Author name: Diamocycle

Creating Financial Security in the New Economy: How to Generate Additional Income

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With the continuation of the Coronavirus pandemic, consumers across the nation are faced with a volatile economic outlook. While there is an eventual end to the COVID-19 crisis, the exact timing and the extent of the economic impact still remains unknown. That said, there are steps that we as consumers can take to fortify our own financial picture despite the uncertainties ahead. This week, we’re excited to offer you a financial framework to help you and your family prepare for whatever may lie ahead for our families, our businesses, and our nations.

As we all know, financial security comes from having more money coming in than what’s going out, and creating automated systems and habits to maintain that surplus. This week, we’re honored to begin to explore ways to help you bolster your income in this potentially destabilizing time.

Diversify Your Income: Expand, Hustle, and Innovate

The first way to make sure that your income expands beyond your expenses is to diversify your income streams. This may mean taking on additional work, adding shifts, or starting a side hustle. While all of these are obviously stressful endeavors during this time, as labor patterns and markets shift, we recommend, as possible, examining what other skills, passions, and interests you may have, and how those might possibly monetize to better assist your family financially.

Reach Out: Apply for Assistance

With the passing of the CARES Economic Relief Act, Social Services and Benefits have never been more accessible and available for workers during this difficult time. There is no shame in asking for help. While some may have assistance available to them through educational priviledge or generational wealth, some may not have such advantage or need additional assistance. Our social services exist for just this cause. During this moment of unprecedented change, we encourage you to examine what federal and national assistance you may be eligible for to help you and your family thrive during this unprecedented time.

Minimalize and Essentialize to Create a Positive Cash Flow

At the most basic level, you may need more cash on hand, right now. While social services and side hustles are ways to create sustainable income, they may not be able to create household capital in the time frame that you need. In lieu of turning to credit card debt, we suggest looking to see what you might be able to sell online via a variety of websites that welcome the resale of clothing, household goods, valuables, and jewelry.

While Diamoycle obviously fits in the latter, we encourage you to take your entire household into stock and see how you might be able to take items that you no longer need or use and find a place for them online to generate additional income. While some of these decisions may be difficult, we at Diamocycle know that family comes first and difficult decisions often come with the privilege of caring for your loved ones.

On our end, we promise competitive prices, compassionate customer service, and a process that keeps your valuables protected and insured every step of the way. You’re part of our family and we’re here to care for you. We wish you all the best during this difficult time and will continue to offer you advice that we’ve relied on ourselves during times of difficulty to keep us all strong, safe, and united as this crisis continues.

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How to Decide Whether to Sell Your Diamond During COVID-19?

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Without question, these are unprecedented times. At Diamocycle, we remain committed to helping you make the best decision for your family and financial situation. Feel free to check out Diamonds in the Time of Coronavirus for Our Three-Step Plan to help you and your family feel both physically and financially prepared during this period of change and unchartered territories.

At the heart of every big decision is discerning what is best for you and your family. For those deeply impacted by the financial changes caused by Coronavirus, and in need of extra means, it might be appropriate to sell or liquidize assets to help you and your family stay afloat for the several months ahead.

If you have decided to now is the moment to sell a piece of jewelry to support your family, we support you in making what might feel like a large or difficult decision. We’re more than happy to talk on the phone or answer any questions you may have about our evaluation and extraction process.

To further help you make your decision, here are a few key takeaways from our experts:

Stocks vs Assets: Methods for Creating Short Term Cash

Compared to the plummeting price of stocks and the likely continuation of the Bear market, diamond prices and commodities have stayed relatively strong. If you need to generate funds for the short term, we would strongly recommend selling assets over stocks. The price you are to receive for your assets like fine jewellery will be a truer reflection of the value of the item, while the price for your depreciated stocks will be far lower than what you might receive once the COVID-19 crisis has passed.

The Historical Tendencies of Diamond Prices

Using data from the 2008 market, we’ve actually seen a lack of correlation, or perhaps an inverse correlation, of diamond prices to the market as a whole. Which is to say, as the market drops, diamond prices tend to hold steady or even increase, as people turn from more volatile investments to the sale of physical assets such as diamonds and gold, which throughout time have traditionally maintained their value. If you need to sell your diamond, data from the 2008 recession says you will receive a standard, or perhaps slightly higher price, as diamond value tends to hold strong against the volatility of the stock market.

The Retail Crisis and Online Marketing in a Time of Social Distancing

With brick and mortar stores closing during this time of staying at home, we estimate that many retail stores will not be able to offer competitive prices, services, or safe environments for their clientele, as the health of their staff and the financial health of their own business is in jeopardy. Likewise, given the changing economic times, we estimate that local appetite for luxury jewelry may be low as families re-evaluate their financial situations.

For those looking to receive the true value of their item in a sale, we recommend turning to online and nationwide retailers who will have a stronger financial picture, a longer horizon for their financial survival, and will be able to offer a competitive market value for your item, given their access to markets beyond their immediate community. Beyond that, for your own health, we strongly recommend turning online for your transaction to keep you and your family out of danger of transmission by conducting your business remotely.

In a time of social distancing and “sheltering-in-place,” Diamocycle is more than happy to help you receive a free quote on your item without putting yourself in a risky position of leaving your home or letting you sell your item for less than it’s worth. On our end, we’re taking every precaution necessary to make sure our shipping supplies and processes are sterile and contamination-free and we are likewise practicing physical distancing in our workplace to protect our team.

As always, we’re here for you. Feel free to call today with any questions you may have. While we’re in uncertain times, we’re here to do all we can to make the transition a little smoother and these times a little less uncertain.

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How to Think About Diamonds During a Pandemic

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In moments of great uncertainty, we often wonder about the security of our assets and the financial health of our households. As part of a lineage of jewelers who have been in business since The Civil War, we at Diamocycle know that times of turmoil can create much emotional instability and financial insecurity. With that in mind, we offer you the following framework to help you assess the financial health of your family and the best steps to take to ensure a successful few months during this unprecedented time.

Step One: Assess Your Financial Situation

Many companies and workers are beginning to work from home. If this is a luxury that is afforded to you, it is likely that your business and your livelihood will be able to continue uninterrupted during this global epidemic. If you are unable to continue earning during this period of public health risk, figuring out how to financially cover you and your family is of the utmost importance.

Step Two: Make a Plan

Given that COVID-19 will spread at an exponential rate, preparation to protect you and your loved ones is essential. Stocking up on a month’s supply of toiletries, medicines, and groceries is ideal. Continuing good hygiene habits such as washing your hands and not touching your face is ideal, as is beginning to take precautions around social distancing.

If your financial picture is not in a place where you feel secure for a several weeks of uncertainty, it is worthwhile to examine how you can support your family and supplement your income, such that you can weather out this strange period. Applying to federal emergency funds, assessing your potential assets, and beginning to create local support networks are all ways to create a new layer of social stability during The Coronavirus Epidemic.

Understanding the uncertainty of the moment, we are more than happy to offer a contingency quote to you regarding your piece, such that if, need be, you would be able to use your assets to better support your family and those around you.

We suggest understanding at what point it makes best sense for you and your family to stock up, access reserve funds, or ask for help for those around you, and until you reach that point, we strongly suggest practicing good hygiene, staying calm, and digitally reaching out to support those around you.

Step Three: Act

Until the conditions outlined in your plan have been passed, stay calm, pleasant and supportive of those around you. Pay attention to changing conditions. As things change, you will more fully understand the situation and when to proceed with your Coronavirus plan. Until your area has reached a noteworthy level of infection, we advocate practicing social distancing, and beginning to create the habits for good hygiene and a low risk of contamination. While we hope your area remains clear of Coronavirus, it never hurts to have a plan.

We at Diamocycle think of our customers as family. If there’s ever anything we can do to help you assess your financial situation, the need for a sale, or offer support in times of uncertainty, we’re more than happy to help.

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