Side-Hustle or Remotely Employed?

Many Americans have looked at new ways to make a living due to the pandemic undermining some traditional employment options. In a post-pandemic world, many job seekers will look towards the gig economy for answers.

The gig economy has been around for a while. You will have noticed these individuals in your community as self-employed individuals who mow lawns, deliver papers, provide childcare or work temporarily on your farm during harvest.  More recently, though, technology has removed a lot of barriers to high-paying, full-time and part-time remote employment.  Some of these jobs will require a degree while others require only the many skills and knowledge you already possess.

If you are looking into or already committed to earning a living in the gig economy, you will most likely find yourself in the following statistics.

  • 57.3 million people freelance in the U.S. It’s estimated that by 2027 there will be 86.5 million freelancers. (Upwork)
  • 36% of U.S. workers participate in the gig economy through either their primary or secondary jobs. (Gallup)
  • For 44% of gig workers, their work in the gig economy is their primary source of income. (Edison Research)
  • For 53% of gig workers aged 18-34, their work in the gig economy is their primary source of income. (Edison Research)
  • Gig employees are more likely to be young, with 38% of 18-34-year-olds being part of the gig economy. (Edison Research)

If becoming part of the gig economy is in your future, there are a few things to remember:

  • Keep on top of your paperwork
  • Set aside money for taxes
  • Contribute to an IRA
  • Make use of tax deductions.

Brenda Schmitt

A Iowa State University Extension and Outreach Family Finance Field Specialist helping North Central Iowans make the most of their money.

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