More Minnesotans eschew 9-5 jobs
Nov. 5—CNN has something called the Fear & Greed Index, which gauges the mood of the market. Not surprisingly fear is now dominating sentiment amid economic uncertainty and market fluctuations.
The result is that 8 in 10 Americans report high levels of financial anxiety and many are looking for ways to diversify the way they make and accumulate money.
For more and more people, diversifying their revenue stream means they'd like to ditch their traditional 9-5 jobs in favor of independent work and wealth building through investments, according to a new survey commissioned by trading company FOREX.com.
Minnesotans rank higher than the nation and neighboring states with more than 70% saying they want to find ways to make more from investing rather than working full time.
Only three states — Arkansas, Rhode Island and West Virginia — have a majority of residents who would rather have full-time jobs.
When it comes to where people think they can invest and make money, real estate and cryptocurrency rank highest. In fact, cryptocurrency investments have surpassed the number of investors in traditional bonds in 32 states.
While crypto continues to attract a lot of interest, it remains an arena few people really understand and it's extremely volatile. For all the stories of huge, quick profits there are many crashes as the prices swing severely in the blink of an eye.
And while recent years have seen real estate prices soar while the cost of borrowing money was near zero, things have changed.
Not wanting to trudge to a traditional job isn't surprising, but, of course, if you're going to earn your way through investing, you need something to invest with.
In most cases that money comes from jobs or entrepreneurial endeavors, or from inheritances.
Or, of course, you can hope on the lottery. Which might not be a terrible bet for Minnesotans.
Recent research by the gaming website Hearts.land studied winning statistics from the Powerball to determine the luckiest states in the country, based on how many Powerball jackpot wins have occurred per 1 million population.
Turns out Minnesota ranks as the 10th luckiest state, with nearly 4 jackpot wins per 1 million people.
Still, the odds certainly aren't in your favor.
Even if a lot of people may not be realistic about kicking back and living off investments, a growing number of Americans are veering away from the traditional 9-5 job.
The trend is led by younger people, but many others are also reevaluating their goals and life choices, thanks in large part to the pandemic and ongoing political and economic uncertainty. People have found more jobs that let them work remotely and they better value time with family and friends and spending less time commuting and in an office.
Still, that pesky need to somehow earn money remains.
Speculating on real estate or Bitcoin or buying a Powerball ticket isn't a high-potential route to success for most.
But young people and others who are forging new trails toward what fulfilling careers and work should look like are creating a fresh, needed new view of how people can find the financial stability and personal satisfaction they need.
Tim Krohn can be contacted at tkrohn@mankatofreepress.com or 507-720-1300.
