2020 has taught us that job security is a thing of the past. Getting in the mindset of earning multiple streams of income is not an option.
The Great Recession 2008 -2009 was the worst financial crisis in the United States since the 1929 Depression. According to balance.com it also was the longest-lasting: from December 2007 to June 2009. The subprime mortgage crisis was the trigger.
Many of us can bounce back from a financial set back faster than others, while most common household are left with economic hardships that can be detrimental. Most of us have been forced into new careers, searching for employment or starting your own business. Like the saying "It's not if something will happen but when". So with COVID leaving so many of us uncertain about the future or what's next. Now is the time to level up and create multiple streams of income.
This process has forced some of us to finally delve right in and start that business that we've always wanted to pursue. For others that still have jobs now is the time to prepare for earning multiple streams of income. With the new day of little job security and the scarcity of new opportunities.
Creating multiple streams of income like a side hustle and investments is pivotal and necessary. Most importantly you want to be prepared financially and mentally for when the next happens. Trust me, having peace of mind that if one source of income is taken away you will always be ahead of the game. I have listed a few suggestions of how you can begin to earn income immediately, as well as long term investments for the future.
Micro- investing- I recommend starting with an easy app such as STASH it's good for beginner investors. You can start with little as $5 and watch your money grow.
Start a side business - Think about something you're good at and enjoy. It's so many services you can offer from cleaning services, dog walking, and home staging. I have even seen an ad recently looking for a Christmas tree decorator.
Investing in property is a great long term investment and you can rent your place out as an Airbnb or rent to a tenant.
Sell on Etsy- A online market place connecting people looking for unique handmade goods by you.
Deliver with Postmates- A goods and food delivery service.
Offer online services as a virtual assistant.
Tutor Online- As long as you have a PC you can teach kids, college students or adults depending on the relevant skills and experience you may have.
Start a podcast- A great way to promote products or services. A podcast provides a format for sharing your expertise in your industry.
Become an Influencer- Select your niche, optimize your social presence and get paid
Deliver for Amazon- Very simple use your own vehicle to deliver packages.
Now that you know how to make extra money, try to generate a nice rainy day fund. And when you start bringing home extra money, make sure you're are using it to it's max potential. You're going to be working hard for that money,. Make sure it works hard for you!