The ultimate guide to protecting credit in a freelance and gig economy

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The ultimate guide to protecting credit in a freelance and gig economy
A nontraditional career path requires a financial plan
By Tamara E. Holmes  |  Updated: April 20, 2018

Being a freelancer or your own boss in the gig economy may sound like a great deal, but without proper planning, a freelancing lifestyle can turn into a credit disaster. 

Approximately 57.3 Americans – 36 percent of the U.S. workforce – do some type of freelancing, according to a 2017 study by Upwork and Freelancer’s Union. A whopping 47 percent of working millennials freelance, and by 2027, the majority of the U.S. workforce will consist of freelancers, the study found.  

When you make a living doing freelance assignments, temporary jobs or consulting work, you get flexible hours, and may even be able to work from anywhere. The appeal is far-reaching. Nearly 40 percent of Americans said they would prefer being a gig worker to holding a full-time job, according to a 2016 survey by global workforce solutions adviser Staffing Industry Analysts.

But the freedom and flexibility can come at a cost. Maintaining a good credit score and having credit readily available can become more difficult, and a nonsteady paycheck can leave you teetering on the edge of financial ruin. If you’re thinking about joining the gig economy, be proactive to protect your finances and maintain a good credit score while pursuing a nontraditional career.

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