How to Cash in on the Gig Economy


(StatePoint) There's an exciting career revolution taking place for those who want to call their own shots, set their own schedules and control their destinies. Say hello to the "gig economy," a booming new job market.

Nowadays more and more Americans are becoming a part of this employment shift. In fact, according to a CareerBuilder survey, 29 percent of workers have some sort of side hustle, especially millennials -- 44 percent of 25-34 year-olds and 39 percent of those between 18-24 report having a side gig. According to a Princeton University study, the percentage of workers engaged in alternative work arrangements rose from 10.7 percent in February 2005 to 15.8 percent in late 2015, while employment in traditional jobs rose by only 0.4 percent during the same period.

These days, being a freelancer, consultant or independent contractor might mean selling goods through a company like Arbonne or running a home-based business. Whether you're a new graduate looking for a job, a retiree looking for extra cash, or a stay-at-home parent hoping to grow your nest egg, there are many advantages to becoming part of the gig economy. Here are a few ways to cash in.

What's Your Worth?

When it comes to getting paid, many times you can call the shots, setting your own hours and rates. Explore resources like the Editorial Freelancers Association to learn the going rates for writing, editing, Web design and more. And if you're working on something more technical that requires specialized knowledge, your work could be worth more; resources like BeeWits can help you calculate fair compensation online.

Know Your Numbers

Avoid additional tax assessments and penalties by reporting all income received on your tax return. Do your research and talk to a certified accountant to see if you're eligible for deductions. Common deductible expenses include gas mileage, subscriptions, and tools, equipment or services used for business.

Purpose and Protection

With autonomy comes responsibility. Take special care of your independence and income by planning ahead. Many personal insurance policies don't cover incidents that happen when you are being paid to do a job. However, there are options.

"Some insurance carriers offer special policies and endorsements that protect gig economy workers," says Ann Zaprazny, senior vice president of Commercial Products, Erie Insurance. "We strongly advise gig economy workers to talk with their insurance agents about their specific needs and situations before taking on risk. Without such coverages, you could be on the hook for expenses if, for example, you get into a car accident on the way to pick up a passenger while driving for a ridesharing service, or are a victim of theft when your in-home stock of LuLaRoe inventory goes missing."

Stash and Save

Four in 10 self-employed workers don't have a retirement account, according to a survey from Small Business Majority. Opening an Individual 401(k), a Simple IRA or SEP IRA may be viable ways self-employed individuals can save for retirement. Even just stashing some money in your savings account monthly can go a long way. While it might be tempting to splurge now, the payout could be huge in the future.

Don't work hard without also working smart. Get savvy so you can maximize your earnings and protect your extra income.

PHOTO SOURCE: © beer5020 - Fotolia.com

More Resources

Are You Sabotaging Your Career?
My experience working with thousands of leaders world wide for the past two decades teaches me that most leaders are screwing up their careers.On a daily basis, these leaders are getting the wrong results or the right results in the wrong ways.
Job Search Secret #1
The job search secret that is so powerful it will blow your socks off is simple - if you think you want or need a Career Change all you have to do is understand this Job Search Secret:It's simple - Change your Thinking.When you're looking for the new job or career move it's easy to think that 'they' hold all the cards.
Career Success: Get Ahead of the Crowd
Regardless of where you open your briefcase or palm pilot each day - at a large corporation, a small business or the end of your dining room table - the key to staying employable the rest of your life is your own creative action. The person who is going to be successful is not going to succeed just because of good work.
Ideal Job and Handling Criticism
How many times have you been asked, "What is your dream job?"Even if you document a dream job on paper, will you be happy every day in that job? Unlikely. Heck, you could work in your dream job for two different companies and end up being happy in one and miserable in the other.
Get A New Job - Career Choices
Career change is tough but rewardingThere are a number of reasons why people might be due for a career change:? They don't like their current career. Maybe they took the job because they needed money at the time and it was the only work they could find to pay the bills.
Jobseekers! Look For Smoke, Not Fire
"If you always do what you've always done, you will always get what you've always received," said some wise person. This is certainly true when it comes to job-hunting, especially during a "sucky" economy.
5 Resume Mistakes Telecommuters Often Make
Finding a legit telecommute job can be difficult. Telecommute jobs are in high demand and hundreds if not thousands of other people are competing for the same position.
Should I leave My Job?
Most of us have to work for a living. Since we spend so many hours each week at our jobs, it's very important that there is a good fit.
Active Listening Skill Tips for Interviews
During a job interview, a potential employer asks, "Can you take on more than one project at a time?" If you respond, "Yes," you may want to rethink that answer. According to Dynamic Listening: Interview Skills, a computer based training module from Mindleaders in Columbus, Ohio, you should avoid one-word or one-sentence answers.
Defining Success Your Way!
In my career advising practice, I often find that my clients are not clear about what success means for them. Our society defines success primarily around three elements: power, money and fame.
Planning To Work Abroad
Working abroad can be an exciting, rewarding and horizon broadening experience; and if you take the time to plan ahead carefully before you go, you will make your transition into the overseas work place a smooth and successful one.So, if you're considering relocating overseas to take up a temporary assignment or you'd like to move abroad permanently and find work there are basically three main aspects of expatriation that you need to think about before you make your move and this article examines them for you.
Where Did All The Farmers Go?
Several times a year, I hear someone complain about the development of farm land in our area. These complainers consider it a crime that so much of our farm land has been converted to housing, business, shopping, etc.
Why Well Produced Career Portfolios Are Replacing CVs
What is a Career Portfolio?The original portfolio used by artists looking for work was simply a collection of works demonstrative of the artists style and ability. Because their works varied in size and shape, portfolios came in all sizes and shapes.
Surviving Office Politics
It's your first month in a new position and it's rougher going than you'd anticipated. You feel like an outsider and you're miserable.
What is a Career Anyway?
A career is the sum total of all of your work-related contributions to society in a lifetime. This includes time and effort spent to provide goods, services, or benefit to others.
Careers-Changing Jobs: The Fantasy of the Ideal Job
Most people would agree that the concept of a job today is vastly different from that of 20 years ago. Organisations are changing at speed, technology has changed the face and pace of work, and globalisation is pushing every business to examine it's operations in a totally different context.
Great Salary Negotiation Tips
11 Commandments For Smart Negotiating1 - BE PREPARED. The more information you have about your market value and theprospective employer, the greater your likelihood of success.
Yesterdays Hero
Wonder Woman makes it looks so easy. She gets up every morning, fights the good fight, calls it a day, and starts the whole process all over again.
Overcoming Inertia in Job Change
If you can hold on to an optimistic belief in the possibility of success, you have a very powerful motivator of change. But not everyone can, or will need help to do that as some are naturally more optimistic than others.
Lost Your Job? Ten Ways to Bounce Back!
Whether you've been right-sized, downsized, underutilized, or just plain fired, looking for work is a life-changing experience that rocks your world. Regain your equilibrium with these ten strategies and get back to being your best.

More Careers & Employment Information:

Related Articles

Writing A Resume That Gets You Noticed
As the old saying goes, "you never get a second chance to make a first impression." In today's business world, of course, that first impression usually does not come from a face-to-face conversation, but from whatever you can tell your future boss about yourself on paper: your resume.
Retirement: Is It A Career Change Option?
Retirement might be the answer when you ask yourself "why do I want to make a career change" and you decide that what you actually want is not so much a career change as to stop what you've been doing altogether.This may be a good choice for some - those who can afford it - but not necessarily the right choice for all.
Stand Out From the Crowd with Simple Marketing Methods
Although today's job market can be very competitive, many job seekers overlook simple techniques that will catch potential employers' attention. Apply these eight ideas to stay ahead of your competitors and get hired now!1.
Why Choose A Professionally Written Resume?
Good question, considering that nowadays you can find manyuseful resources to help you write your own resume(including many located at http://www.impressive-resumes.
A Career With The FBI
Do you have what it takes to become an FBI special agent? Do you have a sincere desire to enforce federal laws and investigate crimes?This job requires hard work and can often times be dangerous and stressful. You'll undoubtedly be in close contact with crimminals and victims of crime.
Telecommuting Resumes
Your resume needs to outline your skills and experience, as most know. What some may not know is that employers want to know what you'll bring to the table.
The Group Interview
Sometimes, when going on job interviews, you might end up in a situation where you are in a group interview. A group interview is where you are being interviewed along with several other candidates for the job.
Retiring in Paradise
I have to admit that I'm starting to slow down a bit. I am definitely in my final career - and quite comfortable working a 40 hour schedule.
Defining Success Your Way!
In my career advising practice, I often find that my clients are not clear about what success means for them. Our society defines success primarily around three elements: power, money and fame.
Free Resume Examples: Untold Wealth In 10 Minutes!
Doesn't every job search start with Google?Way back in another lifetime, I was looking for a job after one of my startups failed. Conveniently, everything went to pot in early 2000.
Dynamic Interviewing Practices
The pre-hiring process can be a challenge. If you're reading this article, you are finished with the pre-hiring process and are looking for tips that will guide you through the interview.
Cracking the Connection Code: Networking for the Introverted
We've all heard it before: "Just get out there and network!" If it was that easy, we would already be doing it. So why is it so hard? Well, you're an introvert, aren't you? Enough said.
How to Track Your Right Career
Are you lost in the wilderness when it comes to choosing a career? Once, we knew the way. As children, we played at different roles, but some became our favorites.
Use Job Search Hacks to Get Hired Faster
Job searching alone is like hitchhiking a scary ride with an unknown stranger on a 180-mile long deserted, no-exit road with hopes you'll make your destination. When you lack time or expertise to plan career moves carefully, sometimes the loss of ground is not apparent until years later.
The Five Most Common - And Most Avoidable - Résumé Errors
Writing an effective résumé can certainly be challenging. There are numerous rules and none of them apply 100% of the time.
The Global Work Marketplace - The Revolution Of How Work Gets Done
Will cubicles be a distant memory for today's workforce? Will the expense of office space and the tremendous burden of employee benefits be a thing of the past for modern day businesses?The reality is, for thousands of people, this change has already occurred. Internet based 'Service Auctions' now abound where businesses can post their ongoing jobs or one-time projects to a global market of freelance professionals, a.
What You Should Know About A Medical Billing Specialist
Whether you are a person who is thinking about becoming a medical billing specialist or a company looking for a medical billing specialist, then this article is for you. There are several things that you should be aware of in the medical billing industry and I will walk you through them so that you will have the background information that you need to help you make a decision that will best suit your needs.
The Recruiting Truth...Time Is Not On Your Side
In today's marketplace things are constantly changing and so are the needs of just about each and every organization. Whether your company is growing organically or inorganically, whether your company is growing domestically or internationally or for one reason or another you just have pain, your organization must be in a position to attract top talent and attract it quickly! But attracting it is only the first part of the equation.
Interview Tips, How to Get the Job You Want
Enter into a state of relaxed concentration. This is the state from which great basketball players or Olympic skaters operate.
Goal Setting - Road Map To Achieving Your Career Goals
Goal Setting & ResearchYou can only set informed career goals if you acquire plenty of information about the career choices open to you. This will require research which can be conducted online or through a local library.