
4 minute read
THE “GIG ECONOMY ”: SIDE HUSTLES ARE THE NEW WORK ALTERNATIVE FOR MID-LIFERS
By Liz Carey
The “gig.” The “side hustle.” The “job share.” “Recareering.”
You’re thinking, “Uhmmmmm…. Huh?” Am I right?
These days, there are a bevy of options outside of the perfect corporate job when it comes to work. And the benefits of those nontraditional jobs can sometimes be better than the ones offered at your real job. But, not surprisingly, there are some pitfalls and a downside.
So what is the gig economy and how do you get your spot in it?
The gig economy is basically the economy that has developed around people working as contractors instead of employees, generally accepting “gigs” or projects as opposed to being hired on to a position. So, say, Uber – the ride sharing service – signs people up to be drivers using their own cars, right? That’s a “gig.” The side hustle is when you already have a full-time job, or two, and you pick up another gig, like being an Uber driver, to make a little extra cash on the side.


More than a quarter of all Americans make their living as independent contractors, according to the Bureau of Labor Statistics, or through nontraditional jobs. In 2016, McKinsey Global Institute reported about 27 percent of all working-age people in the US and Europe engage at least partially in independent work. Additionally, a study by the Minneapolis Fed found that 37 percent of working-aged people are in nontraditional jobs. Government economists predict that by 2020, nearly 40 percent of all Americans will be working outside of the stereotypical full-time job.
Those jobs include things like the aforementioned Uber, or AirBnB, or GrubHub, the food delivery service, or even Fiverr, which allows you to sell your creative talents out to customers, starting at $5 per gig.
More and more however, companies are hiring freelance executives to come in and handle projects for a few months, rather than hiring someone into a position. Why? Simple, companies save money on taxes and benefits, while getting some pretty great talent at the same time.

For gig workers, it means they are working for themselves, and they control when and how they work.
Sounds great, right? Work from home in your pajamas and make money without ever having to deal with office politics and co-workers – sign me up!
Let me tell you, it ain’t all coffee with kittens and fuzzy slippers, okay?
First of all, you’re responsible for all of your own taxes, including social security, and all of your own benefits –like health, dental and vision insurance. If you’ve got a partner whose coverage is good, that’s probably not a big problem, but if you’re on your own, the costs of things we take for granted in a paycheck environment can be staggering.
Second, if you aren’t working, you aren’t getting paid. That means things like sick days and vacation days are just things you have to save up for in order to take advantage of. You’re your own little boss, so you have to look at your own bottom line when it comes to taking a “mental health day” or pounding away at work. Also, there’s no workers’ compensation and no unemployment insurance.
continued on page 10
Stats About The Gig Economy
11% OF WORKING ADULTS IN THE U.S. WORK PRIMARILY AS INDEPENDENT CONTRACTORS
50% OF U.S. JOBS ARE COMPATIBLE WITH REMOTE WORK, AND 80% OF THE WORKFORCE SAY THEY’D LIKE TO WORK REMOTELY. ONLY 7% OF EMPLOYERS MAKE FLEXIBLE WORK AVAILABLE TO MOST EMPLOYEES
THE SHARE OF PEOPLE IN ‘ALTERNATIVE WORK ARRANGEMENTS’ INCREASED 50% IN 10 YEARS
20-30% OF THE WORKING-AGE POPULATION IN THE U.S. ENGAGE IN SOME INDEPENDENT WORK
51% OF U.S. EMPLOYEES ARE SEARCHING FOR A NEW JOB OR WATCHING FOR OPENINGS
PART-TIME AND FULL-TIME FREELANCERS REPRESENT 35% OF THE U.S. WORKFORCE
19.8% OF FULL-TIME INDEPENDENTS EARN MORE THAN $100,000
7.6 MILLION AMERICANS WILL WORK IN THE ON-DEMAND ECONOMY BY 2020
1/3 OF PROFESSIONALS SAY WORKLIFE BALANCE IS GETTING MORE DIFFICULT
CEOS SAY THE TOP DRIVERS OF INDUSTRY CHANGES ARE THE ‘CHANGING NATURE OF WORK” AND “FLEXIBLE WORK”
Sources: The Ultimate Guide to Gig Economy Data at Nation1099.com continued from page 9
You can’t really go to anyone if you get hurt on the jobs. It’s all on you.

And lastly, you don’t get paid on a regular basis. You get paid when the client wants to pay you. In some cases, job sharing sites provide immediate payment. But if you’re working as a freelancer or as a contractor, you just have to wait until your client’s accounting department decides to pay the invoice.
On a bright note, getting started is easy –identify something you’re good at and love doing.

Like driving? Why not try out driving for Uber or Lyft? Love making crafts? Check out Etsy and set up a shopping space to sell the things you make. How about house cleaning? Well, first, come to my house and fix it all up, and then check out care.com to find other people who are lazy when it comes to chasing down dust bunnies like me. Love dogs and kids? Urbansitter.com and Rover.com match parents (of dogs and kids) up with sitters.
For more long-term gigs, check out sites like Indeed.com for job postings. While the site also advertises long-term permanent placements, it does feature a number of independent contractor positions for a variety of skills.
As 2020 approaches, our world and our economy are changing rapidly. The internet has altered the way we do things forever – from the way we talk to friends and family (Skype anyone?), to the way we buy our clothes and groceries, to the way we work. Whether you’re just looking for a little extra dough-re-me, or you’re looking to have more time with the kiddos, getting a side hustle or re-careering via the Gig economy may be just the thing for you. v

BENDER’S SHOES www.bendersshoes.com




(218) 464-4416
2116 Maple Grove Rd, Duluth
HARLEY DAVIDSON hdduluth.com



(218) 729-9600
Hwy 53 & Stebner Rd.
APRICOT LANE

(218) 722-3200
1600 Miller Trunk Hwy
Miller Hill Mall
NANA’S MARKETPLACE

(763) 567-0371
5614 Miller Trunk Hwy, Hermantown
WOOD MAGIC www.woodmagic.org
(218) 729-7175
3 4