She's 26, a college graduate, and her mother worries she doesn't have a clear future in mind.
"She seems to be undecided, unclear on her career," the mom told me. "Right now she wants to see the world.
"My blessing and support are there for her whatever she wants to do, but I would like her to find her passion in supporting herself." Well, mom, I have good news. Times they are a changing, and those who can change with the times will reap enormous benefits. Longtime readers of this column will know I regularly encourage people to have sideline and even full-time self-employed businesses both for the personal control and also the tax benefits.
A recent report titled "The Future of Work" in the well-respected newsmagazine The Economist predicted that more and more companies will contract out more and more work, laying off employees who now do fairly routine jobs. "The on-demand economy is unlikely to be a happy experience for people who value stability more than flexibility - middle-aged professionals with children to educate and mortgages to pay," said the report. "On the other hand, it is likely to benefit people who value flexibility more than security." This second description sounds like our 26-year-old. However, she will have to develop on-demand marketable skills. In her case, something like teaching English as a second language because she wants to snowboard in Japan in the winter and explore other parts of Asia.
"The on-demand economy will inevitably exacerbate the trend toward enforced self-reliance that has been gathering pace since the 1970s," said The Economist. "Workers who want to progress will have to keep their formal skills up-to-date."
Certainly having one's own self-employed sideline is the perfect first step to prepare to take advantage of the on-demand economy.
Take my own case as an example. Prolonged labour disputes at The Vancouver Sun, where I worked for 25 years, prompted me to start a business writing freelance articles for various publications.
Eventually I left the paper to turn this sideline into a full-time business with my late wife Mandy, expanding it to provide financial counselling in various forms and then a semi-retirement career in teaching university classes.
Mike Grenby is a columnist and independent personal financial adviser.He'll answer questions in this column as space allows but cannot reply personally. Email [email protected].
