Side Gig Economy Crushes Student Loans
The side gig economy is booming! From young children that dream of being YouTube stars, to families struggling to make ends meet, and retirees with not enough savings to truly retire, millions are flocking to side gig opportunities and freelance jobs. Since you found my article, I’d venture to guess that you, too, want a piece of the action.
It’s not surprising that you are considering a side gig. According to Upwork, a company whose mission is to, “to create economic opportunity so that people may have better lives” a “majority of workers will freelance by the year 2027.” Why do you think this is, that so many Americans want a freelance job?
The Student Loan Bubble
I think there are several reasons that the side gig economy is booming, however, for this post I want to focus on only two closely related factors: student loans and college expenses. I hear those words and a knot forms in my stomach, and I want to curl up in a fetal position and cry. My husband and I have student loan payments breathing down our necks in life’s rearview mirror and college costs for kids looming increasingly larger in our windshield of life. It’s not fun.
While our parents coached us to get college degrees and worry about the loans later, we are coaching our kids to have as little student debt as possible as they pursue a degree. Now, I wouldn’t trade my education for anything. But, our life would be very different without the constant worry over our student loans payments and our children’s future college tuition.
I know that we are not the only family out there swimming in their student loan debt. In a recent CNBC article, student loans were called the monster in the closet with 40% of borrowers expected to fall behind in their loans by 2024. I’m sad to say that this article instantly causes all kinds of anxiety for me, as it hits so close to home.
Side Gig Economy And Student Income
And while we are still thinking about paying off our student loans, we are wondering how we will send our oldest to college. And, believe you me, we want her to go to college! No doubt. Thankfully, I work for a fantastic University that has some programs in place that might help students make their student loan payments under certain conditions. (Such as graduate and try to get the best job possible.) But the thought of our children taking on bone-crushing debt is almost unbearable, what do we do?
That’s the beauty of the side gig economy. Everyone can participate! Including our kids. They can pursue their interests, build a skill set, learn about creating quality work, and possibly earn income in the process. It’s not just our kids; I bet it is your kids, too, wonder about following their dreams to YouTube stardom. I can even back up that claim.
Recently, I read the book iGen: Why Today’s Super-Connected Kids Are Growing Up Less Rebellious, More Tolerant, Less Happy–and Completely Unprepared for Adulthood–and What That Means for the Rest of Us.
If you have kids born between 1995 – 2012, they are iGen. Now, I’m going to put on my college professor hat and recommend this book to you. However, you should know, while it’s not a difficult read, it does describe outstanding statistical research. You will better understand the iGen’ers, their love technology, and their draw towards freelance/side gigs that provides flexibility and freedom.
Disclaimer
The book
Can My Side Gig Beat Up My Student Loans? You Bet!
We’ve covered why the side gig economy is important, especially when we consider student loans and college expenses. And, for me, information is empowering, prompting me to action. Preceding actions, though,
- Tackle student loans.
- Build up a savings account.
- Send kids to college with as little debt as possible.
What are your side gig goals? Go on, write them down! In fact, use the comment section of this post. I’d love to know what your goals are and how we may help.
Got them? Now, what is it going to take to fulfill those goals? More money, you say. Hmm, figures! Us, too. So, keep reading to learn what our family is doing. If it inspires you, join our mailing list, Pinterest Page, or Facebook Group, let’s be friends! You can do all of that in the side panel to your right.
Family Side Gigs Blog
My husband just walked through our living room and said, “honey, you are addicted to writing.” Hmmm, probably so, it’s a how I ended up a college professor in the first place, passion to learn my vocation and to tell others about it. Therefore, starting the Family Side Gigs Blog seemed like a natural way to contribute to our needed extra income.
Now, I don’t have a pie in the sky attitude about blogging but I do love my Pinterest board titled Income Reports. There are some unbelievable reports pinned on that board. I can’t even fathom that much income. And, honestly, I don’t need that much income. However, I think that what I would like to earn through blogging is absolutely achievable with a lot of hard work.
So, just after school let out for Christmas break, I finally jumped in and started this blog. If blogging seems right for you, click here to read my post 5 Steps To Starting Your Blog Over Vacation.
Coming Soon: The Rest of the Family Side Gigs site
Dad’s Deals and Steals
My husband loves his electronics! And, he loves to shop around for a good deal. Follow our blog to learn about his deals and steals. He will post short product review videos covering his purchases from Amazon and other retailers. I expect the first product review to hit shortly after Christmas, 2018.
Teen Side Gigs
This is my daughter’s section of the Family Side Gigs. This section will explore gigs that a teen can (and has) done. I only want to recommend things that my own daughter (or her friends) have done with success! Right now, you can check out a Christmas Card that she made, with instructions and links to purchase materials. She made about 20 cards of these cards and sold them to a friend, using the profit to pay for some of her expenses for a school band trip. In all, she raised $260 in profit from selling her cards. She is also creative with digital products, and will soon open a store for digital downloads of some of her best drawings and coloring pages. Just FYI, the Christmas Card post is rough, it was one of my first blog posts, and it’s not great. Her card is beautiful and the post is a reminder of my own progress and hard work.
Kid Side Gigs
But, what can a young
How Will You Participate in the Side Gig Economy?
How are you going to achieve your goals with your family? Are you doing any of the things we are doing: blogging, product reviews, digital art, YouTube, and other online opportunities?
If your answer is yes, let’s be friends! Sign up for my newsletter and keep coming back to this site. I’ve got some big things planned and you don’t want to miss out.
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