There is nobody that I know of that has not been impacted in one way or the other by the Covid pandemic and even more so by the Lockdown. Most of us have been severely impacted financially and are struggling to make ends meet.
Unfortunately, this situation is not going to go away and may even get worse with economic decline. There are many that have lost their jobs through retrenchment and companies closing. Many of my friends are now facing retrenchment with little possibility of future employment opportunities.
Everyone that has investments whether in Property, share portfolios and endowments have lost value with no hope of long-term improvement. People that have been living off returns from the investments are now finding themselves not being able to make ends meet. Business owners are finding themselves in trouble and their businesses may not survive this crisis. Considering solid investment returns is crucial.
One of the only solutions I have found to improve my financial woes is to earn a second source of revenue, considering solid investments and to focus on other potential income-earning streams. Even if you have lost your job and are unable to find employment there are opportunities out there to earn an income especially in the social networks and internet space.
Many times in my life I have depended on a single income, and when times have got tough it has placed me in a very difficult situation. This time I have learned my lesson and will now consider all ways of earning extra money.
Generating multiple streams of income can have a major impact on your finances. Even an extra income of R1000 each month could go a long way towards paying debt or increasing your investments. We often hear about the importance of diversifying our investments, but diversifying our income streams is just as important, particularly in these difficult economic times.
There are opportunities that can become a full-time business, are very lucrative and can offer a path to financial freedom.
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