Tags: seeking | Financial | Security | Side-Gigging

Seeking Financial Security? Try 'Side-Gigging'

By    |   Monday, 20 Jan 2014 05:27 PM

The new ticket to financial security is to hold more than one job, with the second one being an entrepreneurial venture, according to journalist and author Kim Palmer.

In an interview with Yahoo Finance, Palmer suggested “side-gigging” is a way to build security and provide a level of career insurance.

“Side-gigging means launching a business on the side, on top of your full-time job,” she said. “If you’re depending on a single paycheck, you’re leaving yourself very financially vulnerable.”

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Palmer’s book, “The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life,” details 50 side-gigging ideas.

According to her, many career-minded people need to work more than 40 hours per week to get ahead these days, so that means finding something to do on weekends, evenings or even during a lunch break to supplement their income.

Palmer said there are new online tools that make it easier to achieve promotion and find customers, which eliminates one obstacle to establishing a new business. Those tools include websites such as Fiverr, Freelancer.com and Etsy.

Hobbies such as jewelry-making or yoga can be turned into a side-gigging business via online promotion and distribution, Palmer said, as can exploiting a skill from an existing day job such as accounting, writing or event planning.

But will employers frown on or tend to forbid side-gigging?

“The good news is that employers are increasingly accepting this,” Palmer said. She said side-gigging teaches employees new skills that they wind up bring to their day job, so that both employers and employees benefit.

Business Insider reported government data showed 1.7 million Americans took part-time jobs in December, but many of them apparently did so because full-time work was unavailable.

Bloomberg reported that about 90 million Americans have dropped out of the full-time workforce, and that those numbers have grown markedly since the 2008 recession.

“Many of the people who’ve dropped out of the workforce have to piece together an income, and many of them do that by working various freelance gigs,” Bloomberg reported.

“The gigantic opportunity, the glut of available labor, and the timing make the freelance economy look a lot like e-commerce in the late 1990s. We’re going to see a lot of innovation in the space.”

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The new ticket to financial security is to hold more than one job, with the second one being an entrepreneurial venture, according to journalist and author Kim Palmer.
seeking,Financial,Security,Side-Gigging
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2014-27-20
Monday, 20 Jan 2014 05:27 PM
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