The Gig Economy has gotten a pretty bad reputation in some circles and I just don’t understand it. While I may not agree with everything Dave Ramsey says, the notion of picking up as much extra work as you can when you’re in debt is one I can totally get behind. But, what if you’re not in debt?
A pre-Covid article in the Atlantic featured interview of several millennials who were totally hooked on the gig economy alongside their 9-5 jobs. Some drove around DC picking up scooters to charge up. Others walked dogs through Wag!, delivered carryout to rich people and some were driving drunk people home through Uber or Lyft. Why? Because they wanted to be “ballers” and “buy bougie sh*t.”
For as tempting as it may be to roll your eyes at many of our fellow millennials’ choice of words, you have to admit that they do have a point. Many of us came out of college during the 2008 financial crisis. Even if we didn’t have student loans, it was a bit of a culture shock to realize far our paychecks did *not* get us. Even for those of us in our 30s who are doing well financially, investing as much as we’d like sometimes gets difficult (I know, I know #firstworldproblems). Today I thought I’d share some tips for gigging that I’ve found helpful.
Get the stigma out of your head right this second.
If you choose to gig and hate it, there is no law saying that you have to continue. The thing that’s nice about gigging is that you can do it as frequently or as infrequently as you’d like which is unheard of in any other industry. Many, many people who are lawyers, MBAs and nurses choose to gig and it is absolutely nothing to be embarrassed about! In fact, 25% of Americans work for the gig economy. While it may not always be glamorous, you’ll be shocked by how much it changes your finances!
Choose a bad habit you want to kick and gig instead
Don’t think you can find time to gig? Maybe you’ve been wanting to cut back on TV viewing, scrolling social, video game playing or snacking. Rather than succumbing to your vice, grab your keys, turn on your gig app and get going!
Use 100% of your gig money for fun money
Doing well enough in the gig economy? Reallocate more of your 9-5 income to investments or to paying off debt. Use your gig money for nights out, fancy clothes, whatever you want! That’s what’s great about gig money–it’s money that you don’t budget for! If you know you want to have a lavish night out on Saturday, maybe that means gigging for a few extra hours after your 9-5.
Have a long term financial goal? Gigging will get you there so much faster!
When a friend of mine told me that she was able to make around $600 a week at her gig (on top of her full time, high-powered job), I was shocked. Sure, the gig did suck up a good chunk of her time but the amount of money floored me. Why was she gigging so much? She wants to go to Europe after Covid, obviously! At $600 a week, she’ll be able to go and enjoy herself as soon as the borders open!
Do you gig? What do you spend your gig money on? I’d love to know in the comments below!
