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MAUI, HAWAII / ACCESSWIRE / April 6, 2023 / Last year, the American tech sector was plagued by widespread layoffs. Now as we move into 2023, companies continue to slash their workforce, and layoffs are expected to expand outside of tech, media, and finance to ripple into all job sectors in the United States. As the economy becomes more and more unstable, experts warn we could be weeks away from a recession.
Now more than ever, American workers are concerned about their job security. A report from Insight Global declares that 78% of American workers harbor worry that they will soon lose their jobs, while nearly half of all American managers are fearful of losing employment.
Despite the increased worry, most American workers are not financially prepared for a recession, and 50% of Americans have less than $5,000 in savings. With many American families concerned about finances, workers are scrambling to obtain extra income.
Traditionally, most workers believe this means swinging more hours or locking down a second job. But Mike Lammerding, a digital video creator and passive income expert, warns against this.
“The reason why this doesn’t work is that you will eventually outspend your time and energy, which restricts your ability to curate a successful financial life,” Lammerding starts. “You won’t have enough time for yourself after work, you won’t have enough time for family, you won’t get enough sleep. After a while, it evolves into a vicious cycle that limits your financial growth and restricts your earning potential.”
Instead, Lammerding advises workers to think outside the box and capitalize on skills they already have. “The Internet is a truly revolutionary tool,” he continues. “It is one of the best ways to make passive income as it allows you to create varied revenue streams without having to expel too much time or energy like you would if you got a second job.” Lammerding says.
Ultimately, producing videos can help you to teach others about your skills, which could create a passive income stream in a more fulfilling and accessible way. While many people immediately assume workers must make bold, risky investments to create passive income, the Internet provides a much more accessible route to earn extra money and build wealth.
Lammerding knows how effective the Internet can be when properly leveraged. After enjoying a long career as a general building contractor, Lammerding launched his own household DIY repair channel and has spun his sprawling 3400 video library into a dependable revenue stream. Now, he says others can do the same to hopefully prepare for a recession or other financial challenges that arise.
“Once you equip yourself with the tools and knowledge, it’s easy to navigate the Internet to create lucrative, ongoing residual income from your own hobbies, passions, and skillset.” For those worried about the next US recession and are learning how to make more money from home, monetizing your hobbies may be the perfect financial cushion to weather any financial storm.
ABOUT
Mike Lammerding is a passive income expert who shows working-class people how to make passive income online without working multiple jobs. His Youtube channel, VideoJoeShows, has a collection of over 3400 videos posted to date. He believes others can learn how to make more money from home by showcasing their talents on the Internet and earn lucrative income. For additional information, follow Mike on Twitter and Youtube.
CONTACT
Mike Lammerding
530-521-5545
[email protected]
SOURCE: Video Joe knows
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