I’m on my side gig soap box again. I first discovered the need for a side gig years ago when the company that I worked for was sold and my job was eliminated. Fortunately, I was able to get work as a consultant very quickly, but then and there I swore I would never be dependent on one source of income ever again.
The National Women’s Law Center says that, based on today’s wage gap, women would lose $418,000 over the course of a 40-year career. In Virginia, where we’re based, the gap is $482,000! Latina and African American women lose even more than that.
So Doll, unless you’re already have a plan to close up a $500,000 wage gap, weather possible rule changes that can affect your 401(k) plan (now or later), make up for the disappearance of social security which has been threatened now for years; if you’re a single mom or saving for college, or if you just want to travel whenever you choose, you need a side gig. Over 40 years, that $418,000 breaks down to $10,450 a year. YOU CAN DO THIS. If that 9 to 5 goes south, you will have a safety net, or you will have developed another skill, or you will have a chance to work at something you’re truly passionate about.
With all that you probably already have going on, you may think you don’t have time to work for yourself. Check out one of my favorite sites, themuse.com that breaks down how you can harness time from your already busy schedule to invest in yourself and your future through a side gig.
And once you start collection your personal stash, remember that’s it’s critical to not just save it but to invest it. A certified financial planner (CFP) can help you save, invest and grow your money. See these tips from the WSJ on how to choose a financial planner, so you can make money while you sleep.
Let us know if you have a success story to share about your side gig, what it was and how you made it work. Let’s learn from each other!