Develop Skills and Earn A Quick Buck

The legendary financial genius, Warren Buffett, cautions us and says “never rely on a single source of income.” He urges us to find ways to bring in money from a variety of sources.

This pandemic has rendered many white collar  and blue collar  employees jobless from MSME, Aviation, Tourism and Hospitality, Automobile Industries and Real Estate sectors.

Migrant labor who largely worked in construction sites, automobile manufacturing engineers, technical and marketing staff, from chefs, servers, cleaners, management staff and other skilled workers employed in hospitality industries, pilots, flight attendants to other airline staff, people engaged in Micro, Small and Medium Enterprises (MSMEs), beauticians etc have all lost their jobs.

Most people earn their living by doing a job. Many times that’s the only source of income. People have realized the hard way that- 

It is important to have multiple sources of income, which comes from planning wise investments and savings. It is also important to develop talents which helps us earn our living in times of a crisis like this. 

The yellow collar  jobs are flourishing. Music teachers, Yoga teachers, dance teachers, cooking, baking and selling food online, homemade useful items like masks etc. are doing brisk business.  

 

This is exactly the reason, why teenagers must develop skills.  Keep your curiosity alive. Be eager to learn, it’s also a great way to develop your personality. Learn basic life skills along with skills which can help you earn namely cooking, baking, yoga, dancing, music, self-defence techniques, gardening and so on.

Parent’s tip: The fundamental financial mantra is –Do not put all eggs in one basket.

Diversifying or spreading risk across asset classes is recommended. Lot of risks like health, accidents, retirement etc. can be planned with the help of insurances. Investments can be divided between debt instruments, bank fixed deposits, mutual funds to blue chip stocks. Systematic and small investment into various investment options will minimize risks to a large extent.

- By Harshini Nakhate