INDIANAPOLIS — The COVID-19 pandemic’s impact on the economy is highlighting the value of a side job.
A second or third stream of income is highly recommended by financial advisors.
“What’s up my friends? I’m gonna do a little hair fixing,” said Meredith Gehl in a video posted to Facebook.
She makes money just by getting ready! Well, sort of.
She sells hair products for a multi-level marketing company and gets more customers through videos on social media. It’s all for the stack of bills that just keep piling during the pandemic.
“I have six figure student loan debt, like it’s no joke,” said Gehl.
Gehl went to school for seven years to be a physical therapist but was furloughed during COVID-19.
“Since I was going to be furloughed, I was going to have a lot more time on my hands, and it’s given me something to kind of work toward and build since I have all this extra time,” Gehl explained.
So, she became a Monat representative in April.
“My husband was kind of suspicious at first, like, is this actually going to make you money?” she said. “Then I tell him, bro, I’m going to earn another bonus, and he’s like giving me fist bumps. I’m like, this is legit.”
Justin Castelli, the founder of RLS Wealth Management in Fishers, said the online business trend is only going to keep growing.
“I’m very keen on diversifying your income whenever that is possible, and with technology, it has really never been easier,” said Castelli.
However, he does have one bit of advice for people setting up a company in their name.
“That’s where you want to bring in a professional, like a CPA or an attorney or a financial advisor, to help you find out what’s the best way to set up a legal entity,” said Castelli.
Gehl’s parent company, Monat, sets that up for her. She said since she started, it’s all been a success.
“It’s exploded. I feel so grateful, and I’m just so happy that it’s all worked out,” exclaimed Gehl.
Castelli said having a side job won’t only help during this pandemic, but future recessions as well.
He said side hustles can really fill in the gap when the unexpected hits.