Categorised | Business & Finance

3 Ways to Survive the Economic Pitfalls of 2020

The unprecedented circumstances of 2020 have taught us several valuable lessons. When lockdowns first began, we quickly learned that our favorite goods or services were no longer guaranteed to be available. Soon after, we realized that our businesses could be deemed inessential and taken away by our governments. With all the economic uncertainty, job loss, and government overreach – we’ve all had to come up with ways to make sure our families stay fed, healthy, and happy. Read on to discover 3 ways to survive the pitfalls of 2020. 

Develop an Online Side Hustle

Unless you already ran an online business or held a remote position for an online company, you likely struggled to continue earning income in 2020. Even for companies that were able to quickly transition their employees to teleworking, layoffs soon reduced the number of available positions everywhere. As we look to the future, it’s easy to see how important it is to have a marketable online skill that you can leverage to bring in some spare cash. 

When you’re considering your online side hustle, you’ll want to ask yourself how much time you have to invest in your new trade. Whether you do freelance copywriting or build an ecommerce store, making money online is not only possible, but profitable. The more time you have to dedicate to your new hustle – the more successful you’ll be. 

Borrow from Your Future

If you were laid off or forced to close your business, you probably scrambled to think of ways to stay afloat. Whether you decide to return to school, visit a loan center, or cash out your retirement, you have to do what makes sense for your survival today. 

If you decide to return to school, there are tons of undergraduate and graduate programs that can help you develop a marketable skill for the future. Consider using the wisdom of 2020 and earn a degree in a field that allows for remote work like coding, bookkeeping, or internet marketing. Student loans are widely available and typically don’t require repayment until 6 months after graduation. 

If you decide to dip into your retirement to stay afloat, make sure you consult a financial advisor. You’ll want to pay the least amount of taxes and withdraw just enough to cover expenses until you get back on your feet. 

Petition Your Government 

If you’ve lost your livelihood due to forced closures and lockdowns, you deserve a leg-up. Do your research and learn if you qualify for unemployment benefits or government assistance. Food stipends, mortgage forgiveness, and rent moratoriums may be available to you. If you find that you don’t qualify for support, it’s in your best interest to reach out to your local government representatives (and news media) to petition for a redress of grievances.

Billions of people have taken a physical, mental, social and economic hit from the coronavirus pandemic of 2020. Life certainly threw us a curveball. It’s up to us to roll with the punches, look to the future, remain optimistic, and demand what we deserve from those in power. 

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