Chin Junior：“Dad, look at my senior’s business card! She has so many titles!”
Mr Chin：“Wow! She’s a photographer, a model, a webpage designer, and a yoga instructor!”
Chin Junior：“She’s got a great slash career going! Dad, do you know what a slash career is?”
Mr Chin：“Of course I do! People with slash careers are those who prefer working in different fields over a single 9-to-5 day job. There’s a lot to learn from having multiple careers while pursuing their passions. But managing a slash career isn’t that easy financially, as they often live from hand to mouth.”
Chin Junior：“That’s true. My senior would go from working few jobs a day to having none the next day.
Mr Chin： “I’m fully supportive if you want to pursue a slash career after graduation. As much freedom as you have from having a slash career, it may not give you the financial freedom you want and you’ll have to manage your money prudently because while your income may fluctuate, living expenses remain constant. You may want to remind your senior to plan for her future as she seeks fulfilment and freedom now!”
Money management tips for people with slash careers:
1. Save for the future
A lot of people with slash careers do not save for rainy days due to their unstable incomes. In fact they should always keep a good habit of saving in good and bad months.
2. Say no to impulsive buying
While there’s nothing wrong in indulging ourselves when money is not tight, do restrain from retail therapy and impulsive purchases to avoid unnecessary expenses.
3. Keep a budget and expense record
Calculate your monthly total income and savings with The Chin Family's "Money Tracker" app (Android | iOS), and make your budget based on daily needs. Remember to record your expenses and compare against your budget to spot any overspending. For instance, if you have splurged on a fancy dinner, you’ll have to cut back on other expenses.
4. Keep an emergency fund
An emergency fund will be very helpful in times of sickness or when you are earning less than what you need.
5. Get the payments ASAP
Request a deposit when you take on a job and promptly issue an invoice to your client so as to maintain a healthy cash flow by receiving the payments as soon as your work is delivered.
6. Reserve money for taxes
Without a stable source of income, you may not be eligible for a tax loan. So don’t forget to put aside some money for tax payments!
7. Be a conservative investor
Your investment risk profile is determined by the stability of your job. If you don’t have a stable source of income, it’s probably not a good idea to take on too much risk in your portfolio.
