How 1099 Workers Can Survive in a Dog-Eat-Dog Economy
All workers are still suffering from the aftermath of the pandemic, but 1099 workers seem to have it the worst. They have the most difficult time finding jobs that pay well and don't cause wear and tear on equipment they own. Such workers also have to deal with stiff competition in fields they used to flourish in a while back. Can these workers survive? Yes, but they'll have to approach their work differently. Here's how:
Increasing Income Streams
Contract work is so unpredictable that it's almost impossible to survive on one income stream alone. Thus, the best thing to do is for a 1099 worker to accumulate as many streams as possible. It will still be difficult for some people to manage, but it's more effective than trusting a single company. One never knows when that company will decide to end the business relationship for no apparent reason.
Not Sharing Information With Others
There used to be a time when workers could help other people and share their income streams, so they could look into it. Nowadays, it's a dog-eat-dog world. Thus, the same people a worker tried to help years ago might be the ones to cause that person to lose his or her income today. It might be best for an individual to be "selfish" with all the information and only worry about his or her survival.
Making Investments That Have Potential
Making smart investments is one way to stay afloat, but a worker has to be careful in that area as well. The individual must do extensive research to ensure that the investment company is reputable. Bad things can happen when putting money into a shady investment. Bank accounts can get overdrawn, money can disappear, and so on. So, a 1099 worker might want to talk to an attorney before making a move.
There is a way to survive, even during these challenging times. The best recourse is for workers to keep their faith and continue standing despite the opposition.