Personal Finance Tips for Indian Fiverr Sellers


#1

I hope these tips will be useful to you…they are not tips on how to do better on Fiverr, but how best to invest the money you make here…(sellers from other countries may not understand some of the advice given here…the tips are specifically for Indian sellers)…

  1. You will need to build passive sources of income. Build your own niche websites, write ebooks etc. in your spare time.

  2. Live a simple life, don’t take EMIs or personal loans. Save as much as possible - at least 30% of what you make. Invest in bank FDs, PPF and top rated mutual funds.

  3. Don’t invest in stocks - because the situation isn’t good right now. Invest in mutual funds as they are safer.

  4. Invest 1.5 lakhs in PPF to save tax.

  5. Pay advance tax - up to 80% of the total expected returns- before March 15 - that is the cut off date. Be sure to file your tax before July 31.

  6. Avoid using credit cards, use cash as much as possible. Use only 1 credit card, get rid of the rest. If you have any credit card debt, pay it off at the earliest. Pay your credit card bills on time and in full.

  7. Keep your overload as low as possible. You don’t need an Apple laptop or an iPhone. Just a Lenovo laptop and a cheap Android phone will do. Invest in a UPS power backup and fast internet - that you will always need.

  8. Freelancing is a very uncertain way to make money. You never know how long the good times will last. Save as much as possible, so that you will one day be able to replace your freelance income from the interest earned from your savings. This should take 15 to 20 years for most people. That’s the goal. You should try to save at least Rs. 30,000 per month.

  9. Save enough for an emergency fund - with 3 months worth income. Never take out money from it. Put the money in a savings account of a bank like Kotak, which offers a 6% rate.

  10. Health insurance is a must.

  11. Vote for PM Modi again in 2019. If anybody else comes to power in 2019, I fear for our country’s future. A culture of freebies - as practiced by other parties - will destroy the nation’s finances, result in hyper-inflation and all your savings will be worthless. That’s it. All the best.


#2

Give this guy a medal :wink:


#3

Good tips, and could be applied to people of all nationalities!


#4

Okay I am not an Indian but I read the tips anyway. Great post! Easy to understand and has good important points (and I agree with Emmaki that the tips could be applied to people of all nationalities). My fav is the point #6. There is this saying I heard one time in one of the countries I visited, ˝The richest men are those who don´t have debt˝ errrr something like that.


#5

Fantastic …As always… thank you so much !


#6

Thanks to all for your comments!


#7

Practical Wisdom!


#8

Thanks @writer99025
Great Quote. Freelancing is a very uncertain way to make money.


#9

There are some Lenovo laptops that are at par or even better than the basic Mac laptops and even at a cheaper price!! :slight_smile: