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... More.
Also read:
-
How to overcome the helplessness when equity markets crash
Equity, bond, gold and even Bitcoin prices have all corrected over the last month or so. Crude oil, meanwhile, is rising, which may be part of the reason everything else is falling. But this isn’t a piece on global capital markets. It’s about how a sharp equity correction breeds anxiety in individual investors, and what…
-
How much is enough? Rs 40/30/20/10 cr – find your retirement number
The retirement conversation is usually a part of most personal finance discussions, even if in social gatherings. Most individuals are in a hurry to know how much will be enough to lead a comfortable life in their retirement years. The uncertainty in macroeconomic stability, jobs, salaries and cost of living has made this more pertinent…
-
Travel more but travel smart; the world awaits
“To move, to breathe, to fly, to float, To gain all while you give, To roam the roads of lands remote, To travel is to live” – this is how Hans Christian Anderson expressed his love for travel. Unfortunately, this beautifully romantic sentiment seems like a misfit in today’s turbulent times. Given the battering of…