Bracing for Uncertainty

In this period of crisis and uncertainty, how can Gig-workers manage the problem of reduced earnings due to deferred or cancelled projects? We look at expense management in this episode.

Show Notes

This podcast took an unplanned break, initially due to some health issues that I had and later, the inertia of resuming it.

 

But this seems like a good enough time to restart the podcast. 

 

In this period of crisis and uncertainty, the Gig-workers are the first to experience loss of business. Many people have had their projects deferred or even cancelled. When you are essentially selling your time, and nobody wants to use your time right now, your earnings dry up. 

 

For a detailed read, I would recommend this wonderful post by Dan Schwabel on LinkedIn -- How Hourly Workers Can Make a Living During The Corona Crisis. I also refer to R Jagannathan's book, some useful pointers about the impending jobs crisis can be found in this article.

 

What is the most important and urgent thing that you can do, if you are faced with the uncertainty of income? Nothing you do on the income side will yield you overnight results. The urgent thing that you can do is to lower your expenses. If the inflows are reduced or have become erratic, the first thing you have to do is to manage the outflows.

 

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