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Taxes are freelancers' kryptonite.
Growing up, I was a precarious, hourly paid shift worker. Many times in my early-to-mid 20s, I was faced with too much month at the end of the money. The gig economy model of work did not yet exist, and with rigid shift scheduling and strict employment processes, I had to rely on loans to make ends meet. Since then, my belief has not changed: This is not the way new entrants to the labour market should start their careers.
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Justin Trudeau is perpetuating a myth about the middle class. In reality, it has devolved into a new working class that is both white collar and blue collar - a world defined by massive levels of student debt, sky-high housing prices and the perpetual cycle of short-term contract work without benefits.
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The conversation on the gig economy is often directed towards talent recruiters, HR managers and team leads but for the freelance relationship to be successful, organizations need to cultivate a genuine project mindset across their teams.
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You'll be pursuing your side hustle after busy workdays, weekends, and basically whenever you have free time, so if you're doing something you love, it should be simply to motivate yourself. Focus on passions that can realistically bring in an income.
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The potential and growth rate of the gig economy is creating a new labour and economic landscape. Most businesses are just beginning to appreciate the benefits that the gig economy represents for them. But while this disruption in the traditional labour landscape represents significant opportunities for businesses to increase internal creativity, productivity and subsequently, profits -- actually and effectively doing so is often difficult.
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Research regularly shows that the millennial generation are actively looking to work differently and are increasingly drawn to the type of careers the gig economy offers. As the gig economy grows, so do the opportunities for organizations of all sizes to increase their impact and profits in a way that is cost effective and creative.
More so than any other time in the history of the post-industrial career, how work happens can be tailored and adapted to reflect individual needs and goals. Make the most of these opportunities by investing the time to create the foundations for your own version of a successful gig career.
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To some, it's the shared economy disrupting the old business models. To others, it's the gig economy that denies workers full-time hours and a living wage. Regardless of its name, the new economy is disrupting more than the established business norms. It is forcing grown-ups to live with their parents and is likely causing the decline in public transit ridership.
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The Uber economy and related growth in income precariousness is a pressing social and cultural issue and one that needs more innovative thinking and action. But there's another side to the labor disruption underway: for highly skilled professionals, consultants, knowledge workers and accomplished executives -- the gig economy offers the opportunity for an unprecedented level of career control and satisfaction.
All the tips on budgeting are based on people who get paid on a regular schedule, but if you're an actor, musician, etc., you'll get a chunk of change all at one time and then often have a dry spell. It's so easy to blow through the money that you get paid and then have nothing left for the few months that you're waiting for that next gig.