Replacing Lost Income When Laid Off

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Getting laid off can harm your finances. While you're waiting for things to pick up at work, you can replace your lost income by taking on a side gig or utilizing a specific skill you have to earn extra money. Author Marlene C Bertrand shares some ideas to help you along.

Side Gigs That Pay Top Dollar

Side gigs can pay anything from a few hundred dollars a month to several thousand. Furthermore, many of them don't even require you to leave the house.

• Proofreader. If you have an excellent grasp of spelling, grammar, and punctuation and you're eagled-eyed, you can earn up to $30 per hour.
  

• Transcriber. If you're a fast typist and have good spelling and English grammar skills, you can earn an average of $18.95 as a transcriber.
  

• Social media manager. As a social media manager, you'll be responsible for monitoring, executing, and measuring the social media presence of a product brand, corporation, or individual.
  

• Delivery driver. If you're a skilled driver with the appropriate license, Zippia notes that you can earn an average of $20.11 per hour in Seattle, for instance, delivering anything from mail packages to food.
  

• Electrical trade. Attend a local trade school where you can learn immediately applicable skills in the electrical trade.
  

• Freelancer. An excellent side gig that can quickly turn into a full-time income. Avoid negative reviews, which can impact future work, by only working on projects you know you can do well.
  

• Photographer. If you're a keen photographer, you can take your hobby to the next level and start earning money from your pastime.

Frugal Rules points out that using side hustle apps and Facebook groups are popular ways of finding work. Multiple cash pay jobs can be found by searching online.

You stand a better chance of attracting the attention of potential employers if you're in possession of a standout resume. To beef up your resume as well as your skill set, you may choose to take online courses to either get a degree or certification in a field that interests you. For instance, if IT is in your wheelhouse, going for your compTIA A+ certification will result in getting industry certifications that are a must for demonstrating your knowledge and skills. In fact, with many IT employers, this certification is a must.

Utilize a Skill to Make Money

You may be sitting on a gold mine without even realizing it. If you're an authority on social media, you can earn a good income helping companies with their social media campaigns. In addition to providing compelling and intelligent content, you'll also be supplying the company with images that often need resizing. You can use an online image resizer for the job, and once complete, you can easily upload the images for use on social media pages.

Starting Your Own Business

Being laid off can often change a person's work perspective. It may be that you feel it's now time to start your own business. If so, consider forming an LLC to structure your business. As not all states adhere to the same regulations on forming a business, learn how to start a business in your state before commencing. LLCs are flexible and offer tax advantages and limited liability, and you won't be bogged down with mountains of paperwork. You can avoid lawyers and their costly fees by hiring a formation service and sitting back while they do all the legwork.

A New Beginning

Initially, getting laid off can feel like the end of the world, but if you reflect on the skills you already have or look online for some high-paying side gigs, you may find a new beginning. You’ll then be able to make a living and even start your own business, turning your aspirations into reality!

Written by Guest Writer Carla Lopez © 2022