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The Inflation Puzzle

The Inflation Puzzle

How to Build a Side Hustle While Managing a Full-Time Job

Greg K. Campbell
January 29, 2025

This week, we will be providing information about side hustles in the inflation situation we find ourselves in North America.

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Context for Side Hustle these days

Inflation rates in 2025 have surpassed initial forecasts, with the U.S. Consumer Price Index (CPI) expected to reach 2.7% by year-end (U.S. Bureau of Labor Statistics, 2025). The CPI measures the average change over time in the prices paid by consumers for goods and services. It is a critical economic indicator that reflects the purchasing power of money and its impact on household budgets. Canadians face similar challenges, as inflation drives up the cost of living and puts pressure on personal finances (Statistics Canada, 2025). For individuals with full-time jobs and mortgages, starting a side hustle can be a practical way to create additional income streams and build financial resilience.

Key Insights

1. Prioritize Time Management

Balancing a full-time job, personal responsibilities, and a potential side hustle requires effective time management. Here are three actionable strategies:

Start Small: Begin with a side hustle that requires a manageable time commitment. For example, freelancing, selling products online, or offering services in your community can fit into evenings or weekends (Harvard Business Review, 2023).
Leverage Existing Skills: Identify skills from your full-time job that could be monetized. For instance, if you’re skilled in graphic design, consider offering design services on platforms like Fiverr or Upwork (Forbes, 2024).
Set Boundaries: Clearly allocate specific hours for your side hustle to ensure it doesn’t interfere with your full-time job or personal life. For example, use a scheduling app to block dedicated time slots or set specific days of the week for side hustle activities (Inc., 2023).

2. Focus on Resilient Opportunities

Certain types of side hustles tend to perform well regardless of economic conditions. These options are reliable during inflationary periods due to their consistent demand, essential nature, or scalability, which allows them to adapt to changing market needs.

Essential Services: Offer services like tutoring, childcare, or pet care, which remain in demand even during economic downturns (CNBC, 2024).
Digital Products: Create and sell digital products such as e-books, online courses, or printables. These have low overhead costs and scalable potential (Entrepreneur, 2024).
Real Estate-Adjacent Ventures: Consider options like property management or short-term rental hosting if you have extra space, as these can generate steady income streams (The Balance, 2025).

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Opportunities

1. Explore Monetizable Hobbies

Turning hobbies into income-generating activities can make the transition to a side hustle more enjoyable. For example, one person turned their passion for baking into a successful home-based business, selling custom cakes and pastries through social media and local markets (The Guardian, 2023). Consider:

Selling handmade crafts or artwork on platforms like Etsy.
Starting a blog or YouTube channel focused on your interests, such as cooking, fitness, or home improvement.
Teaching a skill you enjoy, like playing an instrument or coding, through local classes or online platforms like Skillshare.

2. Build Passive Income Streams

Passive income streams can supplement your full-time job without requiring constant effort. Examples include:

Investing in dividend-paying stocks or real estate investment trusts (REITs) (Investopedia, 2025).
Creating a niche website that generates ad revenue or affiliate marketing income (HubSpot, 2024).
Licensing photography, music, or other creative work to stock platforms (Shutterstock, 2024).

Conclusion

Inflation presents undeniable challenges, but it also offers opportunities for individuals to take control of their financial futures. By managing time effectively, focusing on resilient opportunities, and exploring hobbies or passive income streams, you can start building a side hustle that complements your full-time job.

Begin by setting aside time to brainstorm side hustle ideas that align with your skills, interests, and available resources. Start small, stay consistent, and adapt as you learn what works best for your skills and lifestyle. In this way, you can transform economic pressures into a stepping stone toward greater financial independence and security.

Before you go, I provide one-on-one advice:

how to find your niche
communicating your ideas
defining your business values
goal setting
time management
building relationships
learning how to learn