Why Millennials Have a “Gig” Mentality

This one is for my hustling Millennials in the Gig Economy. Whether you're a freelancer, gigger, or business owner, you have to work hard.Welcome back, all! It’s still February and the snow that was piled high in the back yard is almost gone. Will it return? Spring can’t get here soon enough.

This week, let’s talk Millennials (like we don’t already do that enough) and gigs! This is going to be more of an exploration of the “gig” mentality of today’s working force more so than financial or investment advice.

Hey, I know a thing or two about “gigs,” having started my own business and all. I can’t tell you how much I cherish the flexibility my business brings me.

Why this lifestyle is so attractive?

So, why are millennials so enamored with going from gig to gig, or trying to start their own businesses as opposed to settling into a career that’s already established? In my opinion, there are two reasons:

  • You really appreciate work-life-balance – Yup. It’s really nice being able to set your own hours and “rule to roost,” so to speak. You can live the lifestyle you want being your own boss. It’s a very attractive way to live, who in the world wouldn’t want that?
  • You saw what happened in 2008 – Kind of a bummer what happened to the economy, right? You probably witness the financial downturn that hit your parents. For my older Millennials, you struggled early on with a depleted job environment. It was a tough way to start for us. It’s a scary thing to see people you love face tough times by losing what they thought was a steady job. So, it would only make sense that you’re a bit fearful of the same thing happening to you.

It can be scary, but it can work!

Let me make one thing clear about this kind of lifestyle: it’s not easy. It takes a lot of hard work to maintain a steady cash flow working gigs and trying to make a career out of it. But, there are some things you can do to make the transition a little less daunting and stressful for both you and your family:

  1. Build up your cash reserve. Set aside money so you can make the transition from a 9-to-5 job to whatever gig you’re pursing. You should put a little pressure on yourself to get this venture off the ground and start making the money to live off this income.
  2. Love what you’re going to pursue. I mean, seriously, if you don’t love it, don’t do it! Ask yourself, “will I be happy getting up on a Monday morning doing this?” If you have to think longer than 3 seconds about it, you may want to hold off turning in your 2 weeks’ notice.

At the end of the day, what you have to realize is when you decide to go from a steady 9-to-5 to pursue your dreams, it’s going to be a sacrifice for you and your family. You may find yourself dealing with new financial challenges (what else is new), but if you’re serious about what you’re trying to do, you can and will succeed.

Related Articles:

[The Wall Street Journal] – How to Transition into The Gig Economy

[CNBC] How to Juggle the Ins and Outs of Freelance Work

[Fiscal Times] Self-Employed? Here’s How to Save for Retirement