💰 Sorting through the side hustle noise?

ISSUE #070

☕ Good Morning! Sippers,

If you’re looking to earn some extra cash on the side, but feeling overwhelmed by the options, Ryan, a millennial with a full-time job and two kids, might have the answer.

In today’s Issue 📬 :

• Ryan Shares His Side Hustle Tips and Tricks.

• Starting from Scratch Scratches Creativity.

• The US Dollar.

SIP WORTHY

Ryan Shares His Side Hustle Tips and Tricks

🤔 How to Find the Right Side Hustle

Ryan’s @sidehustlereview TikTok account boasts 100,000 followers eager to hear about his side hustle experiences.

He became interested in the topic when his new home needed repairs, and he saw lots of side hustle ideas online. However, he soon discovered that the online buzz left out the hard work it took to make the money, leaving people in the dark about what to expect. Ryan began to document his experience and became a valuable resource for others.

🤳 The Power of User-Generated Content

Ryan recommends user-generated content (UGC) as a side hustle with a low entry barrier and high potential. Brands pay for content like photos and videos, often posting them on their page or using them for ads.

Ryan made over $400 from UGC gigs he found through JoinBrands, a UGC platform, and through their referral program. While it requires some skill, UGC can be a lucrative and low-lift side hustle option.

💻 Other Side Hustles with Good Potential

Other lucrative side hustles include affiliate marketing, virtual assistant employment, and rubbish hauling.

Affiliate marketing, for example, can give passive income, but it demands a significant amount of time and a well-thought-out approach.

Ryan recommends focusing on a niche that you are passionate about and establishing an audience around it. Ryan advises those interested in virtual assistant jobs that if they are well-organized, it could be the ideal side hustle for them.

📸 Side Hustles to Avoid

Finally, Ryan advises avoiding some side hustles, such as posting images on services like ClickaSnap, which pay very little. Another possibility is voiceover work, which may take some training and a decent plan, making it a difficult option for most people.

HOT SIP

The US Dollar: Still the World’s Reserve Currency?

What’s Sipping? ☕ Warren Buffett, the famed investor, and CEO of Berkshire Hathaway, declared during the company’s annual meeting that there is no option for any other currency to be the reserve currency. But why is the topic of the dollar’s status being discussed lately? Let’s take a look.

💸 The Search for an Alternative

Emerging markets have criticized the US for printing too many dollars during the pandemic, leading to inflation and capital outflows. The derecognition of Russia’s reserves by the US and Europe also triggered a desire for non-dollar modes of payment. The rise of digital payments and central bank digital currencies has also led to hopes of settling bilateral transactions without using dollars.

💰 Why the Dollar is Still King

Despite dissatisfaction with the US’s economic management and hegemonic behavior, most countries prefer the dollar due to its sheer acceptance across countries.

Additionally, the lack of a viable alternative also makes the dollar difficult to dislodge. Even economists who push for the non-dollar settlement of trades acknowledge that countries like India are unlikely to opt for the yuan as a global reserve currency over the dollar.

🔍 The TINA Factor

The TINA factor, or the “There is No Alternative” factor, plays a significant role in the dollar’s continued dominance as the world’s reserve currency. As Buffet warned, if the US does not control its inflation, there is a chance that global reserves could shift to gold and the yuan. But for now, the dollar remains king.

🌎 The Incumbency-Plus-Network Effect

The dollar’s power is almost like that of the English language. Despite England being a non-entity in global power, every important document must be written or translated into English due to the incumbency-plus-network effect. Similarly, the dollar’s status as the world’s reserve currency is hard to dislodge due to its long-standing incumbency and network effect.

In conclusion, while the dollar’s reserve currency status may be challenged in the future, the lack of a viable alternative and the TINA factor ensure that the dollar remains king for now.

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