How to invest consistently when you have an unpredictable income
Gig workers and freelancers often face challenges in investing due to their unpredictable income. Experts suggest building a financial cushion before starting consistent investments. Strategies include saving a portion of each paycheck and considering tax-efficient accounts based on individual financial goals.
- ▪Gig workers typically manage an unstable income, making consistent investing challenging.
- ▪Experts recommend building a nest egg of six months to a year in liquid investments for freelancers.
- ▪Investing a percentage of income rather than a fixed amount can help maintain consistency in investments.
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Open this photo in gallery:Gig workers and freelancers often find themselves managing an unstable flow of income, where some months can be more prosperous than others.DARRYL DYCK/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountInvesting consistently can often pave the way to wealth in the long term. But that strategy may not feel like it’s achievable if you don’t have a consistent income.The problem is “not so much the investments themselves, it’s the cash flow,” said John Woodfield, senior wealth adviser with Raymond James Ltd.Gig workers and freelancers often find themselves managing an unstable flow of income, where some months can be more prosperous than others.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
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