Looking for the Best Gig Economy Jobs that Pay You Residual Income?
Folks are scrambling to find Gig Economy jobs in uncertain times like these, but trading time for dollars is a short-term solution...
In this post, we'll explain..
How to make sense of the Gig Economy
Why working smarter is the key
The difference between an employee and an investor
Why residual income is so important
Why it’s time to have an open mind and make a change
What is the Gig Economy and what are the Best Gig Economy Jobs?
A workforce of 57 million Americans or 40 percent of the US workforce are looking for the best gig economy jobs to add more flexibility and additional income by becoming independent contractors and trading time for dollars.
That many people can’t be wrong, right?
After all, studies show that up to 80 percent of the workforce is actually interested in the gig economy - or what many folks call a side hustle. And the annual growth of people jumping into that economy is 8.1 percent per year.
The gig economy is projected to grow to $455.2 billion - BILLION - by 2023 which is 225 percent over 2018.
So, why are so many people scrambling for a side hustle?
Obviously, a part-time job to bring in a little extra money is very attractive to people - not because they want additional work, but because they NEED more money and more time.
If we look at the economy and the growth of the Gig Economy, a key driver has to be the purchasing power of current wages.
According to the PEW Research Center,
“Over the past 40 years, hourly wages in the U.S. have increased from $2.50 to $22.65 however, the purchasing power of those dollars has remained relatively flat due to inflation.”
In other words, most Americans are feeling the pinch.
More debt, less savings, less opportunity to get ahead.
So, they will grab the next thing that may help them bring in a little extra cash. Most are looking for $500 to $1500 extra a month PLUS additional time and flexible schedules.
Technological opportunities and companies like Uber, DoorDash, TaskRabbit or Fiverr seem to offer an easy way to achieve that.
But there are downsides.
- You only make money when you have a gig.
- Traditional economic relationships between workers, businesses, and clients erode which lead workers to chase the next opportunity.
- The average income for all gig workers is just $299 per month.
Surely, there’s a better way to make additional income for the long haul and maintain the $500 to $1500 per month additional income and more.
Of course, there is.
It’s called residual income.
The Power of Working Smart
Mark Hendricks was my first mentor and responsible for helping me become a successful online entrepreneur.
Always, he focused on business fundamentals.
Profound wisdom from experience and heart rolled off his tongue often during the many conversations I had with him while he was alive.
But one thing he said always stood out to me:
“Do the work once and get paid forever!”
I’ve made that my motto since.
At first, I didn’t understand. My previous work history proved that I was really good at trading my time and energy for a few dollars. People who made money from other peoples’ money seemed immoral.
Was I ever wrong!
Mark was the first to show me that leveraging my work, and even the work of others, was good business. And that was good for me and the people that I serviced.
The more successful I could become financially, the more people I could serve… just as he did.
But changing that mindset is like changing the flow of a river. Only a massive shift can shake the river from its banks.
The Power of the Investor
That massive shift had started just a few years earlier when I read Rich Dad Poor Dad by Robert Kiyasaki.
That book upended many of my long-held beliefs that held me back like a man chained to an anchor in the ground. Many times, I had reached the end of my tether but found the chain too comfortable to break.
Then I read about the Employee vs. the Investor mindset.
Employees represented the least of the 4 Cash Flow Quadrants. An employee was a slave to his job, reliant on the paycheck to make ends meet. Like the Gig Economy worker driving an UBER, delivering restaurant meals for DoorDash or a freelancer rushing to meet the latest deadline on Fiverr, employees are most vulnerable when an emergency hits - like the Coronavirus of 2020.
The Investors have the highest level of financial security because they’ve learned the essential skill of leverage. They take what they’ve earned and maximize the value by multiplying the assets with other people’s efforts.
Kiyosaki has for years preached the value of leverage stemming from networks. He has been quoted to say,
“The richest people in the world look for and build networks. Everyone else looks for work.”
A network is an organic organization of team members, supporters, customers, and like-minded individuals - or not - who have a common goal.
The network is a source of power, strength and encouragement ever moving the group forward.
My former father-in-law was the founder of one of the largest law firms in the US. He grew the firm to 3 major offices and 450 attorneys. He told me that starting the firm required that he personally find new clients. So, he would find prospective clients that he wanted to work with, park himself in their offices for days, and wait.
One day, the prospect would have an urgent need for an attorney and he’d be right there. One fee led to more fees because that client had become part of his network.
“Remember,” he said, “friends do business with friends.”
That was the power of a network of friends that led to my father-in-law becoming one of the highest levels of Investors in the US.
Kiyosaki loves building networks so it was only natural for him to become a huge fan of network marketing because of how the best companies leverage the work of others. He’s even said that network marketing is the perfect business because of the low initial investment and the high return on investment possibilities.
A gig worker hoping to earn enough money to create a better life would do well to focus on leveraging other people’s money by developing a network and becoming an investor instead of trading time for dollars.
The Power of Residual Income
Doing the work once and getting paid forever is the beginning of residual income.
But the reality of residual income is elusive.
It must be maintained. And each stream of residual income should be nurtured and grown until it runs like a self-perpetuating machine.
A taste of residual income will change your life. And once tasted, you’ll never be satisfied with trading time for dollars again.
Warren Buffett, the ultimate investor, said,
“If you don’t find a way to make money while you sleep, you will work until you die.”
Residual income comes in many forms. Sometimes we call it passive income. But there’s nothing passive about it - until there is.
Creating residual income streams requires planning and execution and focus.
But once implemented, they generate revenue for years. Nothing could be better, right?
Unless… You add compounding returns to that formula.
And then, you have a rocket ship blasting off in your bank account. But choose carefully grasshopper, because not all residual income streams are not created equally. Some come with almost no expense or investment.
That’s why Buffett’s company, Berkshire Hathaway, owns three network marketing companies including the Pampered Chef.
The Power of Change
I want to introduce my wife - Charlsa.
Beautiful, charming, talented, peaceful and damn smart.
Everyone that meets her loves her because of her calm, caring demeanor, but mostly because of her ability to see a clear path to personal solutions.
But she wasn’t always that way. In fact, even today she works hard to monitor her thoughts so that she can be the best version of herself.
Divine Discontent has led her to change careers and locations, and to practice new ways of living.
That came about because of a scary cancer experience in 2002 that rocked both of our worlds. Fortunately, the surgery she had was curative and she’s not had any issues since. But it caused her to make massive changes in her life.
She declared then that she’d become the healthiest retired person possible by embracing exercise, diet and spiritual medication. She’s a mentor to many and a beacon of possibility for others.
She embraced the power of residual income while becoming one of those “investors” to which Robert Kiyosaki referred.
And now, she focuses on helping others with better health, nutrition and financial well-being in a world that has little of each.
Half of the US population will be obese by 2030.
Some states like my Alabama home will see obesity rates hit 60%. And it’s not because people are eating everything in sight, but eating what’s available, fast and mass produced with toxic levels of sugars, carbs and worthless calories.
Six years ago, we both adopted Isagenix products as our main source of healthy nutrition and we’ve thrived maintaining weight while getting the absolute best basic nutrition input daily.
And it’s easy and tasty.
From a financial perspective, the residual income growth is terrific and the opportunity even greater. Doing very little each month, we have far surpassed that average gig worker’s goal of monthly income.
And from a purely marketing assessment, the target market is huge and growing daily.
Charlsa’s on a mission to help anyone who wants help improving their health, nutrition and financial well-being by adopting Mark’s mantra of “Do the work once and get paid forever” by expanding her network and yours.
To get you started we created a free book together called, “The Beginner's Guide To Delicious & Nutritious Health Smoothies.”
Enjoy the book, our gift to you.
And if you’d like to find out more about how to create a simple residual income stream while doing good for others, click here to set up an appointment with Charlsa. (http://HardyAndHealthy.com/talk)
I am interested in this opportunity to be healthy and build a residual income.
Thank you.
Hey – Glad to hear it. The best way to get started is to click the link at the bottom of that post and set up an appointment to get started.