Is It Possible To Support A Family By Working Solely For The Gig Economy?

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Many people work regular 9-5 jobs. Some of these jobs may include working in an office to washing dishes at the local restaurant. However, more and more people are starting to replace those jobs by working for the gig economy. According to Forbes Magazine, one of the most successful and known business magazines in the world, "An estimated 43% of the U.S. workforce will be made up by freelancers [working for the gig economy]. This proves how the gig economy is providing more benefits to people that would rather work for themselves than for a regular employer. The gig economy is growing because it provides a decent income for many; however, it usually is not enough to support a family. 

But before we can get into the deep facts about the gig economy we have to know what it is first. According to Whatis.com "A gig economy is an environment in which temporary positions are common and organizations contract with independent workers for short-term engagements ". Some of the most know gig-economy jobs are Uber, Lyft, and AirBNB. Uber and Lyft are ride sharing companies where people can get transportation to their destination (like a taxi) for a low price while the driver can make up to $20 per hour. AirBNB is a website where a homeowner can rent out his/her home to people (like a hotel), making up to  $6000 a month.

So the real question is can people support their families by working solely for the gig economy? Well, the answer is maybe. In order to make good money to support your family, you would have to work many jobs for the gig economy. $20 an hour is a good earning wage for an Uber driver however Uber limits how many hours a driver can work. Also, if a host for AirBNB wants to live off solely hosting people, he/she would need either one very good property where people are always traveling too or many regular properties that bring in a medium amount of income. 

Future Research Question:  What are the pros & cons of working in the gig economy?