The current global economic downturn is arguably the worst since WWII. Most businesses have a plan for enduring difficult times. A regular employee, however, may not always have a strategy in place for such occurrences. Layoffs can happen surprisingly frequently in an economy that is failing.
However, when it comes to moonlighting, it is not always about earning a few more extra bucks. Let’s have a look at why people take up a second job anyway.
Plan B
This may be the most popular reason for having a second job. People take up a second job as a backup when they are insecure about their present job. At this moment, companies are understaffed and losing money. So, those who have managed to keep their employment are routinely required to work long hours without additional compensation. According to a new study, employees who are 45 and older may be suffering the most from the global unemployment problem as the epidemic exacerbates already difficult circumstances for older workers.
Also Read: Explained: What is moonlighting? Is it ethical to do more than one job in India?
Multiple sources of income
As any financial adviser may tell you, you should always have multiple sources of income. For some people, it’s a small business on the side or investments that give away a passive source of income. For some, however, it’s a second job. Making extra money never goes out of style, and that’s probably what draws people to moonlighting.
Paying off debt
During the COVID-19 pandemic, India – as well as the rest of the world – suffered heavy job losses. While coronavirus is not considered as a major health emergency at the moment, things seem to be far from better. Problems in the job sector are only becoming worse as financial analysts forecast a recession that cannot be avoided. People are depending on moonlight to pay off debt. It may be a home loan they took before the pandemic, or a laptop, or a car. With a second job, they manage to pay for it.
Change of career
People who are planning to change their career stream take up a second job at times to get used to it. You can continue working your regular job while pursuing side jobs or freelancing opportunities in whatever field you like. People do moonlighting for a side job that provides them the experience they need to later obtain lucrative employment in your goal sector if you don’t already have a formal foundation in it.
Also Read: A fifth of urban Indians worried about cost of goods, services rising
Passion
For some people, it is less about money and more about following your passion. However, pursuing your passion may not be financially-fulfilling all the time. So, you have to take a day job and be a DJ at night. Even if a passion project might not, at least not right away, be a big source of income, it might help you in the long run. Thus, through moonlighting, you are able to pursue your passions without worrying about losing your main source of support.
Also Read: Is now a bad time to retire?
Creativity
Many people are stuck at mundane jobs only for the sake of financial security. People utilise a side job as a method to keep their minds engaged and stay on top of their game when daily life prevents them from using their ingenuity. Sometimes taking up a part-time second job gives you the challenge you need to ignite your creative side. Without that obstacle, you might not be inspired to come up with fresh ideas or methods of doing tasks.
Do you think moonlighting is ethical? Tell us here:
Techyrack Website stock market day trading and youtube monetization and adsense Approval
Adsense Arbitrage website traffic Get Adsense Approval Google Adsense Earnings Traffic Arbitrage YouTube Monetization YouTube Monetization, Watchtime and Subscribers Ready Monetized Autoblog
from Freelancing Jobs – My Blog https://ift.tt/0UGsVHh
via IFTTT
0 Comments