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.
Hugely inspired and slightly borrowed from Rick Kahler, MS, CFP, CFT-I, CeFT, CCIM and his The Financial Therapy Podcast. This video is for Indian investors who are confused about what to do in today’s volatile market conditions and how to make use of the correction. Four Easy Steps to follow for clarity on what you should do.
Last year this time, I remember watching several reels from financial influencers talking about the latest IPO or about crypto and even about going shopping in the metaverse. Now I see the same influencers talking about pension fund and fixed deposit investing. If you bought into the 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 opportunities being highlighted last year, in the same adhoc manner in which they were being brought to the fore and are now sitting on losses, does it make sense then to…
When choosing where to invest for saving tax, why not also think of the most efficient 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 considering the balance of both risk and return. There are several tax-saving investments like public provident fund (PPF), unit-linked insurance plans (ULIPs), national pension scheme (NPS), national savings certificate (NSC), equity-linked savings scheme (ELSS), long term fixed deposits, to name a few of the prominent ones.