CHARLOTTE, N.C. — 30,000 people just furloughed from the airlines and many will be looking for a job.
One solution is turning your passion into more money, maybe a thousand dollars a month or more. If you have just been furloughed, now is the time to think about making your side-hustle a full-time job.
Eric Nalbone is with Drum Technologies, connecting people to help people keep working.
“Drum is a platform that allows a more personal sharing of information” Nalbone said.
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Many of the side hustles out there are computer and technology based, part of what’s become known as the ‘gig economy’. It’s estimated by the Department of Labor that 34% of the workforce makes a primary or secondary living in this way.
If you are going to consider a one-off job, maybe in the delivery service area, know what you are getting into. Did you know that just having car insurance is not enough for a job like that?
Delivering food, goods, or people sounds like an easy ‘work when I want life’, but if you get in an accident, your side hustle could cost you big time. Your insurance company likely requires a special business policy on the car you are using. If you don’t notify them and then pay for this second business policy, and get in an accident delivering, they could deny the claim and you’d be out of business and on your own to pay damages.
Steve Shattner is with the Compass Agency and Nationwide Insurance.
“If you don’t report that you are doing it and you have a serious, or even minor, incident they can deny a claim. You cannot misrepresent what you are doing” Shattner said.
So while that side hustle might become full time or just make you some extra bucks, investigate what you need so the money flows in the right direction.