Today I wanted to post a shorter than usual article about how to survive the tough times and come out ahead. At the moment the entire world is faced with uncertain times with COVID-19 provided economic uncertainty. For many, we are coming through the peaks but are wary that more uncertainty will come along. For others, it is only just beginning. Some are still working and others are not so fortunate.
Now is the time to assess what you can do to change your fortunes. Embark on new challenges! Life is what you make of it so try to embrace the opportunities you have to make a better life for you and your family.
How do I survive the tough times
- Now is the time to focus on how you build those online income streams in order to survive the tough times. Online sales have skyrocketed, which opens the door for affiliate sales, selling online, and selling your skills online and many other opportunities. Online income streams have weathered the storm and faired much better than the bricks and mortar businesses.
- Now, more so than ever, you should be looking at your income streams, Now is the time to diversify. A single paid income from your employer is simply not sufficient. To top that off, we can also say that income streams that aren’t online are also at risk. The COVID pandemic has shown us nobody is safe. You can get laid off!
- Choose wisely where you invest. Don’t go lumping money you don’t have into “sure things”, do not try to catch the falling knife of the stock market. Remember “time in the market beats timing the market” as our FIRE Principles tell us. This is just my opinion, not investment advice. If you have extra time, invest in yourself. If you don’t, try to make some! Invest in creating your online business. Create a product, leverage the power of the internet where you can sell to millions with a product that costs little. Can you code? Can you write? Are you an expert in something you can sell online?
- Falling back on our frugal roots for the next one. Stop buying things you don’t need. I’m as guilty of this as the next person, but I’ve been amazed at how much my expenses have dropped. In April I saved 85% of my income! I have a car on a lease that finishes this month. I don’t need it. I take the train to most places. That will be gone. Save that money and invest in yourself. Use your time to get your finances in order. Take those Baby Steps to Financial Freedom and become debt-free.
- So, you’ve got all this time on your hands. What should you do? Binge watch the latest series. OD on Tiger King or The Last Dance? No. Now is the time to focus, work hard, and help prevent being impacted by these situations in the future. If you aren’t picking up the theme so far…it is to invest in yourself. Make the most of this time.
So, what are some models of business you can be looking at to kick start your online career and will likely fare well in these times:
- Online Arbitrage then selling online with Amazon or Ebay
- Affiliate Marketing – little to no investment required and scalable
- Selling your skills online. It could be Fiverr or Upwork
Remember focus on improving yourself, diversify those income streams, and get motivated to survive the tough times because there could be more coming. Learn to embrace frugality and take the time to enjoy life as well!! Stay safe.