Making Ends Meet In The Age Of Economic Uncertainty

Economic Uncertainty

The uncertainty we’ve all lived under during the pandemic for the past year and a half has taken a toll on people’s physical, mental, and economic health.

Whether it’s stress due to a job loss or other economic hardship, the past year or so has negatively impacted many people’s financial security.

People have become resourceful in finding new ways to overcome job loss and financial insecurity. In fact, a record number of small businesses began during the COVID pandemic.

From side hustles becoming the dominant source of income, dropshipping through Amazon and other fulfillment options, to selling crafts from home, people are finding a way to push through the insecurity we all feel.

People are selling all types of personal items, crafted items, and services to find alternative ways to make a living.

Popular Selling Platforms For Businesses And Creatives:

Etsy: This is a site dedicated to individual creatives to market, sell, and ship creative products to consumers.

Amazon: The world’s largest online retailer, Amazon offers every product under the sun. Retailers can create product listings, advertise and promote their products on Amazon for sale.

Craigslist: Craigslist allows sellers an opportunity to sell their products directly to the consumer, much like Amazon. The difference is that with Amazon, they handle all the financials between seller and buyer, much like an escrow, whereas with Craigslist, it’s all on the seller to collect, process, and provide products post-sale.

Personal Websites and Blogs: The benefit of a personal website is that you can control every aspect of advertising and sale. The downside is that it requires a ton of traffic to be effective, which is no simple feat.

Popular Services Sites To Offer Your Skills

Craigslist: Much like the seller’s Craigslist platform, you can post a job or service, and people will search for your specific offering.

Angie’s List: A review site that helps promote various trades and skills for sale.

Upwork: A bidding site for freelancers looking to work independently of the traditional office.

Fiverr: A bidding site for creatives to promote their services and skills.

Yelp: A review site that allows you to promote your service offerings and move up in rankings based on the total number of reviews. In a recent survey about online purchases, respondents reported over 65% only select a product or service with 4.5 stars or more positive reviews.

Other Opportunities – Eliminating Expenses And Debts

There are alternative ways to make ends meet for the individual who doesn’t have the money or the interest to start their own business.

For some people, it’s selling items that have some appreciable value, like their car.

There are various options to selling your vehicle, from Craigslist to a reputable dealer or online services. There’s plenty of options to sell. A simple search query such as “how much is my car worth” will present plenty of options for you to consider.

Another way people are looking to make ends meet is to reassess their budgets, including eliminating unnecessary debts. Eliminating wasteful spending habits and expenses is an excellent way to stay above water financially.

Debts can come in various forms, but in general, debt is something that is owed that provides little value in return. Examples of debts include student loans, credit cards, medical debts, and personal debts.

If a debt isn’t a concern you share, one option for intrepid individuals is to become involved in Real Estate investing and sales.

Positive Forms Of Debt

As we defined earlier, debt can be a negative thing. But there is a positive form of debt that often is overlooked. For example, purchasing a home through financing is a positive form of debt as the home appreciates over time more than the value of the debt.

Today’s Real Estate market is a booming industry with a lot of potential for savvy investors.

Purchase and Hold: Holding property is a term used in the real estate market for a purchased property and held onto over years while rented out to gain equity.

You could consider financing a home and renting it out for long-term revenue options.

Flip A Home: The term “flip” in real estate is used when an investor purchases a property, does some renovations and upgrades, then quickly sells the home for more than the initial purchase price and cost of renovations.

There is a lot of potential for quick profits, but be aware that getting your “flip” to sell at a reasonable profit margin does take some skill and experience with purchased materials and labor on any renovations. Therefore, it’s good to consult with an experienced flipper better to understand all the challenges with this investment opportunity.

It may seem like a good idea for the newbie to flip a home, but expenses may add up and cut into your profit margins, including saddling you with newer debts that you won’t be able to unload quickly.