The Economy of You summary
Book Summary & Synopsis
What's it about?
The Economy of You explains how to build a resilient second source of income by turning existing skills, interests, and relationships into a side business. It presents practical ways to identify transferable skills, create time, build a professional network, recover from failure, and make additional work meaningful.
Who is it for?
- People who want greater financial resilience during economic uncertainty.
- Anyone interested in developing a side business from skills, interests, relationships, and initiative without necessarily abandoning a primary career.
Core idea
A second income stream can provide financial protection while also creating opportunities to learn, build relationships, contribute to others, and find greater freedom and meaning in work.
From the Introduction & First Chapter
Introduction
The Economy of You by Kimberly Palmer Build a second source of income by turning your skills, interests, and relationships into a resilient side business. The 2007 to 2008 financial crisis left many Americans in dire straits. Many struggled to make ends meet as jobs disappeared and financial security weakened. Economic uncertainty has not disappeared.
Luckily, you can take practical steps to protect yourself when times get rough. With creativity, you can turn existing skills into an additional source of income. A little moonlighting can provide financial security, new opportunities, and even greater fulfillment.
why a second income matters
Why a Second Income Matters. Financial struggles are not the only reason to develop another source of income. We constantly hear about how volatile the global economy can be. Since the financial crisis, many people have taken extra steps to protect themselves from economic downturns.
Working two jobs was once considered a last resort. Increasingly, it has become a normal strategy for building financial resilience. A 2012 University of Michigan study revealed how widespread financial anxiety had become. As many as 50% of participants felt financially worse off than five years earlier.
The U. S. Bureau of Labor Statistics found that 5% of workers held at least two jobs. Financial pressure is one obvious motivation.
Growing debt, increasing rent, and mounting medical bills can make additional income necessary. But money is only part of the story. Consider Joe Kane, a former police officer who built a website called CopsToGo. com.
The platform helped police officers and firefighters offer additional services. These services included home repairs and legal consultation. Kane did not begin the project because he was financially desperate. He wanted to develop new skills and create new opportunities.
While still working as a police officer, Kane took classes and became a certified tax specialist. He successfully offered accounting services and eventually focused more heavily on tax consultation. The work paid better and gave him more time with his two children. Yet Kane still wanted another source of income.
He invested additional time into his website to make his financial life even more resilient. His experience illustrates the many reasons people pursue additional income. The desire for more money often accompanies a desire for professional and personal change.
Table of Contents
- 1 Introduction 0:50
- 2 why a second income matters 2:11
- 3 turn your skills into opportunities 2:21
- 4 build a network around your work 2:00
- 5 Learn How to Recover from Failure 1:45
- 6 make your second job meaningful 4:10
