5 Ways to Make Money Amidst The Coronavirus Crisis in 2020

make money in 2020

A lot of people have this question in mind that how to make money. Every person wants to earn more money, but they are skeptical about ways through which they can earn money. In the earlier stages of life, you are skeptical about choosing which classes you should take in college. Then after college, you might think of which job to get to make money.

Then again, it comes to writing your resume, cover letter, etc. But the human mind is never satisfied and you won’t find out other ways to make money.

These are the things that are always prevalent in the human mind.

Why are we talking about making money?

Some people think that making money is not so important and it is not the only thing you should be doing in your life. I agree with the fact as the thing you should be focusing on is living a financially stress-free life. Hence, saving and investing money is key. These two are the most important skills. you should possess to live a financially stress-free life. But some people really depend on earning daily and spending daily.

remember that the vast majority of people focus on saving money. If you belong to that population which is bad at saving then you should focus on making more money.

How to make money?

It is obvious that to make more money, you have to serve people in a way that they will pay for you. Please keep in mind the get-rich-quick schemes are for no good and benefit none. But keep in mind that serving more people doesn’t mean that you will make more money. You need to find something that people are willing to pay for. Your next step would be to deliver. Once you get started, you just have to multiply the amount by increasing the number of people. This is the beauty of capitalism. The more you want, the more you have to contribute.
But here is the thing- serving more people means more pressure.

Two ways to make money.

In this section, we will cover all the categories and different ways in which you can make money. You can make money basically by doing different works. One is salaried work other is non-salaried work.

Salaried work

This is the most common way of making money and it is the mainstream kind. It works pretty much like this that you work for someone and they pay you a decided amount. The amount is previously decided or predictable because productivity is hard to measure. So, it totally does not depend on your productivity as you may be productive for one month, but you are less productive the other month, but you will still be receiving a fixed amount of income.

Of course, you are sometimes very productive and want a reward but this varies on your job. And then again if you are not productive for a long period then you may lose your job.
Think of salaried work as a place where things are obviously predictable. If you have a job and have a decided income, then you know that this process will not make you rich. But if you are having a job, then you need saving and investing day by day to make you richer. We don’t mean to demotivate you as you are only serving one person here. And hence, you are living a less stressful life than other people.

Non-salaried work

This way of making money is very uncommon. Some people like to call it the ‘side-hustle’ if they have a job and ‘Entrepreneurship’ if they don’t. Here it is not decided how much money you will make each month. It may also happen that you make no money at all. You may not get anything for a month.

You can think of non-salaried work as a place where things are highly volatile and unpredictable. Now, this may be either good or bad. You can hit the fortune and make a lot in one month and make a huge amount of money. Then again you can make nothing for a month and be broke. For example, if you invest all your savings on bitcoin then either you can lose it all or become very rich in a single minute.

In non-salaried work, you are all by yourself and you are serving no one. So, since you depend on yourself, stress levels are usually very high and Founder depression is very common.

You might have this question in mind that why are people willing to take this kind of work. So there are many reasons for this. We are talking about finances and when we talk about finances, productivity is directly correlated with reward. As stated earlier, if you find what people need and you sell it to them, the more you sell, the more money you will make.
Hence, the amount of money you make is limited by how much you can sell.

But keep in mind that you should not start a business just to make money. It is a terrible idea because it involves a lot of hard work and nearly kills your social life. Therefore, it is rightly said that founders are known to sleep very late and work very hard.

Other Alternatives To Making Money

In the age of the Internet, making extra money or even a whole paycheck online is easy for you if you know the right way to do so.

Become a freelancer

If you have talent, which isn’t shown to the world, then you can sell your talent. You can either be a writer, artist, photographer, Etc. There is a whole freelance world waiting outside for you. You can start free freelance writing. If you just starting with any freelance job, then it will be difficult for you.

Next, you could also try teaching online. If you want to make extra money out of your spare time and you like to teach then try considering English as a second language. There are many excellent online services out through which you can teach people online.

Investing in real estate

Investing in real estate is a great option if you want to make extra money. But if you don’t have very much money, then you can try for crowd-funding in which many investors invest more amounts of money into real estate ventures. But make sure to keep in mind that this sector involves high risk and also the location of the real State property matters a lot. There may be also times where you will be getting rent from the property, but after they leave then you might not get any rent and that will be the stagnation period in which your real estate won’t be earning anything for you.

Stock market

The stock market is a scary thing for most people but in today’s world, it is getting really easy to invest money in stocks. Even if you don’t have very much information about them, then still you can invest in them.

Keep in mind that the stock market is highly volatile and it can go down in one second. But then again it can go up any minute. It totally depends on your needs and your risk-taking capacity on how much you can invest and on which asset.

When we talk about the savings aspect, that you can save on a lot of things. For example, even if you are investing try Investing for options that save you tax. Also, if you want to retire early, then you should save a lot of money for about say 70% of your total income. Through savings, you can accumulate cash but there should be other options through which you can make money.

Conclusion

We have listed above all the possibilities through which you can make more and more money. It totally depends on your mind and your wish as to what you want to do, where you want to work and how you want to work. Then again, we don’t recommend any illegal way to earn money since it is not ethical and won’t do any good for you.

There are many legal ways through which you can make a lot of money. It’s just you have to find out the passion within, the skill that you possess. You have to find out the desire within.

You first sort these questions as to why you want to earn more money and what will you do with the money? If you do not have it planned, what will you do with the money on then? It is a problem as you won’t be able to keep a count as to where the money went.


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