During times of economic slowdowns many people are being laid off and we’re constantly reminded about the great deal of uncertainty with regards to the economy. Many people are panicking and unsure of how they’re going to pay their mortgage or bills, but not you! By reading this article you will be armed with the knowledge of how you can increase your income whether or not there is an economic recession. Here are three ways you can increase your income that have personally worked for me:
Start A Business
While you’re looking for a new job (that is, if you choose to find a new job), why not start your own business in an area that you feel passionate about?
When I was laid off after 9/11, I discovered that people were making money on the internet and that was intriguing to me. I started to research all the different types of internet businesses, but what I was really drawn to was the idea of making money with my art and handcrafted jewelry – two things that I was very passionate about.
I found out about eBay and saw that all these artists were selling their art through the eBay marketplace, so I learned how to become a seller and started making money by selling small paintings. I also learned more about dropshipping and made even more money with eBay by selling clothing and home furnishings as well.
Another type of business venture I looked into when I was laid off was MLM (Multi-Level Marketing), or Network Marketing. MLM businesses include companies like Avon and Amway where there is already a business model established. If you’re a brand new entrepreneur and feel more comfortable with support system in place, a MLM business may be the way to go. You’ll have a group of people and team leaders who can coach you and help you grow your business.
In my opinion, starting a business – especially an online business – during an economic recession is by far the easiest way to increase your income. Who knows, you may decide that you love having your own business and go into it full time. The income possibilities are endless when you have your own business.
Become a Real Estate Investor
During an economic slowdown there is usually an increase in home foreclosures. There are many foreclosure auctions all across the United States as many people are unable to make their mortgage payment due to a layoff.
There are many different ways that you can invest in real estate, so it’s a matter of finding the way that works for you and your financial goals. Because there are so many home bargains out there, you can buy a property at way below market price and then turn around and sell it to make a decent profit.
There is a great deal of literature out there that can help you with real estate investing. It would be to your benefit to learn more about the different types of investing options so that you can take advantage of the low real estate values.
Invest In the Stock Market
Contrary to popular belief, an economic recession is a great time to invest in the stock market. The market may be going through a topsy-turvy time, but with enough research, you can find many diamonds in the rough. I know someone who was able to make thousands of dollars each day through day trading – even when the economy was supposedly going through a slow-down.
Look at buying under-priced stocks that are likely to thrive during a recession. What do people spend money on no matter what’s going on with the economy? People continue to use their cell phones and buy food, so companies that offer these types of products or services may be worth investigating.
The most important thing to keep in mind when it comes to increasing your income during a recession is to stay positive and to keep your eyes and ears open for opportunities!