How to protect yourself against the recession

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Interest rate hikes by the Federal Reserve have all but guaranteed a recession.

It’s no longer a matter of “if,” but a matter of “when.”

This is especially important if you’re at risk of losing your income/job.

Fortunately for you I have 10 solutions.

But first, a word from this week's sponsor:

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Here’s how you can add an extra $1,000/month to your bottom line (at the very least) in 2023.

1. Rent out your vehicle

Companies like Turo let you rent your vehicle to people 24/7.

All you need to get started is a vehicle:

- With insurance

- Younger than 12 years

- With less than 130k miles

& be at least 21 years old.

You can make over $30,000/year with just 3 cars.

I know tons of creators on Twitter who are doing this.

2. Rent out your living space

Companies like Airbnb and Vrbo let you list your living space for rent.

This can be a spare bedroom, a couple of bedrooms, or your entire living space.

This is an especially powerful side hustle for people who own their homes or have multiple homes.

If you’re a renter, double-check your lease and confirm with your landlord this is acceptable.

If it is, congratulations on your new source of income.

3. Walk dogs/Pet sit

If you love pets, websites like Rover or Wag! allow you to market yourself as a pet sitter.

They allow you to come up with your own hours and rates, but there are fees.

To get around fees, advertise yourself at high-traffic areas like parks and pet stores.

This side hustle is a great way to get paid while you exercise.

4. Tutor Online

If you have at least a high school diploma and are skilled in a subject matter you can tutor others for a fee.

You can create your own website or go through sites like Wyzant.

They’ll take a cut, but they bring the clients.

Win win.

5. Sell a service

- Coaching

- Consulting

- Copywriting

- Ghostwriting

- Video editing

If you focus on any one of these skills for 6 months there is no way you don’t make $1,000s/per month.

These require an upfront time commitment, but they pay more because of it.

6. Sell covered calls

Covered calls are when you offer someone the option to buy shares you own.

You need at least 100 shares of stock to use this strategy.

When done correctly this strategy lets you get paid a premium to hold your favorite stocks.

This is one of the only strategies that turn non-dividend paying stocks into dividend paying ones, and super charges dividend-paying stocks.

If you love passive income, you’ll love this strategy.

7. Flip/Resell products

You can start with stuff you have around the house or browse Facebook market place for deals.

Once you have your products you can resell them on sites like eBay or Amazon.

Some people even resell products on the same site they got them for free!

You can make $500 - $2,500/month with this strategy.

8. Transcribe audio/video

Type fast?

Good listener?

If you answered yes to those questions, transcribing video/audio can be a great side hustle.

You can get started on sites like TranscribeMe and CrowdSurf and make upwards of $20/hr.

9. Drive for Uber

If you’re over 21 and have a reliable vehicle Uber can be a great side hustle if you don’t mind driving.

If you’re under 21 you can deliver food with Uber Eats or Doordash instead.

These side hustles can net you $1000s every month after accounting for expenses like mileage, depreciation, and gas.

10. Leverage an audience

If you don’t need an immediate influx of cash, investing time to build an audience can be a great monetization strategy for the future.

Use your platform to affiliate market, coach, or launch digital products and get paid talking about what you love.

What are some side hustle ideas you’ve tried out?

Reply to this email and let me know!

- Wolf