If you are a freelancer or a Gig Worker you need to a just that little bit more careful and conscious about your money choices. Here are three things to keep in mind.
1. Fame is not fortune
No matter how good and popular you are or what you do is, it does not automatically translate into a high income or pots of money. Hence, you must focus on creating an emergency fund to dip into when income becomes uncertain.
2. Short earning life
For some freelancers, especially those working in sports and entertainment, active earning years themselves can be limited. Have a plan B and start saving and investing early to help your future years.
3. Risk of uncertain income
When the nature of income is uncertain, ensure that you are not taking too much risk in your investments. First, build up a pile of accumulated savings through stable return investments and then focus on the risky growth assetsGrowth assets as against fixed return assets are those which grow your capital or principle investment. The most common forms of growth assets are equity stocks and property. Investing in equity stocks means you buy a portion of the underlying....
Also read:
Dream the dream of a house, but don’t rush the decision
In the last two weeks I have had three conversations with young folk looking to buy residential property on loan. There is emotion involved, there is some amount of self-worth and status involved and there is always an element of trying to please elders involved.
My money mood – travel; but on a budget or with an open heart?
This month, my money mood has been squarely fixed on travel. Travel for leisure, rest and relaxation, that is.
Equity investing is more reliable than investing in real estate
In a growing economy like India, there are bound to be innumerable stories about how individuals have gained multiple times the value of their investmentAn investment is made to give you a return. You make an investment if you use your money to buy either physical assets like property or financial assets like bonds and equity with an aim to receive income or gains... in real estate.