In a tough economy, it can be hard to make money. However, there are ways to thrive and make money during a recession. Here are the best tips for making money in a difficult economy. Follow these tips, and you’ll be able to succeed financially even when times are tough.
Live Below Your Means
One of the best ways to make money in a recession is to live below your means. If you can cut back on your spending, you’ll be able to save more money. This will give you a financial cushion that you can use to ride out the tough times.
Look for Opportunities
Another great way to make money during a recession is to look for opportunities. There are always businesses that are doing well even in a down economy. If you can find these businesses, you may be able to get a job or start your own business.
Invest in Yourself
One of the best investments you can make is in yourself. During a recession, it’s important to keep your skills sharp. You can do this by taking classes, attending MOOCs and other online courses, or reading books on business and finance. By investing in yourself, you’ll be better prepared to make money when the economy improves.
Save Money on Expenses and Purchases
There are a number of ways to save money on expenses and purchases. One way is to comparison shop. This means taking the time to look at different stores and prices before making a purchase. Another way to save money is to buy in bulk. This can be done at warehouse stores or online. Buying in bulk can help you get discounts on items that you would normally pay full price for.
Another way to save money is to use coupons. You can find coupons in apps, magazines, and online. Using coupons can help you get discounts on groceries, clothes, and other items.
Finally, another way to save money is to wait for sales. This means waiting for special promotions or seasonal sales before making a purchase.
Invest in Yourself and Your Education During A Recession
Investing in yourself and your education is important during a recession because it can help you improve your skills and qualifications. This, in turn, can help you find a better job or earn a higher salary. Additionally, investing in yourself can help you weather the financial challenges of a recession. Finally, investing in your education can provide you with the knowledge and skills you need to start your own business or venture.
Fiverr Learn is an incredible place to take classes and learn new skills during a recession because the service is so affordable. Sign up is free, and for just $5, you can access a wide variety of courses that can help you improve your resume, learn new job search strategies, and much more.
Coursera is another great option for online courses. You can get started for free, and take many courses to further your education and marketable skills without paying a dime. They also have other classes from world-class universities at a small cost that will help you get the skills you need to succeed during a recession.
Investing in yourself doesn’t have to be expensive. There are many free resources available that can help you improve your skills and qualifications. For example, Coursera offers free online courses from top universities around the world and Fiverr Learn has inexpensive courses that can help you learn real marketable skills to succeed in a niche or open your own store. The possibilities are endless.
Start a Side Hustle to Make Money During a Recession
There are lots of different ways that you can start a side hustle or small business to make some extra money. You could start a blog and sell advertising, become an affiliate for other businesses, or even start your own small business selling products or services.
Whatever route you decide to take, there are a few things to keep in mind. First, you need to make sure that you have a clear niche and target market. You also need to make sure that you have a plan for how you’re going to generate revenue. And finally, you need to be prepared to work hard and put in the time to make your side hustle or small business successful.
If you’re ready to get started, then check out this free guide on how to start a side hustle or small online business. It walks you through the process step-by-step so that you can get started generating extra income as soon as possible.
What Are Some of the Best Ways to Make Extra Money During a Recession?
There are lots of different ways that you can make extra money, but some methods are better than others. Here are a few of the best ways to make extra money:
Sell products or services online
If you have a product or service that you can sell online, then this is a great way to generate extra income. You can set up an eCommerce website or use a platform like Shopify to sell your products and makes it really easy to get started selling online with very little up-front costs.
Another option is to sell on Amazon, where you have the opportunity to reach millions of people. It’s easy to get started. Here is a free course on how to get started selling on Amazon.
Start a blog
If you enjoy writing, then starting a blog can be a great way to make extra money. You can sell advertising on your blog, become an affiliate for other businesses, or even generate income through sponsorships. And the best part is, you can do all of this from the comfort of your own home.
Do odd jobs for people in your community
If you’re handy around the house or have some other useful skills, then you can start doing odd jobs for people in your community. This could include things like yard work, snow removal, or even housecleaning. You can find people who need help through online marketplace platforms like TaskRabbit or Craigslist.
Invest in real estate
Investing in real estate is a great way to generate extra income. You can buy properties and rent them out to tenants, or you can flip properties and sell them for a profit. There are a lot of different ways to get started in real estate investing, so it’s definitely something worth considering if you’re looking for ways to make extra money.
If you’re interested in getting started investing in real estate, check out our Ultimate Guide for Landlord and Real Estate Investors.
Start a small business
If you have a good business idea, then starting your own small business can be a great way to generate extra income. Of course, starting a business takes a lot of work and dedication, but it can be a very rewarding experience. And if you’re successful, then you could even make a full-time income from your business. There are lots of ways to finance a small business, such as small business loans to get you started.
These are just a few of the best ways to make extra money. If you’re looking for more ideas, then be sure to check out our other articles on ways to make money. We’ve got tons of great ideas that you can use to start generating extra income today.
Sign Up for Gig Jobs on Fiverr
If you’re looking for a way to make some extra cash, or even start a new career, then gig work could be a great option for you. Fiverr is one of the most popular platforms for finding and offering gig work, and it’s a great place to get started.
To sign up as a seller on Fiverr, first create a free account and then click on the “Sell” tab at the top of the page. From there, you’ll be able to create your own gig listings. Be sure to include clear and concise descriptions of what you’re offering, and set your prices accordingly.
Once your gigs are live, start promoting them to potential buyers. You can do this by sharing them on social media, or by sending out direct messages to people who might be interested.
If you’re able to deliver quality work and keep your buyers happy, then you could start seeing some great results from gig work on Fiverr. So why not give it a try today?
Invest in Passive Real Estate to Hedge Against Inflation
As a general rule, real estate is considered a good place to invest your money during a recession.
There are several reasons for this. First, when the economy is struggling, people tend to stay put or move to less expensive accommodations, rather than move to a more expensive property. This means that there is less demand for rental properties, and prices tend to go down as a result.
Second, during a recession there are often more foreclosures and distressed properties on the market. This provides opportunities to buy properties at a discount, which can lead to a higher return on investment, especially when the market rebounds.
Third, recessions often lead to inflation. This means that while the value of the dollar decreases, the value of your property will likely go up over time, providing you with a hedge (protection) against inflation.
Finally, recessions typically end eventually. When the economy starts to improve, people will begin moving around again and demand for rental properties will increase. This can lead to an increase in prices and a higher return on your investment.
If you’re not ready to be a landlord, consider passive real estate investment. This is when you invest money with a syndicator who puts your money to work for you and takes care of all the day to day tasks of running commercial real estate.
There are some fantastic opportunities to invest in commercial real estate through passive investment. One of the best is Crowdstreet, which is the largest online private equity real estate investing platform, ranked Best Overall Crowdfunding Site of 2022 by Investopedia.
Consider Alternative Investments in Gold and Silver
Look for ways to invest in these precious metals as a form of insurance against an economic downturn.
Gold and silver have long been considered safe haven assets. They tend to hold their value well during periods of economic uncertainty and can provide a measure of security for investors.
During a recession, consider alternative investments in gold and silver. Look for ways to invest in these precious metals as a form of insurance against an economic downturn.
Gold and silver coins are one option for investing in these precious metals. Collectible coins can be a good investment if they are properly stored and maintained. Another option is to purchase gold and silver bullion bars or coins from a reputable dealer.
Investors should do their research before investing in any asset, including gold and silver. There are risks associated with any investment, and the value of these metals can fluctuate. However, for those looking for an alternative to traditional investments, gold and silver can be worth considering.
Start a Course on Teachable
There are a few key reasons why starting a course on Teachable during a recession can be beneficial for you and your business. For one, people are often looking for ways to improve their skills and knowledge during tough economic times so that they can be more competitive in the job market. Additionally, many individuals are also seeking out ways to make extra money during a recession, and starting a course on Teachable can provide you with a great opportunity to do just that. Finally, creating and marketing a course on Teachable can help you build your brand and increase your visibility online, which can lead to more customers and clients down the line.
Why You Should Stay Positive During a Recession
A recession can be a time of great uncertainty and stress. However, it is important to stay positive and optimistic during a recession.
Here are four reasons why:
1. A positive attitude can help you weather the storm.
2. A positive outlook can help you see opportunities in a recession.
3. Positivity can help you maintain your mental and physical health during tough times.
4. A optimistic attitude can inspire others and create a more positive atmosphere during a recession.
Although it may seem difficult to make money and be successful during a recession, there are many ways to do so. By following the tips we’ve outlined in this blog post, you can increase your chances of becoming one of the lucky few who thrive during tough times. These are just a few of the best ways to make money during a recession. If you follow these tips, you’ll be more likely to succeed financially even when times are tough.
Erika Finn, founder of Stacking Acorns, is an attorney who graduated from law school at University of California, Berkeley. She was a member and editor of the California Law Review and won the Prosser Prize for Legal Accounting. She holds a Master’s Degree from the University of Southern California (USC) and a Bachelor’s degree from Indiana University- Bloomington. Stacking Acorns is a personal finance website for women by women. We help mid-life women achieve financial freedom through real estate investing and other streams of passive income.