If the events of the last two years have made you reassess your priorities, then you are not alone. At the front of your mind has obviously been the wellbeing of yourself and those you care about, but another concern might be how you could pandemic proof your income. The news has been full of companies that have gone under due to the repercussions of COVID-19, and while none of this might be considered their fault, that will be of little comfort to those who lost their livelihoods almost overnight.
With that in mind, here are some pointers for what you could do to ease some of those fears, and by employing one, some, or all of them you might find yourself in a better position.
#1 Start your own online side gig
If there was one area of the business world that did well during the pandemic, it was those that provided products or services online. From people selling boredom-busting items on Amazon during lockdown, to those who provided online alternatives to everyday necessities, there was news story after news story about those who were ‘raking it in’.
Now that people in general have discovered the convenience of sourcing products and services online, the chances of things going back to ‘normal’ are very slim, so finding the right niche to set yourself up in could be part of a very effective plan.
#2 Find a personal wealth management plan
With the goals changing in several areas of your life, what you might have taken for granted might now need a second look. In could be said that in the face of recent events, normal financial planning might not be adaptive enough for you, and that a personally tailored financial strategy might be a better fit.
It is no surprise that you are likely to reassess key factors like your choices of benefits when starting a new job, as well as property ownership and of course your retirement strategy. Finding the right plan can help you financially in the short term, as well as any of the longer term benefits you might be looking for.
#3 Diversify your income streams
Relying on one employer or owning and operating a single business is the default way of earning a living for much of the population. However, given what you have seen in the last two years, you might consider that having all of your eggs in one basket is not the securest strategy. By diversifying your income by incorporating some financial trading, investing in cryptocurrency or just by going freelance and working for several companies instead of one, you spread the risk and lower the chances of you being left with no income.
The pandemic may have made you think twice about the things you took for granted, and that some sort of ‘plan B’ might be in order. This could include starting an online business, finding a more bespoke financial plan and diversifying your income, which could possibly give you a safety net you did not have before.