It’s been growing for many years with no signs of slowing. And no, I don’t mean your grandparents’ stockpile of useless stuff in the house.
The gig economy has grown considerably over the past 10 years. CNBC reports that “the share of gig workers at U.S. businesses swelled 15% since 2010”, a figure that only includes “1099-MISC contractors and short-term W-2 employees”. Uber drivers aren’t counted due to their classification as a different form of contractor.
Now, the term gig economy is rather large and undefined, which the article acknowledges. Personally, I like to think of it as anyone with a secondary (or more) form of income in addition to their waged or salaried job, or anyone who lives solely off of an income that is not tied to employment by someone (a boss) or something (a company).
Defining the term is less important. What is important, is the underlying concept: the primary and additional sources of income.
There are many reasons to seek additional sources of income, and I’ve written before about freedom of time. For those seeking new income streams, the reason may be to pay down debt, get ahead financially while working toward financial freedom, or the desire to simply work for oneself and ditch the W2.
Whatever the reason, the incredible growth in the number of those performing work to cultivate new income is unmistakable.
In the latest episode of Money Beyond Borders, Nick and I discuss salary dependence and the desire to seek additional forms of income. In our view, it has never been more important, and it has never been a better time, to start something new for more $.
Give us a listen and let us know what you think!
