(InvestigateTV) — Gig work means earning income by providing on-demand work, services or goods, often through a digital platform like an app — think Uber or food delivery. But making that income work beyond the paycheck requires a shift in thinking, according to one financial expert.
Stoy Hall, founder and CEO of Black Mammoth, a financial planning and wealth management firm, said gig workers need to start thinking of themselves as business owners.
“If you have a gig, because it’s not W-2, it’s usually 1099, you are a business owner, so you need to start operating and thinking a little more like a business owner,” Hall said. “Separate accounts, maybe an LLC, understanding the tax consequences, but also understanding the flexibility in that and the tax write offs that you get, which yeah, might not help you today with your cash flow, but it’s definitely going to help you come tax time.”
Because gig income is not always consistent, Hall said workers need to identify their monthly baseline — the minimum amount they need to earn from the job each month.
“If I know that, ‘Hey, $1,000 a month I need no matter what in expenses for me to survive or to meet whatever I need in my life, then I know when I have months that I make $2,000, I need to set aside that thousand, right? And then once I make 500, I’m going to pull from what I set aside’,” Hall said.
Hall said if a gig worker has earned $2,000 for six straight months, it may be time to adjust their plan. He recommended reviewing tax situations, personal goals, and what the gig has provided financially.
Hall said people often run into trouble when they earn extra money for several months in a row and spend it without a plan.
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