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Five Ways to Make Money in the Gig Economy

Posted by International Living on July 19, 2017 in Money Saving Strategies, Personal Finances

Kari Luckett writing on the gig economy…

If you’re no longer satisfied with climbing the corporate ladder, check out the side jobs and one-off projects that make up the gig economy.

You can earn extra money in your spare time, and even scale up the number of your gigs to a full-time livelihood.

According to Investopedia, the gig economy is defined as an economy where temporary, flexible jobs are commonplace. Companies today tend to hire independent contractors and freelancers instead of full-time employees. That’s a big shift from what baby boomers are accustomed to but the opportunities are huge.

No more 9-5.

No more clocking in and out.

No more asking for vacations.

The gig economy brings freedom that doesn’t exist in corporate America, and the internet has opened doors for people of all ages, to do almost anything they want to do. Let’s look at a few great ways baby boomers can make extra money with side gigs.

1. Drive for Cash

Many baby boomers are turning to Uber and Lyft for additional sources of income. Signing up is extremely quick and easy. All you need is a car that’s in decent shape and a valid driver’s license. You also need to pass a simple background check.

2. Sell Your Wares

If you make clothes, jewelry, or are crafty with woodwork, you call sell your products online on platforms like Etsy, eBay, or craigslist. You can also stick to the old, tried-and-true method and promote your products via word-of-mouth (WOM). Word of mouth is the best marketing and promotional strategy you can have because it’s free, and a large number of purchases are made after WOM or reading a customer review. If your skillset allows, you can also create a free and simple e-commerce website to sell your products.

3. Freelance

Do you have a particular skillset that can easily transfer from your day job to a gig? Careers in fields of graphic design, website development, or photography are perfect for side gigs. You could sell your photographs at your local farmers market, use an online platform like Etsy, or sell for stock photography. Another approach you can take is to sell your services by promoting your work online on website such as Upwork, Fiverr, or Problogger.

4. Consulting

Consulting is the business of providing expert advice to people working in a professional or technical field. If your day job or hobby has made you an expert in a certain subject, like company downsizing, banking compliance regulations, or search engine optimization (SEO), for example, there is an opportunity to sell your knowledge in the form of consulting services. You will want to take some time researching exactly what you will provide, at what pricing, and determine the terms of your agreements. Check out this article from Entrepreneur.com to get an idea of important things to consider and popular fields for consulting.

5. Craigslist Gigs

Craigslist is a great place for finding gigs and bringing in more income. Gig opportunities range from computer jobs, writing, and creative assignments to labor and crew gigs. You can also find consulting opportunities under craigslist gigs. Just make sure it’s a legitimate opportunity before you waste your time.

According to a 2015 survey from the U.S. Bureau of Labor Statistics, the average member of the baby boomer generation changed jobs every 3.5 years between the ages of 22 and 44. That trend is expected to accelerate to a pace where the typical worker will bounce around twenty or more times in the course of their career. The fun is about to begin. Create your financial independence now and kiss the job goodbye.

P.S. Discover how you can enjoy a more laidback, authentic, independent way of life in The Savvy Retiree Daily. Sign up below to have it delivered – free of charge – to your email inbox.

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