Gigging in the Gig Economy

The gig economy. It’s the future of the world and the trend has already begun.

Analysts all over the globe are talking up ‘gigging’ – where people work a number of jobs to bring in the cash instead of a single full time occupation.

Self-employed, freelancers or independent contractors – this so-called hidden economy fills a much needed economic black hole for people who can’t or don’t want to commit to a 9-5 full time job.

People like mums, seniors, students and those who just like the feeling of extra cash in their pocket.

A friend and client of mine *Tania, immersed herself in the gig economy. Her main source of income is through part time employment as a TV producer for one of the big television stations. Tania gig’s as a Tupperware Consultant, Freelance Writer and Pet Sitter. The attraction of the gigs is the extra money and flexibility, plus she enjoys it. Tania has two small children, a full time job in itself, and these gigs allow her to earn extra dollars while keeping her children with her. It cuts down on childcare costs and truthfully her anxiety at being separated from them.

I can see the attraction of the gig economy and so can a third of all Australians. More than four million Aussies are technically giggers and with the growth of platforms like Airtasker, Uber, Upwork, Gumtree and Freelancer that number will only go up. It’s never been easier to join the gig economy.

I am seeing this more frequently with clients who are choosing to work part-time jobs and supplement their income with “gigs” that they truly enjoy. From the bank’s perspective as long as the client has an ABN and have two years consistent history this income can be assessed at 100% to service the mortgage.

My husband couldn’t make “gigging” more fun. After our move from the east coast back home to the west to essentially settle down to have a family – we both moved jobs, at the time I transferred with Macquarie Bank and my husband went from Channel 7 to State Government. While my husband was in transition he started DJ’ing which was initially only a lounge room hobby and became a second source of income while I was on maternity leave. We thought this would be a temporary “gig” but through the likes of Instagram and word of mouth, gigging could never be easier or more fun. Free advertising, choosing gigs that suit the family commitments and being able to practice his deep passion for music and earn a solid supplementary income is gold. One of the biggest advantages is we are able to recommend clients to one another’s businesses. A client of mine just bought their dream family home and they were talking to me about their wedding and coincidentally needed a DJ for their wedding and voila!

Big business is even being forced to look at how it treats its giggers. Companies like Uber could soon be forced to classify its workers as employees rather than independent contractors which would make them eligible for holiday and sick pay and don’t forget those highly prized superannuation contributions.

The future of the gig economy looks solid. It’s here to stay.

Belinda (ex- Macquarie Bank) is an accredited Finance Broker and holds a bachelor of Communications (minor in Business). She has accumulated over 10 years of banking and lending experience across credit, sales and senior manager roles. Belinda combines her passions of finance, business, property and people to provide an enriched client experience and takes the time to investigate and understand what is required for each of her clients.
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