Finding Financial Health in the Gig Economy

Finding financial health in the gig economy

So, you’re cruising down the highway with your latest fare, making money whenever you choose to turn on your engine. But that 1099 economy you’re so fond of should come with a warning: Steep Drop-off Ahead. Why? Because with the gig economy comes an entire set of income volatility issues — and if you’re not being smart about it, the state of your financial health could be impacted. In today’s economy, the old-economy dream of financial stability through gainful employment has simply been thrown out the window: Steady paycheck — nope . 401k — please . Employer-sponsored health insurance — not a chance . Salary advance when you need it — don’t even ask . Automated tax withholding — that’s cute . Things aren’t easy for people with your basic 9-to-5 job, but gig economy workers have even more responsibility to manage their financial health. In short, you’re on your own. That’s the bad news. The good news is that the very same technology that is driving the apps and companies of the 1099 economy is also being harnessed to create new tools to manage and improve your own financial health. ( Financial health is simply your ability to have a functioning day-to-day financial system that helps you deal with emergencies and pursue your dreams, whatever they may be.) So what should you be doing? Check out these technology innovators that are helping to support financially healthy habits for 1099ers. If you have no idea how financially healthy you are, get a financial health tune-up The first thing you need to do is figure out where you stand financially. For a long time, the only way to do that without an expensive financial advisor was by checking your credit report, but that only tells a fraction of your financial […]