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....
2023 has started on a cocktail note with mixed emotions and outcomes, both personal and professional. On the personal front, it’s been about accepting a grave illness impacting a loved one, all the while not feeling guilty about celebrating one’s own good health. On the professional front, it’s being able to embrace failure, while at the same time rejoicing the space created through 2022 for new endeavours.
Are you looking for clarity in managing your money? Do you want to be confident with your money? Are you looking to transform your money relationship?
In a recent financial well-being workshop I conducted for a small group of five people, one of the first topics we discussed was budgeting. It was really about writing down our expenses as a first step, which then helps in allocating spending as per our own, individual, unique life plans.