Jim Hopkinson is an author, writer, and speaker living in New York City. His focus is on career development for the new economy, showing how new media, technology and branding are changing how people look at their career and lifestyle. Read more...
There are many benefits to your 40-hour per week full-time job: a steady paycheck; health benefits; vacation; 401(k) retirement plan; and so on. If things are going well, the promotions are rolling in, and the raises are there right along with it, it’s easy to think that it will go on forever.
But you don’t have to look back more than a few years to see how things can quickly change, with Forbes highlighting massive layoffs at Citigroup (50,000 employees in 2008), GM (47,000 in 2009), USPS (30,000 in 2010) and Bank of America / Merrill Lynch (30,000 in 2011).
Funneling your extra income into a side business makes sense on many levels: