The pandemic had wreaked havoc on people all over the world and continues to do so. Instability, isolation, social restrictions, and economic shutdown have all had a significant impact on the psychosocial environment of every country. Despite the fact that the present turmoil may provide an opportunity for interpersonal betterment and family bonding, the downsides may exceed these gains.
The impact was everywhere to be seen – Slowdown on economic activities, job loss- temporary & permanent, high unemployment rates, lower wages, disastrous gig economy, school closures, travel bans, and many more putting pressure on various government agencies and nonprofit organizations.
While it is impossible to predict the exact economic impact of the global COVID-19 coronavirus pandemic, analysts believe that it will have significant negative consequences for the global economy.
Many people retorted to utilizing personal savings to keep themselves and family members afloat; it’s important to remember that emergency funds are meant for times when you don’t have any income. Unemployment and missed work due to medical emergencies are instances of times of no income.
Even as pandemic spreads across the countries and into most major cities, having a plan in place for intelligently investing your resources will benefit you both now and in the future. We all should learn from the current situation and adopt good measures on expense austerity like shifting some disposable expenditure from hobbies such as dining out, going to the movies, vacations, and even subscription services to something as simple as an alternative source of income or other savings options to prepare for any future scenarios.
As long as any household have a paycheck or money coming in, most households should continue to contribute to their savings and always think of alternate sustainable income source. Don’t spend all of your money and go full-steam on credit cards even though you’re scared about another toilet paper scarcity!
Work On Your Back-up Plan
Much is attainable in the post-pandemic age. The pandemic has given us a chance to reassess how we need to work. It’s a paradigm shift that happens just once every generation and has the power to influence civilization in numerous ways. Businesses will most likely concentrate on building more resilient ways of sustaining continued business operations without much disruption. Many small and medium-sized businesses must make quick decisions to allocate resources to key sectors, stay competitive of environmental and social risks, and innovate. Equitable growth opportunities are on offer. Banks have improved access to capital. Financial institutions are improving financial education as well as building more customer-friendly and transparent platforms.
With economic issues rising daily as a result of the epidemic, it is prudent to do everything in your power to safeguard yourself and your loved ones. Think of resilient ways to develop a secondary source of income especially when movement and interaction are severely constrained and pass your idea through a few of the essential factors before you delve deep into your action.
- Is it flexible & considerate?
The perfect source of income enables you to be in charge of your own schedule. Balancing several duties, especially if you have regular work, is sometimes stressful.
2. Is it scalable?
Scalable firms have substantial returns, limited management, and few employees. However, as per one of the research, there are a lot of entities who are happy being small family-owned businesses and would not in any way care about investors, or highly scalable ideas. Scalability, on the other hand, needs enough arms and legs and multiple hours to grow in scale and size and therefore needs careful consideration on critical aspects of the business model.
3. Is it viable?
You want to choose a concept and strategically expand on it by investing time, energy, and effort in the hopes of earning a consistent and low-risk income.
4. Is it cost-effective?
Considering that you’re exploring this as a secondary source of income, your monetary investment to jump-start any business should entice you to go ahead and do it. Choosing an alternative with low to moderately high financial entry barriers is a safe bet.
5. Is the idea close to your heart?
Creating a second source of income takes real effort, and you’ll only succeed if you love the process and the results. Your attitude will change as a result of your success rate, and adhering to your objective and following the specified guidelines will keep your spirits up.
Supplementary source of income not only gives you an adrenaline boost but also gives you a safety net in case of an unanticipated occurrence.
Working from home and earning income through methods that reduce contact and human connection are increasingly recommended. In essence, you may undertake most or all of the work upfront, but financial planning frequently necessitates some extra effort along the course.