American’s Are Gig Workers Now, Wealth Building Must Be Different
Admittedly, much of our experience at Money Vikings wealth building has been based on someone having traditional employment with a company that offer benefits such as a 401k and health insurance. But for a growing number of Americans this is not longer reality.
78 Million Gig Workers
There are an estimated 78 million gig workers now. For them, the old models of building wealth need to be re considered. But do not fear, Money Vikings have some ideas that might help. I imagine this number will continue to grow over time as our technological world takes over even more and we fall deeper into the Matrix.
For millions of Americans, the traditional 9–5 job with a pension and predictable raises is no longer the norm. Today’s workforce is increasingly made up of freelancers, creators, consultants, contractors, and side-hustlers—people whose income can change month to month. This shift doesn’t make wealth building impossible, but it does mean it must be approached differently, with more intention and automation.
Here are five practical ways gig workers can build real wealth over time, even without a traditional employer.
1. Automate Your Own Retirement
Gig workers don’t get employer-sponsored 401(k)s—but they do get flexibility. Setting up an automated IRA(Traditional or Roth) or a Solo 401(k) allows you to invest consistently, regardless of income swings. The key is automation: schedule contributions to occur whenever income hits your account. Even small, regular investments compound into significant wealth over decades.
2. Build a Strategic, Long-Term Investment Portfolio
Without a pension, your investments are your pension. A diversified portfolio—often using low-cost index funds—lets your money work for you while you focus on earning. Avoid chasing trends or trying to time the market. Consistency, diversification, and time matter far more than perfection.
3. Budget for Irregular Income (Pay Yourself First)
Traditional budgets don’t work well for gig workers. Instead, base your budget on your lowest expected monthly income, not your best month. When you earn more, automatically direct the excess toward savings, investing, and taxes. This creates stability, reduces stress, and prevents lifestyle inflation during high-income months.
4. Maintain a Larger Emergency & Opportunity Fund
Gig income can be unpredictable, which makes cash reserves essential. Aim for 6–12 months of living expenses in a high-yield savings account. This fund isn’t just for emergencies—it also gives you the confidence to turn down bad work, invest in new skills, or pursue higher-paying opportunities without panic.
5. Turn Income Into Assets, Not Just Expenses
The wealthy don’t rely solely on labor income—they convert income into assets. For gig workers, this might mean investing profits into stocks, real estate, a scalable digital product, or a business system that earns while you sleep. Over time, these assets reduce dependence on constant work and move you closer to true financial freedom.