For widows, financial independence and security are at the top of the list of concerns, especially in early widowhood during the transition from being married to being single. Studies show that women pay a higher economic price for divorce, separation, and widowhood compared with men. Older wives are doubly disadvantaged relative to their husbands because, among other factors, they’re less likely to recoup their losses from divorce by remarrying, according to a 2016 Center for Retirement Research study. Furthermore, men typically make more money than women, are more likely to have access to pensions, and are more likely to achieve financial security and live above the poverty line in later life compared with women, regardless of marital status.
Here are 6 reasons for widows to explore a side income:
6 Reasons for Widows to Explore a Side Income
Bottom line? A side income is a great way to make extra money. There’s something pretty great about seeing those dollars stack up in your savings account. One of the easiest ways to do that is by making a little extra income on the side. Save it for a rainy day, build up a savings or buy something you’ve been dreaming of.
Network. Networking is essential to growing your career and meeting lots of interesting people. Well, adding a side business to your day to day job will give you more interaction with more people, all doing great and different things than your 9-5.
Find a Mentor. Mentorship is very important can lead to immense opportunities when you find a mentor in the field you want to excel in. Mentors have a wealth of experience and can guide you in finding the right opportunities in whatever field you choose.
Too much free time? It’s a productive way to spend some of your free time. We all need time to relax, that’s for sure, but spending too much time binge watching television or taking naps can feel unproductive. Try filling up some of your time with a new side biz. It will keep your brain working, learning, and creative.
It’s a new and interesting challenge. It’s easy to get lost in the 9-5 workplace, slugging away and not doing much else. Adding in a new challenge in the form of a side income for yourself will help keep you on your toes and keep life pretty interesting.
Broaden your experience. Want to build up your resume even more? A side job will help you do that in no time flat. No matter what type of work it is, you’re working and adding valuable skills and experience to your repertoire.
Security. Having an extra income means adding a pretty awesome layer of financial security to your bank account should things with your full time job ever fall apart. We live in a pretty challenging economy these days and it’s tough to know what to expect and what’s reliable. Add some backup work to your weekly routine and you’re covered, just in case.
Have you ever thought about adding some side income to your life and career? What’s stopping you?