Have you ever wanted to own your own business? If you are like most people, the thought of being self-employed sounds appealing. You can choose who you want to work with, work when you want to, and in some cases, you can work from the comfort of your own home.
The gig economy is no longer an outlier. According to a recent McKinsey Global report entitled Independent Work: Choice, Necessity and the Gig Economy found that 162 million people in Europe and the United States—or 20 to 30 percent of those in the working-age population engage in some form of independent work.
The Jig (Gig) Is Up
Not to insult anyone’s intelligence, I think it’s essential to address this question that comes up all the time. What exactly is the gig economy? Think about Uber and Lyft or an Amazon independent operator. These companies are two perfect examples of how people create secondary sources of income through a side gig. A study by Intuit predicted that in 2020, 40 percent of American workers would have some side hustle going on to supplement their income.
Many forces are contributing to this increase. For one thing, the digital age has given birth to the mobilepreneur. If you have a connected smartphone, you can be in business. A second factor contributing to this rise is the desire of many to live debt-free. Americans paid 113 billion in credit card interest in 2018, up 12 percent from 2017. Even though the economy was soaring during that period, accrued debt was also increasing. And the coronavirus pandemic of 2020 has pushed global debt to an all-time high due to record-level unemployment. That $1200 stimulus doesn’t go too far, as many have discovered.
If you find yourself in a situation where you are being overwhelmed by your current debt situation, or maybe you are looking for a Plan B, joining the Gig economy might be a good idea, and here are five reasons why.
1) Work-Life Flexibility
Want to choose when and where you work? Having a side gig allows you the flexibility to choose your hours. Whether you are driving for Uber or Lyft or running an online business from your home, having some control over your work environment can be liberating.
2) Remote Work Is Exploding
Technology has made it easier to work independently. Whether you are working from home or the local coffee shop, technology tools allow people to be productive even when they aren’t in an office. Some people seem to work better when they aren’t in a busy, noisy office space. Self-employed individuals are taking advantage of productivity apps and online collaboration tools, many of which are free or cost only a few pennies per day.
3) The Marketplace Has Opened Up Opportunities
It has been a challenging year for all of us. COVID-19 has inflicted havoc on the global economy, but innovation is always born out of adversity. With lockdowns occurring globally, companies that were set up with a dynamic online platform have been equipped to navigate through the pandemic. Some companies have thrived. While gig workers like Uber and Lyft drivers saw a decline in their activity due to the travel shut down, companies like Amazon and Shipt have exploded. For many in need of alternative income sources, network marketing/direct sales has been a promising and affordable option. The value of having a home-based business is enticing: work from home, set your schedule, and build a secondary source of revenue that rewards hard work. Network marketing spokesman Eric Worre recently stated, “There has never been a more opportune moment for people to work in their homes than right now.” A study conducted in June by the Direct Selling Association (DSA) revealed that over 50 percent of the 51 companies who had been surveyed had seen an uptick in their bottom line during the pandemic. This is not unusual during difficult economic times. In the wake of the 2008 recession, the number of network marketers increased from 15.1 million in 2008 to 18.2 million by 2014. Is there a better time to work from home than right now?
4) An Extra $500 Per Month May Save Your Home
During the housing collapse in the 2000s, an extra $300 to $500 per month would have saved the vast majority of people from losing their homes to foreclosure. When people begin considering their income options, it is unnecessary to entice people with promises of million-dollar incomes. For most people, an extra $500 per month can pay their car payment. It can help pay the rent or a mortgage. It might allow someone an opportunity to send their child to a private school or a summer camp experience. That’s why my focus has been on an initiative called Mission 5000. My team is working to help 5000 people earn an extra $500 per month in residual income.
5) Tax Advantages of Having a Home-Based Business
In late 2017, the United States issued the Tax Cuts and Jobs Act. This was the most significant overhaul of the United States tax code in more than 20 years. Having a home-based business can save you thousands of dollars per year in taxes. In our country, there are two tax systems. There is a tax system for the employee and one for the self-employed. The employee system takes wealth from you. Those who choose the self-employed/home-based route and understand how to take advantage of the tax breaks legally are better equipped to create wealth for themselves and their families. Accountant, author, and tax strategist Courtney Epps explains in her book More Relaxing, Less Taxing why you would be “braindead not to own a business.” Applied knowledge is power, and understanding the tax benefits of having a side gig can help guide individuals into having more of an open mind when seeking secondary income sources.
Is the Gig Economy for Me?
Well, that depends on what you are looking for in life. Let’s examine these six questions?
1) Are time and money obstacles that are keeping you from living your best life?
2) Do you find yourself overwhelmed by your current financial circumstance?
3) Are you dissatisfied with your current employment situation?
4) Are you accruing wealth or debt?
5) Have you lost your passion and zeal for what is earning you a living?
6) If achieving financial independence is your target, can you get there on your current trajectory?
Thank you for taking the time to read my blog post. If you found value in this article, please like and share with others.
To your success!
Bill Garner
#Mission5000
#PowerofX
#GetYourXon
#AbundantPath2020
