Can gig jobs help the debt redden, or is something else needed?

Are you looking to earn some extra money, but you do not want to go a pawn your rings and watches? Neither suggesting anything illegal or immoral here. Just asking if you are one that need some extra cash in your wallet.

It can be understandable that many people find themselves in a pickle. With the average household debt standing at $137,063 in the United States, and rising, with some people adding fuel the fire by paying off their debt with a second credit card.

However, welcome to the gig economy, which around 34% of people in the United States already forms part of, and this sector of the business is set to increase to 43% by 2020. This is where you can do some extra work mostly online. It should also be said, that the internet is rather overcrowded and the competition is fierce, but if you are willing to earn a few dollars more, it might be something for you. Although it should also be said that the lack of money is sometimes linked to scarcity in a negative way, and the thoughts that you will never have enough.

Now this article is not about the philosophy of wealth or if capitalism is to blame, although those are important. No, the focus here is if you are on the edge of a financial cliff fall, and you want to get yourself away from that, or there is some debt that has built up such as a student loan and you need to service that. Therefore, what the aim of this article is about making you think, more so think of how you can increase your income to cover those debt problems.

The easiest way to increase your wallet size is by working for others. An easy example is for app companies like Uber or Lyft. There you can work as a driver, earning some extra cash. You will need to have a clean license, have a decent car, or be able to hire one, but you can earn some money on the side.

Alternatively, you could offer some of your own services to others. Now, these can be freelance writing, or graphic design work – where you can design business cards, do branding such as logo design, all the things that you are skilled at doing. Also, besides just designing such items you can also sell them at your local flea market. In addition, it is at these local monthly night markets, for example, you can sell things you have made. It can be from avocado smoothies, to pull pork in a roti.

But as you gain more cash, the key is to put that to your debt. If not, then you have changed nothing.

This brings us to the root of the evil, when you spend too much – more than what your salary brings in, then you will be going into the red. It is that lack of financial education that can be blamed.

True, it is these in-debt spenders that drive the economy, buying, replacing and upgrading. But if you cannot afford it, then maybe the thought should start to resonate that you need to slow down.

Doing some work online or selling some products in your spare time, might be bring in some relief and warding off their debt collectors, but if you cannot control your spending then you will stay with your problem.

The key rather, and a much smarter way, is by reprogramming your brain about money. Education yourself about saving and investing will become important.

Since surely you do not want to be in that place where you need to work several jobs just to survive. There must be more to life than working and paying off debt, such as your family and seeing the world. But having to work each hour of the day, just to cover the costs and the debt, that is no life.

Just some last words. Although this seems judgemental, the underlining point, which is more of a query, is to ask if the capitalist life really makes space for every person, or do we need to revise our economic values to be a bit more inclusive. It might not sit well with those that are well off, and able to manage their debt responsibly. Since, if a large part of the middle class has been those that has been in debt and more so entering a debt crisis, it has meant that debt will erode this class. It is this class that is needed for a democracy to sustain itself.