The traditional way of working is becoming less common. In the past, people were able to work hard, raise the level of their work, and retire with a good pension. Today, jobs are more complex. Between frozen wages, a lack of high-quality jobs available, and fears of being replaced by AI, there is a rising cost of living. With all this financial instability, many people are joining the workforce to make ends meet. This includes multitasking, which involves taking on multiple jobs and looking for income streams. But there is a downside to this approach.
The Need for a Safety Net
Many people in today’s workforce dream of the job security of older generations. At that time, people could buy houses and raise families on one income. A secondary education almost guaranteed a good job, and the job market had diverse opportunities. That is far from the truth today. The average age of first-time home buyers is 40 years old, according to the US National Association of Realtors. Most families have both parents working. In fact, according to the Institute of Family Studies, 69% of married mothers with young children will be working by 2025. Compare that to 63% in 200.0. And despite this, most Americans live paycheck to paycheck. In fact, according to a Bankrate survey, “Only 46 percent of Americans have enough emergency savings to cover three months of expenses.”
“We’ve seen wages stagnate, we’ve seen inflation, we’ve seen the cost of living rise, even beyond our inflation rates,“Said Alexandrea Ravenelle, a sociologist and gig economy researcher at the University of North Carolina, in AP News.”So people are looking for ways to supplement and build themselves a little safety net. “
A New Way to Make Money
Although people used to stay in the same career path, the same positions today may not offer the same level of pay and benefits, making wages stagnant in the long run. So people change jobs or start “polyworking”. Even people who work 9 to 5 may look to other sources of income to keep up with rising prices, pay bills, or contribute to savings. Alternatively, they may seek backup jobs in the event of an unexpected termination.
“Rather than having one job that you can have for many, many years and thinking of your career progression as a linear path, some people combine multiple hustles that depend on their skills and interests and make money work by having multiple sources of income.,” said Elaine Chen, director of the Derby Entrepreneurship Center at Tufts University.
Some of the most sought-after side gigs involve flexible hours or work-from-home capabilities. Examples include being a ride-share or delivery driver, a freelancer, a seller of handmade goods, or a provider of local services such as dog walking, tutoring, etc.
Passive income side hustles are very popular. These types of jobs often involve hard work upfront for long-term rewards. Social media creators benefit from this type of broadcast. They create content, post it, and get paid based on your popularity over time. Some examples include sales courses or books, or affiliate marketing. The rich used to dominate this type“polyworking” income because it usually requires a large initial investment, such as renting property, building a financial portfolio, or becoming a self-employed business owner. Now, many people from the lower classes use this method to supplement the jobs that do not pay enough to continue to do well in this economy.
The overhype of Passive Income
High startup costs are one of the many barriers to passive income, according to Business Insider. Unfortunately, many people would like to make money doing nothing, which has led to an oversaturated market. Consider how many content creators send you without getting anything, or how many ebooks don’t reach a large audience. Sometimes you can have a quality product, but still no profit, and so it happens. Unpredictability can mean losses, especially with investments. And despite the claims of“you earn money while you sleep,” most of these streams require ongoing maintenance. This may mean continuing to upload content, adjusting rentals after visitors, checking market conditions, etc. The income can dry up as soon as you stop putting effort into it, making it “emptier” than advertising.
In addition, “financial gurus” social media can equate “income” with “easy money“. They may praise different types of hustle, shame the 9 to 5 workers, and brag about how much money they have made while “sleeping”. Usually, these influencers make their money from their courses, e-books, and views on social media. Basically, they get rich by telling people how to get rich. After all, if they could tell everyone about the profit margin of the market, why would they tell everyone about the risk? So be aware of these“Live” announcing grifters, “Pay me $100, and I’ll teach you how to make $100.” More often than not, the buyer ends up losing money. This is also true for those who pay to join MLMs/network marketing schemes through sales or recruitment commissions. If it’s too good to be true, it’s probably a money-making scam.
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The Allure of Polyworking
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People are always looking for side jobs and income without need. Sometimes, they follow their passions and hope to make money at the same time. This is common among artists, writers, comedians, musicians, and other creative people. (The rise of AI is especially difficult for this population, who often struggle to earn any money for their work.) Additionally, the promise of flexibility and remote work is attracting many people to the income stream, especially if they are traveling or raising children. Above all, hustle can help people feel financially secure in an economy and job market where nothing is guaranteed. Therefore, although the method of polyworking is unconventional and sometimes unpredictable, it can be very rewarding.
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