The pandemic has catapulted capitalism into an unknown future, and the gig market is taking notice. Layoffs due to the pandemic have created a fierce need and competition for contract work, and women in particular are entering the market: 11.7 million women lost their jobs between March and April, compared to 9.6 million men. lost their jobs between March and April, compared to 9.6 million men. However, recruitment surged in the freelance field, one of the few sectors that prospered as a result of the national crisis. This year, 2 million people joined the approximately 57 million Americans who already identify themselves as freelancers. And this shift shows no signs of slowing down. So if you've recently become a freelancer, don't panic. We're here: here's a guide to freelancing.

If you can't extend coverage offered by your former employer under COBRA (there may be options), you have 60 days to apply in the individual insurance marketplace; under the Affordable Care Act, you may be able to get a better deal using the federal health insurance marketplace. You can also use Medicaid to purchase insurance.

No, it's not morbidity, it's called preparedness: in addition to life insurance, you should also consider disability insurance (to help with expenses if you are unable to work). Visit the Insurance Information Institute's website or get the basics from Bankrate.

First, prepare for taxes (30% of salary). Next, prioritize an emergency fund. To prepare for retirement, consider tax-advantaged accounts such as Individual Retirement Accounts (IRAs), stand-alone 401(k), and Simplified Employee Pension (SEP) IRAs. If you have no debt (other than a mortgage), put 10% of your monthly income into non-retirement savings and another 10% into a retirement plan.

Sources include Kimberly Palmer, personal finance expert at NerdWallet, and Laura Adams, author of Money Smart Solopreneur.

This article originally appeared in the Winter 2020 issue of Marie Claire.

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