Key Takeaways:
- The gig economy is an economic model that includes temporary, freelance, and contract work, and is popular because it allows people to work independently and on their own schedules while still earning money.
- Gig workers are self-employed individuals who work for a number of different clients and are paid for each job they complete, rather than holding one long-term job with benefits.
- Pros of the gig economy include flexibility, the ability to work from home and set your own hours, and the potential to make extra cash, while cons include the lack of benefits and job security or stability.
he gig economy is an economic model that includes temporary work, freelance work, and contract work. The terms can refer to a variety of industries that include technology, transportation, entertainment, and more. People who participate in the gig economy are often referred to as "gig workers" or "contingent workers."
Gig Economy Explained
The gig economy is a way of working that allows people to take on short-term jobs, often by technology.
The gig economy has become popular because it allows people to work independently and on their own schedules while still earning money from their skills and talents.
"Gig Worker" Defined
A gig worker is, at its core, a person who works for a number of different clients and is self-employed. They are paid for each job they complete, rather than holding one long-term job with benefits.
Many people have been forced into the gig economy due to automation or outsourcing — especially in areas like manufacturing and food service — but there are plenty of people who choose to work as independent contractors for reasons including flexibility and control over their work life.
Full-Time Gigs
Full-time gigs are a great way to make money, and they can also provide a more secure and steady income than part-time gigs. If you want to make a living or even a career in the gig economy, then full-time gigs might be right for you!
Part-Time Gigs
Part-time gigs are a way to make money on the side, which is great because you can fit them around your other commitments. For example, if you want to earn a few extra dollars while studying, or after you graduate and don't have a job yet. There are many different types of part-time gigs too:
- Freelancer (freelance writer/blogger)
- Taskrabbit (do odd jobs for local businesses)
- Tasker (clean houses for cash)
- Uber (drive people around)
Pros of the Gig Economy
The gig economy is all about flexibility. If you're looking for an opportunity to make some extra cash, the gig economy has a number of benefits. In particular, it can allow you to:
- Work from home and set your own hours
- Choose from multiple employers at once (or even have multiple jobs at once)
Cons of the Gig Economy
As is the case with every debate, there are pros and cons to the gig economy. The following list highlights some of the most common drawbacks:
- No benefits. As independent contractors, gig workers aren't entitled to traditional employee benefits such as health insurance or retirement plans—and this can be a major drawback for those who don't have these things already in place.
- No job security or stability. In the traditional work environment, employees are generally guaranteed a job for an extended period of time. This is not the case with gig workers—who may have to constantly seek out new opportunities as they come available. Because most gig jobs are project-based and can be terminated at any time, it can be difficult to predict how much money you'll make each month or year.
When it comes to making money in the gig economy, you have a lot of options.
You can work full-time as a freelancer or on an hourly basis, or find part-time work through apps like TaskRabbit or Fiverr. However, it’s important to know what type of gig fits your lifestyle before jumping into anything too quickly!
To learn more about GIGÂ jobs, check out our other articles:
Classes by:
Kevin Miller
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