How an Irregular Income can Affect Your Finances Badly?
With the changing socio-economic situation, increasing globalization and turbulent political scenario, the nature of employment and jobs have undergone a sea change.
- Two decades ago, you could have held a stable job, irrespective of it being in the public or private domain. This, in turn, would have entitled you to annual appraisals, periodic promotions and a retirement corpus. But the change in the nature of jobs, which includes a sharp decline in the number of permanent government jobs, means that market dynamics can negatively impact your job prospects. You can receive a ‘Pink Slip’ because of several factors, including the recession and economic slowdown. The private and government sector now primarily comprises jobs, which are contractual.
- Besides, you can be an entrepreneur, a freelancer, or a self-employed person with an unconventional job. Because of these reasons your income can become unpredictable and irregular. This, in turn, is bound to affect your finances badly.