Earn How You Want To Earn
🚀 The quick version: Whether people call it gig work / side hustle / freelancing, these terms all generally mean finding ways to earn alternative sources of income. In the U.S. economy today, there are more opportunities than ever to do this and the trend is rapidly gaining popularity.
We see signs everywhere:
Labor force participation is “stuck”. According to the latest government jobs data, the labor force participation rate (term: percentage of the population over 16 that is working or actively looking for work) has been stuck at 62.6% for the five consecutive months (vs. pre-COVID number of close to 64.0%). People question why this is the case with unemployment so low and our theory (which has some backing) is that more and more people are earning money in ways not being captured by the official data.
Younger generation thinking differently. Nearly half of Gen Z and the Millennial generation admit to doing freelance work, with the top reason being increased flexibility. Even now in college athletics, student-athletes are effectively being taught how to earn creatively through use of their name, image, and likeness (NIL) setting them up naturally to think outside the box when it comes to earning money later in life.
Older generation wants more optionality. This trend isn’t just happening with younger folks. More people nearing retirement or already retired are looking for ways to earn some income just because they want to. This generation has a wealth of knowledge and experience and there are more and more options available today that allow them to do what they want, when they want. In our mind, as we all get older this trend will drastically change what it currently means in most peoples’ minds to be “retired.”
👪 How it affects your family: First off, to any of our current readers who already are earning in creative ways, we hope you will respond to this email or hit the button below and share with us (we will give a few shout outs next week!).
The opportunity to earn more or simply just earn on your terms is out there and just requires a bit of creativity, outside the box thinking, and planning.
On top of all this, your initiative down this path can help show and teach the kids about the three main ways to earn money (having them learn along with you!).
Here are some ways to help you get started:
Where to start. Even if you want to try to earn some extra income, where do you start? Here is a short step by step guide to help you determine what you might like to do to earn some extra income.
Ideas to help. Now that you have an idea of what you might like to do to earn some extra dough, here are some specific suggestions of 30 top ways to earn to give you some inspiration.
Get the kids involved. We know that time is now sparse with the kids back in school, but if you want to challenge them on how to make some money on their own, here is a guide on 15 ways to inspire kids to earn some extra cash.
