5 ways to MAKE MONEY during these unprecedented times
MONEY EXPERT HELEN BAKER OFFERS THESE TIMELY SOLUTIONS TO FINANCIAL WOES
I’m a glass half-full person. For every loss, there’s a win to be found, and the impact that COVID-19 is having on our economy is no different. Millions of Australians are suffering the shock of suddenly not being able to work, or work as you normally would. If this is you, I feel for you – and I urge you to see this as a moment in time, not forever, and look at how this could actually work for you financially in the long-term.
PICK UP SOME HOME GIGS
Community platforms such as Airtasker (airtasker.com) are so much more than a place to find someone who can move the fridge or walk the dog.
There’s a continual call-out for talented freelancers with very specific administration, bookkeeping, social media marketing, coding, graphic design and copywriting skills, to name a few.
Think creatively too around what you can do online. Perhaps virtual tutoring could be the next big thing.
INVEST IN YOURSELF
Perhaps you want to learn something for yourself. Now could be the best time to do online study to enhance yourself, personally or professionally. You may have dreamed of setting up your own business one day. What skills do you need to learn to make that happen?
Along with financial support for coronavirus-affected job seekers and students, the Federal Government has made early access to super funds possible. You may be able to withdraw $10,000 of your superannuation in 2019-2020 and a further $10,000 in the next financial year.
That same strategy could deal with debt, and the reduction from your normal salary means you may be entitled to
certain superannuation strategies that were irrelevant previously.
CONSIDER WORKING IN ANOTHER FIELD
Not every industry is shedding staff. Centrelink, under siege since Prime Minister Scott Morrison announced financial supports for coronavirus-affected job seekers and students, has had to look to workers. Supermarkets are now an ‘essential service’. Coles alone was seeking 5000-plus casual team members to serve customers and replenish shelves fast. Telecommunications and technology services are also said to be in demand.
REFRAME YOUR INVESTMENT THINKING
When I see shoes marked down by 30 per cent, I just have to buy a pair (or two). Yet we don’t look at a sharemarket the same way. The coronavirus has seen share prices tumble. Some people have sold off because they’ve needed to financially, while others, I suggest, have been ‘nervous Nellies’, reacting to emotion. Those motivated by greed and fear are not investors. An investor, by definition, stays with their investment to reap the profits, and profits come in the form of dividends and income. To receive dividends, you must invest long enough to reap those rewards. Buying in and selling out is not investing: it’s speculating. Talk with your financial adviser about whether now is the time to refocus on your investment portfolio.
THE WORK-FROM-HOME LITMUS TEST
My friend Karen envies another friend Sue because she’s been able to work from home – telecommute, twice a week – for years. Now Karen has found herself forced to work from home and she’s struggling with the lack of routine and office supports, and social contact! But, as I’ve said to Karen, she can make the most of this opportunity by proving her work ethic, productivity and diligence to her boss when this pandemic is over.
Bosses will have a hard time saying no if you’ve proven yourself as a self-starter who can get tasks done effectively and efficiently without supervision, and you’ll save yourself time and money commuting. Just think what you could do with a couple of extra hours in your day for yourself !
Working from home also brings tax deductions you may otherwise not be able to claim.