The entrepreneurial choices available to Americans has never been greater. You can turn a hobby into an enterprise, at least your own small business. Underutilized assets such as time, skills, experience, passion, and purpose can enable a new income stream whereas you can learn as you go and actually have fun in the process. These choices are available to students as well as the more mature. Everyone is included!
What has not changed that much for Americans over the past 50 years is the success rate of those who always earn more than what is spent. Therefore, a key motivator for incremental work and the opportunity to increase earnings is actually very basic. Perhaps, we do not really need to attempt to inspire people to reach new heights as much as we need to help them realistically understand how to move from where they are to a better place of enjoyment for the life/work experience.
A few hundred dollars earned in addition to a base income, managed effectively, can make a difference over a period of time. In the research that we conducted on the gig economy The trend toward multiple gigs (approximately 60% of participants) may also be related to a desire to embrace that which is clearly understood and rather flexible to engage in vs the amount of money that is earned. Multiple gigs, we assume, means multiplication of the income possibility for the gig worker. Fleming, author of Ultimate Gig, hypothesizes that a few hundred dollars earned incremental to core earnings can often make the difference in the earning and spending equation. The objective to always earn more than one spends is not easily accomplished. Often, expenditures in the individual and family budget rise to meet and exceed the income coming in. Credit is often used as an offset and increasing debt is the result, not really considered the solution.
Earning more than what one spends is the major key to wealth accumulation when the difference is managed effectively no matter the amount. The choices available that now make entrepreneurship available to anyone who seeks to develop an additional income stream, or even multiple income streams, is the new reality. We often refer to the new possibilities as a result of the many new opportunities created by the NEW ECONOMY.
This Experian article discusses average savings balances for different age groups, highlighting that these balances range from $20,540 to $72,520, with median balances ranging from $5,400 to $8,700. It provides guidelines for retirement savings and tips on how to increase savings, such as automating savings, paying down debt, and choosing high-yield savings accounts. The article emphasizes the importance of consistent saving habits and provides suggestions on where to keep your savings for better interest rates and financial growth.
