As the COVID-19 pandemic continues to decimate the economy and upend lives, many people are experiencing acute financial anxiety in 2020. For most, this has the effect of suppressing spending and tightening belts. However, not all spending is bad spending, and being in a tough economic situation doesn’t mean one can’t invest.
The truth is sometimes the best way to rebound from financial distress is to make strategic investments in the future. While there’s no doubt that the pandemic is altering and changing our day to day lives, it’s especially important for young people to not let this catastrophe permanently derail your life plans.
Fund projects; make yourself a professional website or portfolio; launch new side projects and lucrative hustles that could benefit you down the road.
The good news is that even if you’re short on cash, there are still ways to responsibly mortgage your endeavors. There are still government loans, grants, and business cash infusions available as COVID relief. You can also look into more traditional sources, such as installment loans, which are sometimes confused for payday loans but are actually much more prudent because they allow people to build their credit while gradually repaying. As long as you have some kind of collateral, such as a title loan, auto loan, or home deed, you can apply.
Once you have some money, what should you spend it on? Here are a few smart investments to make in your life during the pandemic:
A lot of people have lost their jobs because of this pandemic. Many others are furloughed or underemployed. Either way, this is a great opportunity to prepare yourself for future employment. One of the best ways to do this – especially in this time of remote, virtual communication – is with a robust personal website touting your professional accomplishments, resume, and/or work portfolio.
Newer platforms like Wix, Squarespace, and others allow you to do this very cheaply and sometimes for free. Many employers expect to see portfolios of work now and will be much more inclined to consider you for a job if you’ve taken the effort to professionally represent yourself online.
Even if you haven’t lost your job, this is a good time to strategically plan for what you would do if you did. Do you have alternate gigs you could line up? Do you have any hobbies that could be transformed into lucrative side hustles? Photography, virtual tutoring, graphic design, programming, and writing are all examples of side hustles you could use to make extra money if needed.
Unfortunately, the pandemic could go on for another year or longer and the economic ripples of this whole thing haven’t even fully appeared. We could be in for a long recovery, so it’s smart to marshal all of your abilities and organize as many money-making plans as you can.
If things get even worse, it may be necessary for you to change careers entirely. Industries like retail, service, hospitality, and others have been devastated by the pandemic and the economic downturn, so it’s not a certainty that all the jobs lost will be returning anytime soon if ever. So if there was a dream job you always wished you had studied for, now’s a good time to look into getting an online degree.
Many programs will be offering reduced price courses and robust online services to cater to students studying remotely, which all makes for a decent pathway toward earning a new degree without even having to leave your home.
Despite the tragic deaths and economic ravages, together we will get through this pandemic. However, the path to recovery will be gradual and painful. You should prepare for the worst by making sure you will have financial options even if you lose work.