The Daily Rundown

The Daily Rundown: The Cost of California’s Outages, the 1099 Generation

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Today we’re taking a look at the cost of California’s power outages on small business, how the way that we talk about work and money with our children is changing, and the expanding role of technology in expanding small business exports. Be safe and have fun!

The cost of California’s power outages: a small biz case study

As Californians contend with wildfires and widespread power outages, some small business owners are already beginning to take stock of the losses they sustained. Like many other SBOs, the owner YOLO frozen yogurt shop in San Anselmo is grateful that wildfires have not physically damaged her business or injured her friends while also being concerned about her business in the face of the losses she sustained during the blackouts.

Meanwhile, wealthy California’s are hiring a very particular kind of contractors right now: private firefighting firms.

The Number: $1 billion. Economists predict that the round of PG&E power outages earlier this month put a $1 billion dent in California’s $3.1 trillion GDP. 

The Quote: “I will survive the year but this could wipe out everything we’ve earned so far.”

Self employed? Here’s a primer on how to talk to your kids about money

We spend a lot of time thinking about how the nature of work is changing and what it means for the workforce — and our children. As more and more people are supporting themselves (and their families) by doing gig or contract work and as remote work becomes increasingly common, it’s profoundly shaping the way that children think about employment and money.

The Number: 1099. The gig economy has given rise to the so-called “1099 Generation,” named after the self-employment tax form. 

The Quote: “These kids have this fluid vision of money; there is always more of it available. That’s awesome, but in my work I do see that mind-set leading to overworking. It’s the reason that people choose not to budget or have a spending plan. They think, ‘I will just go make more next month.’ There’s positives to a gig economy, but it can be a struggle as well.”

Technological tools important component increasing small biz exports

A recent study sheds light on the valuable role that technology plays in increasing small business exports. According to the report,”modernizing and updating trade policies is the key to unlocking opportunities for small businesses” and with this comes the requirement to better use technology.

The Number:  “If policymakers and the business community can help small companies overcome some of the challenges of exporting — like language barriers, customs issues and payment challenges — we could create nearly 900,000 additional jobs in the U.S.”

The Quote: $540 billion. Small business exports, across all 50 states, are responsible for adding $540 billion to the economy.

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