Many middle class workers are caught in a serious financial crunch requiring them to take on second jobs to meet basic expenses, such as food and shelter. Increasing bills are straining household budgets and pushing workers into moonlighting in search of additional income. In fact, even lawyers, analysts and IT workers are joining this group of moonlighters and applying skills previously viewed only as a hobby or talent.
Capital Economics reported that over one million workers have taken up second jobs, the highest rate in five years. This is an increase of five percent since the credit and financial crunch began, though this figure should be viewed on the conservative side as many do not report second jobs to employers or the government. One UK economist for Capital Economics, Vicky Redmond, reported seeing a distinct rise in the number of moonlighters during previous recessions and sees the same pattern today.
Another group of workers seeking to increase their income is police officers with a reported five percent increase in officers taking on second jobs or pursuing business ventures during the past twelve months. Again, some of the second jobs revolve around hobbies such as selling items on eBay or designing internet sites while others may take on part-time work as a chauffer, for instance.
With the moonlighting trend on the rise, many websites are featuring some of the more popular hobbies and talents consumers are using to earn extra income ranging from cleaning, investment advice and consulting to even teaching poker. One popular website is setyourrate.com which has seen a significant increase in the number of middle class groups joining in the past few months as opposed to the original clientele mainly consisting of students. As expected, consulting is one of the more popular services offered by professionals since it usually relates to their full-time work. Another popular moonlighting gig is selling retail on the side, though this work often entails a significant amount of time on weekends.
With the increase in the cost of food, utilities and gas, it should come as no surprise that nearly everyone claims the need to earn a few extra dollars today to maintain their previous lifestyle. For those in need of extra income yet with little time to spare, online opportunities are probably the most feasible moonlighting option and perhaps the main reason gaming has become one of the fastest growing industries online. Those new to gaming may want to invest time researching the techniques behind gaming, although software today does make it far easier to get started. Ordinary people can now earn easy, risk-free profit of as much as twelve percent in return.
One helpful book entitled Sports-Arbitrage – How to Place Riskless Bets and Create Tax-Free Investments, written by former City trader Rajeev Shah, provides a better understanding of the gaming industry and the role of the internet in opening the way for a greater number of people to reap the financial rewards of gaming. The book discusses some of the new software available today, including ArbAlarm offering a unique investment method. In addition to the potential for great profit, the UK Government recently announced profits from arbitrage trading will remain tax free. Sports arbitrage trading is certainly a moonlighting option not to be disregarded in light of the credit crunch facing so many today!
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