This is a scary time. Not only has the coronavirus done great harm to our population’s physical health, it has also delivered a crushing blow to our financial health as well.
While I am hopeful that the worst has now passed, the economic impact of this global pandemic has been devastating. If your income has been hard hit by this crises you may be wondering what to do to stay above water until some kind of normalcy returns.
This week I thought I would share ideas you might consider to increase your income. While not all of the things I suggest may apply to you, my hope is it simply gets you thinking about what you can do to take control of a situation that may seem uncontrollable.
First, and most obvious, pick up a side job. If you watch the news it may feel like an economic bomb has gone off and there’s nobody left hiring. That perception, however, is not at all true. While the virus has shut down many industries, others have experienced large amounts of growth and a need for more workers.
From Amazon to Pizza Hut, delivery drivers are in high demand. With gas prices at record lows, now might be a good time to make some extra money delivering things people can’t go out and get for themselves. Child-care workers are also in high demand right now. With schools canceled, many essential workers have a need for someone to watch their children. Many are also hiring online tutors so their kids don’t get behind in their studies. With a little bit of online searching you can easily connect with these and many other employment opportunities that fit your needs and skills.
Another great option is to sell stuff. For many who are using the extra time at home to conduct massive spring-cleaning activities, you might want to consider selling some of these items that are just collecting dust. It’s never been easier to find potential buyers online. For larger items that are difficult or costly to ship, Facebook marketplace and craigslist are great free tools for connecting to local buyers who can pick up the items right at your home. To reach a broader audience for specialty items, sites like eBay or even Amazon are great options. Just know selling on those sites will cost you a fee.
It’s not just stuff you don’t need that you can sell online. Selling things that you have created is also a great option for raising cash. Etsy.com is a popular site you can use to sell handmade items like crafts and jewelry. Foap.com is a site where you can turn photos you take into cash. Simply post your photos online and if someone buys one you get paid. Or for those more adventurous, consider producing videos on YouTube. Big money can be made if one goes viral.
If parting with your possessions isn’t what you’re looking to do, consider just renting them out. Using websites like Airbnb.com, fatllama.com or zilak.com you can rent out just about anything. From traditional rental items like an extra room in your house or a car, to not so traditional things like designer clothing, or baby stuff. If you own it, you can rent it out online.
For most people, taking any of the actions I have listed will likely serve as more of a stop-gap than a permanent solution to their economic woes. However, in times like these, every little bit helps. Just considering some of these new ways to increase your short-term income can be the difference between getting through this crises, and giving up.
(Past performance is no guarantee of future results. Advice is general in nature and not intended for specific situations)
Luke Davis is the director of operations and compliance at Stewardship Capital in Independence.