The Economy of You | Kimberly Palmer

Summary of: The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life
By: Kimberly Palmer

Introduction

Welcome to the summary of ‘The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life’ by Kimberly Palmer. In this book, Palmer explores the increasing trend of individuals seeking additional sources of income, often dubbed as ‘side hustles’, to secure their financial futures. You’ll learn about the various motivations behind pursuing multiple streams of income, how to identify your specific skills and apply them to new opportunities, the significance of networking in finding and maintaining additional jobs, overcoming challenges and failure, and the importance of helping others throughout your journey.

Working Two Jobs?

Understanding the changing reasons why people work multiple jobs.

Since the financial crisis of 2007, people have taken extra measures to protect themselves from further financial instability. One such measure has been taking on multiple jobs. Studies show that almost 50% of the population is financially worse off than they were five years ago, leading to a growth in the number of people who work two jobs.

While it makes sense that people work two jobs to alleviate financial stresses such as debt, medical bills, and rising rent prices, there are other reasons for taking on side hustles. Some people, like former police officer Joe Cain, start their own business ventures as a way to gain new skills and opportunities. Cain’s website, sidegig.com, began as a way for police officers and firefighters to offer additional services such as home repair or legal consultation.

For Cain, the motivation behind taking on additional work was not just financial but personal. He wanted to spend more time with his family and simultaneously gain new skills. Cain’s story illustrates that while money is often a driving force for people to take on side hustles, their motivations can also stem from a desire for change in both their professional and personal lives.

This changing trend of working multiple jobs reflects the evolving reasons for doing so. What was once seen as a last resort is now becoming a norm.

Finding a Second Job

Finding a second job can be daunting, but it’s best to reflect on your current skills and how they can be useful in other professions. Online platforms like Etsy or Elance can be great for selling goods and services. However, time management is crucial, so early mornings and reducing unnecessary activities can help create time for a second job.

Building a Strong Network

A strong network of friends supports us through challenges and facilitates success in new business endeavors. To build a network, seek out like-minded individuals and engage with their content. Consider how your skills can benefit others and establish an online presence. Connect with potential clients by reaching out to bloggers in your field. Don’t be afraid to ask for help.

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