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Gig Working Economy - April 12, 2024

Gig Working Economy - April 12, 2024

Plus: tips on self employment, a budgeting worksheet & more.

Happy Friday, folks! 🥳 In this special edition, we uncover the truth about gig-economy work, how to survive and thrive as your own boss in the hustle and bustle of everyday work, plus more expert tips!

In today’s edition:

TUESDAY'S TO DO
Create a five-year plan. 📝 Think about your professional goals and where you want to be in five years, and identify the specific steps you need to take to get there.

IN THE SPOTLIGHT

Gig economy work: The pros and cons ✅

In recent years, many American Gen Zers have quit their full-time positions and taken on gig-economy jobs. While a risky move, it’s been reported that they’re earning more than $ 2,500 a month compared to a much lower income for Baby Boomers and Millennials.

With younger workers prioritizing work–life balance, they’re more attracted to gig work that provides more flexibility and control over their working hours. And despite the fact that it’s not a steady stream of income, they aren’t afraid to take the risk.

If you’re considering gig-economy work, TikTok user Paulo breaks down the pros and cons in a bite-sized way. Watch the video below! 👇

🤝 TOGETHER WITH GIG WORKER SOLUTIONS

Get up to $ 32k from the IRS

Due to COVID-19, Americans with self-employment income could be eligible to claim up to $ 32,220 in tax credits, deposited straight to their account.

In the last 7 months GigWorkerSolutions have helped recover over $ 250M from Uncle Sam. Create a free account with them today to see if you qualify.

DAILY INSPO

TODAY’S ADVICE

Should you become self-employed?

For many, becoming self-employed is the ultimate dream: you’re your own boss, you set your own hours, you keep every cent you make (apart from taxes and other business expenses), and you get to do what you love. ❤️

But, even if you have a one-of-a-kind business idea that you know will work, you can’t just jump into it. There’s a lot of planning and thinking to do first.

This starts by asking yourself these five questions:

1. What are my motivations? You could mainly be motivated by money, but that’s not enough. It’s essential to define what’s important to you, whether it’s to pursue your passion or give back to the community.

2. Am I prepared for the potential financial instability? Especially at the early stages of setting up your own business, you’ll experience fluctuations in income. Make sure you’re prepared for this so you won’t struggle with rent, bills and food. 🍔

3. Have I thoroughly researched my target market and competition? Knowing if you have a viable business idea (and plan) can inform your decision to pursue self-employment at this stage.

4. What skills and experience do I bring to the table? Moving from employed to self-employed can be challenging to say the least, but identifying the strengths that are conducive to running your own business can make things easier.

5. How will I maintain my work–life balance? This is an often-overlooked aspect of becoming self-employed, which can lead to burnout, strained relationships and all sorts of things. Find ways to manage your time between business and leisure. ⚽

WEEKLY GIFT

Budgeting made simple

As a gig-economy worker, you need some kind of structure in your life when it comes to your finances. To help you avoid overspending and stay on track, our Monthly Budget Planner will come in handy.

Stay tuned for more awesome gifts.

DON’T MISS

🧾 Calculate your self-employment tax in 5 steps.

💼 Starting a business? You’ll want to read this guide.

❌ Business failure is often inevitable — but it’s not the end.

BREAK ROOM

Catch you on the next one :)

🧡🧡🧡 Yes, loved it!
💩 Nope, could have been better…

Created with care by Chris Leitch, Joanna Zambas, and Electra Michaelidou.