog about the journey she and her wife were on to get their finances together.
Dabbling is something Daniella has done since high school but it was never something she believed could be used to build wealth. Reading the stories of others changed her mind. The future became clear on what they had to do versus what they wanted to do.
While her original side hustles only fueled her spending behaviors, they eventually morphed into doing fun things. Her wife is an expert in reselling guitars, and in addition to freelancing, Daniella also did thrift store flips, repaired items for resale, and sold her own paintings of live concert events.
Daniella is in a much different financial position now. They have one year's worth of an emergency fund saved up, and all of their debt is paid off. They still have their side hustles, and her blog makes a third of what she makes in her full-time job.
If she were to lose her job again, she would be able to reach out to the huge online network she's built over the last three and a half years.
Facebook, Instagram, Reddit, and Twitter and great for networking. Daniella started by searching for different hashtags on Twitter.
Jonathan loves Facebook groups. When there is something he wants to learn, he leans into Facebook groups to benefit his talent stack.
Daniella believes Twitter is especially good for freelance gigs, while Instagram is good for anything since people expect others to slide into their DMs and comments on that platform.
Since she can work remotely from anywhere and they have multiple side hustles, Daniella and her wife are working on a move from Missouri to Washington State.

Resources Mentioned In Today's Conversation

Give your child a headstart with their financial and nutritional well-being with Meal Planning for Kids.
Watch shows live and on-demand with Fubo TV.
Build a better real estate investment portfolio with Fundrise.
Get started on your own journey to financial independence today at ChooseFI.com/start.

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286 | I Like to Dabble