Recession Tips: Finding Opportunities
I hope you are staying safe and healthy right now, and don’t forget to take your daily immune boost during a time like this.
Many people were caught off guard by the devastating economic effects caused by the coronavirus. I wanted to send out an email with some recession tips that you can apply to make money during a recession, always be prepared for a recession, and to come out of this situation better than you went in. This year may have started out bad, but it doesn’t have to end that way. There is 75% of 2020 left, don’t count it an L yet.
Let’s get into it!
TIP #1 - USE YOUR CURRENT SKILLSET TO FIND OPPORTUNITIES TO MAKE MONEY FROM HOME
Take your current skills and look for opportunities to provide services for people who are practicing social distancing at home. If you have any skills that will be helpful for people who are now at home start advertising your services to them. Think about what services you can offer to make people’s lives easier right now.
TIP #2 - LEARN NEW VALUE SKILLS WHILE AT HOME FOR FREE
The internet is the great equalizer. If you have internet access you are able to tap into a vast amount of information to learn anything that you want for free. You can take advantage of this time by learning new skillsets that you can use during this time to make money and after this situation is over and continue to make money. You can use Youtube, Udemy, edX, Coursera, Cybrary, Codeacademy, and many other free resources to learn skills for free.
When you are looking for new skills to learn focus on skills that can be used from home and that are of value for people right now. For example: Children are out of school for the rest of the year in some areas, you can focus on a skill that you can provide value to parents. Whether that means creating lesson plans for parents to give their kids to work on, easy meals that parents can make for their kids, basically services that parents will find valuable. Get creative with it.
Some skills you can learn
Canva - You can sell canva templates or make custom graphics
Business automation and CRMs (Zapier, Asana, Podio, Airtable, etc)
Project Management - my friend Ari has a great Project Management course (it isn’t free it is $20) LearnwithAri.com/pm
Video editing and photography
TIP #3 - GO LIVE TO EXPAND YOUR REACH AND BUILD AN EMAIL LIST
You can provide value to people by going live on Instagram or Twitter to talk about your niche and start to gain more interest in what you are doing. These live videos can be used to push people to your email list. An email list is valuable because it is a list of people that are interested in your services and the value that you provide. You can create an email list with Mailchimp for free.
TIP #4 - SELL OLD UNUSED ITEMS FOR CASH
If you need some extra cash right now may be a good time to do some spring cleaning. You can sell items that you haven’t used in a while to get some quick money if you need some extra income. To take it a step further if you have the money you can buy and resell sought after items right now on eBay.
TIP #5 - PRESERVE CASH NOW AND ALWAYS HAVE AN EMERGENCY FUND
Now is the time to cut back spending and preserve your cash. Some people have asked me if they should continue to pay down their credit cards, I suggest that you hold on to your cash and wait a few months until this situation is over and then go back to paying down consumer debt.
To be prepared at all times for recessions you should aim to have at least a 3-month emergency fund. If you happen to lose your income you would be able to go 3 months without receiving a paycheck. The average American cannot go without more than 1 paycheck, and you don’t want to be in that situation. If you don’t have an emergency fund after this situation ends I suggest that you work on building one.
TIP #6 - NETWORK TO INCREASE YOUR NETWORTH
Right now everyone is social distancing at home and very active on the internet. Although you may not be able to go out and physically meet new people you can join Facebook groups of something of your interest or search on twitter to find people and begin interacting with them to build relationships. Don’t come off too strong, genuinely have conversations and interact will people and allow relationships to organically blossom.
TIP #7 - BUY THE DIP
If you are in the position to invest, right now is the perfect time to invest in stocks that have taken a big hit from the coronavirus. Make sure that you are investing in strong companies that will continue to be around long term and increase revenue over time. I recommend you practice dollar cost averaging and make weekly or biweekly buys when investing in these companies right now.
Hopefully, these tips will help you now and after this situation ends. Keep practicing social distancing and focus on how to come out of this situation with more skills, better health, new hobbies, or new income streams.
"Reverse Engineer your life. Live a life of abundance"