You know what I wouldn’t do if I lost my job today?
I wouldn’t get another job.
At least, I would do my absolute best to avoid it.
I think it’s critical to figure out how to make money outside of a job because we can’t rely on jobs for our livelihood anymore.
Believing that jobs are the only way to make money results in poor decision-making where we take jobs out of desperation, not because they are a good fit.
Plus, it’s my dream to be financially independent from a job.
Being financially independent from a job is one of the many reasons I recommend starting a blog.
Blogs have the capacity to earn you passive income on your own terms.
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So here are five things I would do if I lost my job today.
1. Reduce expenses as much as possible.
If I lost my job today, I would immediately stop all unnecessary spending.
No more netflix, no more eating out at restaurants, no more snack food, no more clothing purchases.
I’d just buy the bare necessities at the grocery.
My wife and I are the first to admit that we spend way more on groceries than we need to spend.
What can I say?
I’m a sucker for fancy paleo-diet desserts and super-high quality (expensive) food.
Given this spending habit, we have a lot of room for savings in this category.
In fact, I think we could save ~$4000 a year if we didn’t eat out and just bought the bare necessities at the grocery.
Besides groceries, I already lead a relatively frugal life, not because I have great willpower, but because my main desire is to be a successful internet entrepreneur, not to have more possessions.
So personal predisposition is on my side with this one.
If you need ideas of ways to save money, check out this post.
I’ve also written about psychological tricks to help you follow through with saving money even when you don’t feel like it.
And if you need more inspiration, you can always head over to Peter Adeney’s blog and read about how he saved nearly $500,000 just 7 years out of college.
2. Take internet surveys.
Internet surveys are the quickest, easiest money you can make on the web.
They require no technical expertise or special skills.
All you need is a computer (and sometimes a microphone depending on the type of survey)!
That said, they’re no fun.
In my experience, you have to be constantly monitoring your email to take advantage of survey opportunities or else some other eager survey taker will get to them first.
Also, doing online surveys is a numbers game.
You’ll maximize your survey opportunities by signing up to as many web survey groups as possible.
Some are scams, but I’ve personally vetted this list for legitimacy:
- Pinecone Research
- Darwin’s Data
- Epoll Surveys
- Cross Media Panel
This list is by no means comprehensive, but it’s a great place to start if you need to start making cash ASAP.
Chris Guthrie, the online survey expert, says you can make $10-$12 an hour on surveys if you really hustle at it.
Obviously, this isn’t great money.
But taking surveys is a good way ensure cash flow while figuring out more lucrative hourly opportunities.
Guthrie managed to make nearly $500 a month taking surveys admitting that he spent most of his time chronicling his survey adventures for his blog, not maximizing time taking them.
I’ll use his conservative figure and say my estimated annual earnings could be ~$6,000.
3. Rent out my cars.
Thankfully, my wife works close enough to home that she can bike to work making her car totally available to rent.
We’ve actually rented it before on Turo and a renter totaled the vehicle.
All things considered, the car accident experience wasn’t nearly as bad as it could have been.
We received much more insurance money for her car than we anticipated which enabled us to buy her the MiniCooper that she owns now and loves.
Though we aren’t renting any vehicles now because it was a bit of a hassle for us, I’d absolutely rent both my car and hers if I lost my job.
Based on Turo’s rent estimator and my experience renting my wife’s Nissan, I’m confident I could make ~$8,000 in a year of renting both vehicles.
4. Get freelance writing gigs.
According to this comprehensive overview of how much freelance writers make, you maximize your profit freelance writing by producing a volume of content.
I’m confident in my ability to write prolifically so I’m also confident I could earn at least $15,000 a year if I were attempting to write “full-time.”
I would plan on gradually scaling back my internet surveys as (hopefully) the hourly wage I’d earn from freelance writing exceeded that of taking surveys.
Freelance writing is a legitimate career for many and can enable you to make good money.
Linda Formichelli has been able to make $250 per hour freelance writing by quoting clients prices for completed projects (instead of an hourly rate) that don’t take her long to finish.
In other words, this could easily turn into a career for me and is already a career for many others.
5. Double-down on my blog.
Doing these low-earning side-hustles would make blogging in my spare time difficult.
But I think losing my job would make me more motivated than ever to work on my blog.
When there are so many bloggers making six and seven figures writing about what they love, there’s every reason to pursue the blogger lifestyle with everything I’ve got!
It took Neil Patel, one of the most successful bloggers ever, 2 years of consistently producing excellent blog content before his blog received significant, reliable traffic from Google search.
I plan on continuing to blog for as long as it takes, (even if that’s over 20 years!) because it’s my passion and dream to become a financially successful blogger.
Planning for catastrophe is never fun.
But it’s surprisingly comforting to know you have a plan in place if you lose your job.
My plan involves monetizing skills with little technical expertise (answering surveys and writing) and resources I already own (my cars) and results in approximately $29,000 in earnings.
Sure, it’s not a lot of money.
But $29,000 would be enough to make ends meet while I pursued more lucrative opportunities.
What skills and resources would you monetize if you lost your job today?
Let me know in the comments!