First off lets just say that just because we are in a recession does not mean there is not money to be made. Money can be made in good times and in bad times if you know where to look and are flexible enough to change if need be. There are always opportunities to make money, period. So if you are down either because you are now making less money then you used to or you got laid off from your job, brighten up! Spend some time searching this site and reading about ways to make money (without being an employee).
Tip 1 - Do Not Rely On A Job!
If you have a job that is great and you should try to keep it in these uncertain times (unless you are able to make more money in your own business and have reached that point - don’t give up your job until you are there or know you will get there). A lot of people have been laid off and thousands more will be as the year 2008 comes to a close. The economy is likely to keep getting worse for the unforeseeable future which likely means many more job losses are coming in 2009 and maybe 2010. With that in mind, if you have a job do not quit if you can avoid it until you reach your goals. On the other hand, do not rely on that job as at anytime you may be getting a pink slip and joining the rest of the laid off unemployed workers. Even if your job appears secure now, you should take action, even part-time, to help bring in additional income (see below) now.
Tip 2 - Think Self Employed Income
What skills do you have where you can earn money either part-time or full time? Make a list and figure out how you can make money in your own business. Start it part-time if you have a job, full time if you don’t. Even if you want another job and are looking, try to build a low budget (on a shoe string) business. If you need money coming in don’t sit there feeling sorry for yourself and staying depressed. Start planning to build a business and take action (very import - you must take action which is one step where many fail).
Tip 3 - Think Residual Income (I.E. Making Money From Residual Streams Of Income)
A lot of people think about network marketing when they here the words residual income. If you are a people person with a large network of friends then a network marketing opportunity may be right for you. If you are not a people person or do not like trying to sell things to your friends and family then an online or Internet business may be a better choice. With an Internet business in theory (and reality in many cases) once you set it up and it is working it will continue to work bringing in money. Now you will need to maintain it and keep your eye on it so it does not start to fail, but again once it is working it will likely stay working for some time whether you do anything to it or not.
In summary there are many ways to make money when the economy is slow. A recession does not mean the world stopped or people stopped buying, they are just buying less. Small businesses (or self employed businesses) that have the flexibility to change can be an advantage to larger businesses. Having a job is great, but don’t expect it to always be there for you. Start a part-time business that will help you bring in money. Take action and do it now, do not wait.
Tags: laid off, lost job, making money, recession, self employed, start business
Leave a Reply