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The Economy of You

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The Economy of You

Discover Your Inner Entrepreneur and Recession-Proof Your Life

AMACOM,

15 min read
10 take-aways
Audio & text

What's inside?

With the constant threat of downsizing and job security a thing of the past, many people turn to “side-gigs” for financial security.

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Editorial Rating

8

Qualities

  • Innovative
  • Applicable

Recommendation

In previous decades, many employees held lifetime jobs that provided benefits and pensions. In the modern era, many people – including, most conspicuously, many millennials – can’t find work. Those who have jobs worry that they might lose them due to cutbacks. US News & World Report money editor Kimberly Palmer, a financial planner, shows employees of all ages how to organize “side-gigs” or second jobs with an entrepreneurial bent. Creating an extracurricular business you can turn into a living puts you in charge of your prospects and takes your career out of the hands of a company that could be vulnerable to downsizing. getAbstract suggests this timely, useful guide to workers who want to protect themselves or make a little extra cash.

Summary

Life on the Tightrope

As a senior editor at US News & World Report, author Kimberly Palmer sought a little extra financial independence and control of her time and her life. With today’s constant downsizing, she wanted to protect herself against a possible future layoff.

Palmer looked beyond the traditional economy, where full-time jobs and nine-to-five schedules dominate. She wanted to establish a second source of earnings.

Palmer based her decision on a new reality: In a fractious economy, where job security is often tenuous, everyone needs additional income. US unemployment rates are high, especially for millennials and older workers. Even those with jobs face challenges, including salary cuts, benefit reductions and extra work hours. A 2012 Gallup poll found that 30% of workers worry about possible layoffs.

Rising costs burden most wage earners. A 2012 University of Michigan survey showed that 50% of consumers said they were doing worse financially than they did five years earlier.

An equal percentage did not expect things to improve over the next five years. Only 25% of Americans have enough money in reserve to last for six months...

About the Author

Kimberly Palmer, senior money editor at US News & World Report wrote Generation Earn: The Young Professional’s Guide to Spending, Investing and Giving Back.

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