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 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... More.
Investing your money is a multiple-choice game today. You can pick across assets – right from bank deposits to commodities, art and wine. There is always one flavour of the season; in the pandemic, it was cryptocurrencies, then NFTs and most recently startups. Honestly, it’s an exhausting task to follow the trend. And what if you get the least profitable curve of this trend, you know, buy close to the peak and then lose your patience or attention, sell out close to the bottom only to chase the next fast-paced trend.
Recently, while attending an online financial coaches community meet, I came across this idea or concept around managing money and loved it. Many of us who are planners, take the planning to an extreme and stop enjoying the fruits of planning.
Starting your first An 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... More no longer requires much thought or action. It’s literally a job done in 30 mins. Nevertheless, where you invest today makes a big impact on your future An 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... More choices too.