We have been hearing about the “GIG Economy” now for almost 10 years, and the conversation was hyper-accelerated during our “COVID bondage.” Why? Well, some of us had to get hyper-creative with our resources during our loss of “normal employment,” resulting in reaching out to use our time and our other assets (as “time” is truly your only limited asset) in creative ways to immediately stop the bleeding. We saw the incredible uprising of literally hundreds of alternative ways to earn income without a W-2 form. Whether Uber, Lyft, ……..
They all were either already in existence but without necessarily broad general appeal before the recession (like Uber, Lyft, Taskrabbit, Airbnb, Fivre, Upwork), or the creativity of our populace arrived at new ones during the COVID years leveraging GIG workers more and more (ProBono Lawyers, Instacart, Personal Tutors, etc.). What we truly experienced was a major shift in “how we work” and many somewhat expected “the norm” to return at the end of COVID. Instead, the GIG Economy grew by over 30% during COVID, only building a more permanent foundation in the US economy. The COVID era just put the “alternative work experiences” on hyper speed, and it is truly not losing steam. Today, over 30% or Fortune 500 companies use these “freelancers.” Employers as well are realizing the incredible talent pool is ever increasing which is attracting more attention.
Although many are not yet buying into the “traditional GIGS,” or not interested in what they are seeing, there is a whole new terminology rising up from the world of work: leveraging underutilized assets. So, what does that really mean? Virtually like a GIG but truly renaming it for what it is: Underutilized Assets…and how each and every one of us can think through this logically. New word creates new attraction! Look around your life and examine where are the “gaps?” What are YOUR ASSETS that are not getting fully utilized and, due to the New Economy, what are your numerous possibilities of generating more money through these underutilized assets??
- Our time… many of our current income earning activities leave us with a number of hours we could readily dedicate to yet another opportunity. Many are extending their hours of work today so that they can retire at 35-45 instead of the historic age 65 mark.
- Our Car…so many opportunities to add a few hours a day to our “work lives” by picking up Uber like behaviors…
- Our Home…many are looking at “spaces and places” underutilized in their homes/apartments, and finding ways to “lease” them out whether for roommates, storage, artistic endeavors, etc.
- Our Education/knowledge/expertise…many are “thinking outside the box” recognizing that they have an underlying skill set either by education and/or experience that is desired by different segments of the business world looking for 2-4 hours per day, and why not?
- Our Creative side…some of you do not even realize what you have as you have never tapped into it, or only viewed it as a personal asset versus one that could generate real interest and thus, real cash flow.
- Our Past experiences…as we take on new employment or earning activities, why is it that we look back and are dismissive perhaps about what we used to do either in spare time or in prior jobs? Just take time to journal on all the knowledge/talents that you have gained in the past 20-60 years that perhaps have gone unused due to the choices you have made for “work.” Those talents are still there and just need a little dusting off. And perhaps some of them actually provide you more joy and fulfillment but you at one time either sacrificed them for “more money” or listened to someone who may have incorrectly judged you as “not good enough?”
The list of these is endless as each and every one of us is unique with unique talents and assets that are being underutilized. Is this your time? Step one is to brainstorm with a person knowledgeable of The New Economy who can truly at minimum intrigue you with all the possibilities! Then, the only issue is “ARE YOU READY?” For many, why leave money on the table when you can retire earlier, or get that crazy vacation annually you have always wanted, or buy that second car, or build out your children’s college education fund, or…(here is where YOU fill in the blank).