According to the Bureau
of Labor Statistics, 16.5 million people rely on contingent or alternative work
arrangements for their income.1 Often referred to as the
“gig economy,” these nontraditional or contingent work arrangements
include independent contractors, on-call and temp agency workers, and those who
sign up for on-demand labor through smartphone apps.
If you are a contingent
worker, you need to pay close attention to your finances in order to make up
for any gaps in earnings that may occur between jobs. In addition, you’ll have
to plan ahead for health-care costs, taxes, and saving for retirement, since
you will have to shoulder these expenses on your own. The following are some
tips for managing your money in a gig economy.
Continue reading “Managing Your Money in a Gig Economy”