The healthcare industry isn’t the only thing that the COVID-19 pandemic is affecting—the economy is mostly in jeopardy, as well. Plenty of industries have severely been hit by the effects of nationwide and global closures, such as the tourism, transportation, and entertainment sectors.
These factors have forced a lot of companies to retrench employees, causing a loss of income for many households. As such, fear is palpable, and it’s only natural for people to look at alternative means of gaining income.
While it’s hard to stay completely calm right now, let some of your anxieties go by knowing that there are still things you can do to keep the cash flowing in. You can mix the different tactics listed below to reach your monetary goals, or you can focus on one—it depends on you. Keep in mind that the more money-making ways you know, the more you can grow your finances.
1. Look at online gigs
Depending on what industry you’re initially working for, you may already be doing your job from home. If you haven’t already, though, you should ride the wave of the new normal and work from home during COVID.
Platforms like Upwork and Freelancer are great for starters, but keep in mind that there’s a lot of competition. You can look at similar freelancing platforms related to your skills. For instance, some are specific for graphic designers, content writers, proofreaders, virtual assistants, and so on.
You can also choose to take these up part-time so that you can earn alongside your current job.
2. Clear out the things you don’t need
Your home may be an untapped goldmine of things that you don’t use anymore that you can sell off for extra income. If you think this is the case, set a time where you can do some spring cleaning and see which items you can sell on third-party websites.
Whether it’s furniture, old clothes, collectibles, or gadgets, platforms like eBay, Amazon, and other local online selling shops can help you accomplish this. It’ll do you more good to advertise them online rather than letting them gather dust in your storage boxes.
Spring cleaning also helps you reevaluate your needs and wants in the process, so if you can identify ways to cut back costs on the non-essential, you can build a better budget and save your resources from draining.
3. Revive or try a new hobby
If you’re more on the creative side and you think that you have the resources to make something for others during this pandemic period, don’t let the opportunity go to waste. Whether it’s sewing face masks or protective gear for health workers or cooking homemade food for your neighborhood so that they do not have to go out, there’s a lot of room to experiment.
Haven’t done any of these? You may opt to learn from online classes if you’re willing to kickstart a local business.
4. Review the stock market for opportunities
A lot of people are starting to become wary of what the economic implications of the pandemic are, including the adverse effects on the stock market and various investments.
Before you make a rash decision, you must study trends and follow the news before simply pulling your money out. You might even be thinking of investing right now, which could be a good idea for businesses running online since this is where most people could thrive.
Don’t get carried away with your fear. Treat it as a two-way thing—invest in stock trading and monitor stock market statistics—both always go hand-in-hand. Focus on the businesses booming now that have the potential to outlive the pandemic, as well.
5. Make smarter investments
Similar to reviewing the stock market, looking at different investment vehicles can still help you during this time. If you’re unsure where to place your money right now, it’s never too late to read up on investment guides that can help you make a decision.
For instance, life insurance products offer investments in their policy, which you can withdraw after a certain amount of years to help you in case of emergencies. This can also safeguard your future and help you set aside money for times like this.
You can talk to investment agents for more information on what you can do with your money, but again, don’t make any swift decisions. Every investment has risks involved regardless of the economic climate, but it pays to be extra vigilant now. While it’s still possible to make new investments, definitely do it with discretion.
Go Where the Money Flows
Adapting to the new normal seems is the best way to get back on your feet. Emergencies and unexpected events can strike at any time—much like this pandemic. That’s why it’s crucial to be prepared and make smart moves with your money. It’s smart to ride trends and waves that can help you earn.
About the Author
Adrian Reid Adrian is a stock trading educator and the founder of Enlightened Stock Trading. He helps busy professionals achieve financial freedom sooner by creating profitable stock trading systems that suit their personality and lifestyle.