The Economy of You Book Summary - The Economy of You Book explained in key points

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The Economy of You summary

Name: The Economy of You
Rating: 3.6 (14 reviews)
Author: Kimberly Palmer

Kimberly Palmer

Discover Your Inner Entrepreneur and Recession-Proof Your Life

3.6 (14 ratings)

11 mins

Brief summary

The Economy of You by Kimberly Palmer is a guide to establishing a successful side hustle. Drawing on her own experience, Palmer offers practical advice and inspiring stories to help readers transform their passions into profitable careers.

Topics

Entrepreneurship

Table of Contents

The Economy of You
Summary of 5 key ideas

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Key idea 1 of 5

What’s in it for me? Awaken your inner entrepreneur and earn some extra money.

The 2007-2008 financial crisis had a huge impact on the US economy, leaving many Americans in dire straits and struggling to make ends meet. Although the worst part of the crisis might have passed, the economy is still shaky.

Luckily, there are measures you can take to protect yourself and secure an income if the going gets tough. With a little creativity, you can raise your chances of finding a second job or turn your skills into a thriving side-gig. There’s nothing wrong with a little moonlighting – it may even change your life for the better.

In these blinks, you’ll learn

how to turn your skills into money;
how to surf your way to a new job; and
how (and why) you can still pick your friends.

Going through financial struggles isn’t the only incentive for finding a second job.

It seems like all we ever hear about is how volatile the global economy is. Since the 2007 financial crisis, many individuals have taken extra steps to protect themselves. Once thought of as a last resort, working two jobs is becoming a norm today.

A 2012 study conducted by the University of Michigan revealed that as many as 50 percent of participants described themselves as financially worse off compared to their situation five years ago. According to the US Bureau of Labor Statistics, 5 percent of the working population in the United States already has at least two jobs. What’s the relationship between these two pieces of information?

Well, it’s easy enough to assume that people get a second job because of financial struggles, be it a growing debt, increasing rent prices or mounting medical bills. But while this is logical, it’s not the whole story.

Take Joe Cain, for instance. A former cop, Cain built the website sidegig.com, a platform where police officers and firefighters could offer additional services, such as home repair work or legal consultation. He didn’t take on his website project out of financial desperation. Rather, Cain was determined to gain new skills and opportunities.

Cain was able to become a certified tax specialist by taking classes while still working on the police force. He had success offering his accounting services to other people, and decided to continue focusing on tax consultation. Not only did this job pay better, it also afforded Cain more time with his two children. But not wanting to stop there, Cain also invested time into sidegig.com to secure yet another stream of income.

Cain’s story shows how motivations for finding additional streams of income can be manifold. A need to earn more money often goes alongside a desire for changes in your professional and personal life.

Start by gathering inspiration for your new job and a new weekly schedule.

If you remember how tough it was starting your current job, finding a new one might seem pretty daunting! That’s because we often have no clue where to start. So at this stage, it’s best to keep things simple and ask yourself what you’re good at.

Take the time to reflect on yourself as an employee by listing the skills you’ve gained in your current job and how they might be useful in other professions. For example, if you’ve learned great management skills at your hospitality job, you might enjoy taking on coaching as a second job, where you assist clients in organization and planning.

Seek out a strong network of friends online to help grow your business.

A great network of friends is something we should all aspire to have. Their support often comes in handy when facing challenges, such as relationship and family troubles. It’s also great for starting new business endeavors.

As you start to find your footing in your second job, you’ll need a network to show you the ropes, and connect you with customers and other businesses. So if you don’t have any friends in your new field, it’s time to make some!

Failure is natural, so focus on bouncing back well.

Whether it’s a disappointed customer, a disastrous workshop or a declined application, failure can make you question your ability to maintain additional streams of income. Failure is a perfectly normal part of life – it happens to the best of us! If you find yourself at a dead end, don’t despair. What matters most is how you bounce back.

There are three steps to making the most out of failure. First, learn from your mistakes. The internet is your friend here. Seek out stories of failure similar to yours and see how other people have grown from them. This will console you and remind you that you’re not the only one who’s gotten lost along the way!

Find fulfillment in your second job by keeping karma in mind and avoiding too much pressure.

Do you believe that “what goes around, comes around”? While ideas of karma may seem a little superstitious, any successful businessperson can tell you that they do apply.

In previous blinks, we found out that having a network of supportive friends can be great for getting your second job up and running. If you want to maintain these friendships, you’ll need to be a good friend. Sounds obvious enough, but it’s easy to forget in the early stages of your business when you have a lot to lose. That’s why you should be willing to make sacrifices and help others out when they ask. It’s worth it, because they’ll be more likely to get your back in the future.

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What is The Economy of You about?

The Economy Of You (2014) is your guide to establishing and maintaining additional sources of income. From seeking out opportunities and developing networks to finding your audience and facing new challenges, these blinks provide you with the tools you need to do what you love without leaving your full-time job.

Best quote from The Economy of You

One of the richest sources of side-gig ideas, in fact, might be your day job.

—Kimberly Palmer

Who should read The Economy of You?

Employees interested in entrepreneurship
Parents seeking to boost their financial security
Individuals curious about changing career paths but not ready to leave their current job

About the Author

Kimberly Palmer is a blogger for U.S. News & World Report whose expertise in money management has made her a sought-after guest on NBC, CNBC, CNN and other networks. Palmer has written articles for newspapers including The Washington Post and The Wall Street Journal.

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