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