If there is anything 2020 has taught us so far, it is that nothing is certain. Everything we know can be flipped on its head and our whole world can be totally uprooted.
As people scramble to make sense of all the new changes and developments with regards to a new lifestyle in response to the COVID-19 pandemic, it makes sense you want to look at creating new income streams and investing your money in a way that will benefit you and your family and help you to make the best of a bad situation.
Despite the difficulties facing the world’s economy, there are still ways you can not only invest in your future but also help to generate another income stream to help support yourself as everyone works through these new challenges.
Generating a New Income
Remote working is the way forward now and looking at ways you can utilize your skills and generate an income from home is more important than ever.
If you own your own company chances are you are already doing this but if you need suggestions, below are great ways to get started when it comes to working online.
- Start a Blog/Website – do you have expertise in a certain area or a flair for writing? Then a blog or a new website based on a certain sector could help you generate an income. advertising is the main way to earn a residual income as people place adverts on your site for a fee.
- Content Writing – signing up to sites such as People Per Hour or Fiverr as great places to start looking for work when working as a freelance copywriter. There is a huge global market for copywriting but competition is stiff so be prepared to work a lot for less as you build your portfolio.
- SEO – working SEO is something all businesses with an online presence should be working on constantly. If you are knowledgeable in this area, you can help companies improve their SEO and help them become more visible in search engine results thus boosting their reach and increasing sales.
- IT Services – helping people maintain efficient IT systems and infrastructure is something people will need all the time. Branching out and using your IT skills to help other companies is something you can take on remotely to build a career in.
If you are looking to protect your income or your savings for the future, then you have many different options.
Stocks and shares are the main ways that pop into people’s minds when you talk about investing.
Whilst this is a solid way to invest it isn’t guaranteed you will make money, there is always the possibility you will lose everything you have invested.
You also want to look at investing commodities that will hold their value too.
- Jewelry/Diamonds/Watches – invest in high-quality items such as Rolex watches that will be of value for many years to come.
- Art – Artwork is something that you can guarantee will be a good investment. Art is subjective and only the buyer can decide if it is something worth investing in. But if you have a passion for creativity and can follow trends within the art world, then this could be a great alternative way for you to invest your money in the future.
- Property – Build your own home using custom builders, buy and renovate an existing property or enter the buy to rent market to give you a good return on your money for now and in the future. It is important to know how to invest well in the property market, as you don’t want to end up being left in negative equity and with a property you can’t sell.
- Gold – Gold is something that consistently holds its value. It is worth considering when it comes to protecting your funds for the future.
The most important thing when it comes to looking after your finances in an uncertain world is to make sure you have done your homework first.
Make sure you know the risks as well as the potential benefits and seek professional advice if you feel you need it.
Avoid losses by making sure you have a good understanding of where your money is going and potential risks.
This is also true for generating income. Be aware of trends within the market so you can be sure you are able to work consistently and make money for when you need it as the main income or to supplement your current income to support yourself and your family.