Working in the Gig Economy

I have been thinking about a lot of things this week. Mainly my thoughts are centered around reducing work hours but compensating the loss in pay with something more freeing. I love work that allows me to make my own schedule. A schedule that is perfectly tailored to me so I can get downtime when I need, and work hard at other times. One idea that crossed my mind was getting a job working in the gig economy. More specifically, a job with Uber Eats or Instacart. Here are my conclusions:

Hourly Work

I like the idea of making my schedule or picking up a few hours per week on a whim. If you are in an area saturated with orders, this could be a great setup. A few friends pick up work with these companies and say it’s very easy to make $100 in a few hours. It takes me 8 hours at my 9 to 5 to accumulate that much!

Extra Money

I likely will not quit my job to pursue this type of work. Instead, I could use it as a supplement. I am working towards paying my home off in the next ten years. This type of job, just a few hours per week, could help me cut that time in half. I would love to put an extra $500 towards my mortgage a month to speed up my timeline or go towards other things I love, like more travel and investments. This will help me achieve the kind of freedom I am looking for. For those of you with other goals or just needing extra money to survive, this could work for you as well.

The Downside

Like with any job working in the gig economy comes with a few downsides. Many people I know object to doing the work because they do not want to put extra miles on their car. I understand, but I drive so much during the week. It won’t make a bit of a difference for me. Also, if you are driving locally, the amount of miles put on your car is likely to be insignificant. Another downside would be your designation as an independent contractor. For those of you who have never had that designation, there are tax implications you may not be aware of. You should brush up on how much of your earnings you should set aside and what things you can and can not write off.

All in all, working in the gig economy is a simple yet great idea to earn some extra cash. You can use it to pay off your mortgage, fund travel, or simply stay afloat during these challenging times.

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