Your Weekly 1099 & Freelancer Personal Finance Advice (12/9/2016)

personal finance links 12092016

Each week, Almost Millions highlights the best links we’ve found about personal finance and money management for 1099 workers. Here’s our latest hotlist:

Four Ways To Tackle Overwhelming Debt (Nicholas Pell, The Simple Dollar)

“Reach out to your lenders, especially any you’ve fallen behind in paying. What do they need you to do to get back on track? Starting here is going to save you time, money, and aggravation. Once you’ve done this, if you’re still having trouble, it’s time to think about bringing in some additional help with your debt.”

Why Would A Poor Kid Want To Work In Academia? (Chris Bodenner, The Atlantic)

“My final annual pay at Harvard was $32K after three years of work. The job I took in the pharmaceutical industry paid $70K, and after a year of working every day, I was given a raise to $90K.”

What Motivates Gig Economy Workers (Alex Rosenblat, HBR)

“For over two years, I’ve been doing qualitative research on Uber and Lyft drivers, first examining how Uber uses automated mechanisms to manage drivers with my coauthor Luke Stark. And, more recently, I’ve interviewed 85 Uber and Lyft drivers across the U.S. and Canada to see how their work varies across regions. I’ve also found that the “ridehail” workforce spans many different types of drivers—from full-time earners to part-time workers and “hobbyists”—who drive for many different reasons. And I’ve seen that not everyone benefits from this work equally.”

The Online Platform Economy: Has Growth Peaked? (Diana Farrell & Fiona Greig, JPMorganChase)

“Turnover in the Online Platform Economy is high. One in six participants in any given month is new, and more than half of participants exit within 12 months. Participants with higher incomes, more stable employment, and younger cohorts are more likely to exit the Online Platform Economy within a year.”

These Days, Everyone Needs A Side Hustle (Dan Greene, Medium)

“There’s some romance to this story, of course; America loves a hustler. But all credit to Uber, because this ad seems to be an accurate representation of their business model and the reason why they, founded in 2009 and officially launched in 2011, and the rest of the gig economy have grown so rapidly in the wake of the 2008 financial crisis.”

The Unequal Burden Of The Permalancer (Jake Blumgart, Citylab)

“To begin with, all the time spent drumming up new work is uncompensated, as is all the time spent invoicing and reminding editors to pay you. Managing your own retirement account, healthcare, and taxes eats into your free time. In addition to costing you more, your dealings with the IRS also grow more complicated. I grappled with at least a dozen 1099s at the end of each year.”

How Easy Is It To Make Money On Fiverr? I Found Out (Tim Stobierski, Grow by Acorns)

“Once you’ve created a Fiverr account and posted a few gigs, the customers come to you. Although the going base rate is $5, you can tack on bonus features that drive up the sticker price. For example, I offered super-speedy delivery (a four-hour turnaround) and detailed commentary for $10 each. The good news is you’re always guaranteed payment through the site, so there’s no risk of doing work you’re not compensated for. The not so good news is it does take 14 days from completion of an order until you can withdraw your money.”