Disclaimer: The Author of this blogpost is not a Financial Advisor. The content in this blog post are for educational purposes only and merely cited from the Author’s consumer standpoint In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember do your own research!
In the wake of Covid-19 how have you diversified your income or engaged in multiple streams of income to keep yourself afloat?
The onset of the pandemic took us by surprise and now with the year closing, the end seems to be nowhere in sight. Finding creative ways to earn income legally is a task that most people have had to grapple with in 2020. Options ranging from purchasing stocks, life insurance, an annuity account, an IRA or mutual fund at your bank to drop shipping essential items and starting online boutiques/shops have come up as viable options to maintain steady income or at least save what you have already acquired in preparation for another blow to the economy. However many may not be aware of what’s available to them or have an idea of where to begin.
One example lies within the stock market, due to fluctuations, there has been a shift regarding where to invest, traditionally stable companies have greatly declined, however some companies continue to come out on top further solidifying their position as most stable stock options, although nothing is truly ever stable.
Someone with just 500 dollars in savings that can afford to invest in stock could easily invest into AMZN (amazon.com) and BABA (alibaba.com). Long term investors could look into VOO (Vanguard 500 Index Fund ETF) or VTI (Vanguard Total Stock Market Index Fund) for something safe.
Platforms such as Stash and Acorns that are both smartphone applications make it easier to save pennies on the dollar for every single transaction made. They also make it easy to invest in a multitude of stocks based on the user’s preference. Traditionally stocks yielding high dividends such as TGT (Target) have been the go to, however other variables have also come into play like whether or not the investor has a more aggressive approach and may favor market instability. More aggressive and skilled traders have been able to find success with Forex trading however this is an avenue that takes experience and years of cultivation to master.
For others, taking advantage of impulsive shopping behaviors has been beneficial from a financial standpoint. Drop shipping has become very popular over the recent years and many have used the pandemic to their advantage seeing as how the population is moving towards online shopping. Products like face masks, gloves, sanitary items and the like have been able to flourish in the 2020 environment although market saturation has become an issue.
Finding your niche is a task in it of itself in the wake of this pandemic and although there are several options the problem lies within finding what works for you. This could be anything from purchasing wholesale, opening an online boutique or something as simple as learning a skill and parlaying that skill into a business. However this may look for the individual, the most important aspect of diversifying income and increasing streams of income is the ability to be self sufficient throughout these moments of uncertainty.