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7 Actions That Can Help Your Wallet in a Troubled Economy

7 Actions That Can Help Your Wallet in a Troubled Economy

    While the economic sky is falling, it’s still possible to make sure that your financial status is steady. In the past couple of weeks, I’ve been even more focused on the steps I’m taking to improve my personal finances. I’ve found a few actions that probably won’t make you a millionaire — but they will ensure that a rocky economy doesn’t have too much of an effect on your wallet.

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    1. Pay Down Debt

    When in doubt on your finances, paying down debt is always a good option. The simple fact of the matter is that it’s easier to get more credit down the road if you pay off debt now. I realize that many financial gurus say that an emergency fund is the best place to start. Well, from my own experiences in a rough economy when interest rates can do all sorts of crazy things, paying down debt can be a better plan. If an emergency comes up, you may need to take on more debt to cover it — but you’ll be better equipped to handle it.

    2. Polish Your Resume

    Even if you aren’t in a field that’s currently experiencing a high rate of turnover, you should pull out your resume and polish it. If you’ve already got a good-looking resume in place, you’ve got a head start on all sorts of things: job-hunting, applying for a second job, freelancing and more. It may not be worth hiring a resume coach or other professional, but it’s definitely worthwhile to find a few examples of good resumes and compare yours.

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    3. Take a Close Look at Your Retirement Plan

    401(k)s remain the popular retirement plan and, if you have one, it’s time to take a close look. The same goes for IRAs and any other assets you’ve purchased on your own. The market is very volatile now — it may be possible to pick up some impressive stocks on the cheap and it may be possible to watch the prices of the stocks in your 401(k) tumble downwards. As long as you aren’t retiring in the next few years, you can probably afford to ride this economic down turn out. The only stock-picking advice I can offer — and this applies to other assets as well — is that diversity is your friend. If your money is spread out, at least over a variety of stocks if not a variety of investment instruments, then a problem in a particular company or industry won’t wipe you out.

    4. Buy Stuff Now

    If you’ve got a big purchase coming up that you really do need to make, it’s better to make the purchase now rather than later. The U.S. dollar has already experienced significant inflation; it’s only going to get worse. That basically means your money is worth more now that it will be in a few months. You’ll get more bang for your buck if you can buy now. It’s a little counter-intuitive, I admit, and there are plenty of exceptions to this step. Shopping, however, can be good for your wallet in the long run. You get the added bonus of knowing that you’re improving the economy with every cent you spend.

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    5. Educate Yourself

    I think we’ve all gotten a crash course in terms like ‘MBS’ lately, although we may not know exactly what they mean. It’s time to start seriously studying your personal finance vocab though, up to and including economic terms. The U.S. government offers plenty of free resources that are perfect for teaching yourself more about personal finance. You’ll have to custom fit your educational plan to your own finances: a really great starting point, I think, is reading through my latest bank statement and checking up on all the things I don’t understand, down to calling up and asking a teller about specific fees.

    6. Invest in Your Future

    If you’re having some trouble in the working world, now might be the perfect time to head back to school and get that degree you always wanted. You can get bigger loans with better terms to live on for a few years — hopefully getting you through the worst parts of our current economic problems before going back on the job market. Brushing up on your skills (and learning new ones) can also be the difference between making enough money to make it through economic problems comfortably and having to take a job for which you are overqualified. You don’t have to go all out and enlist back in school. In some cases, reading a book is more than enough effort to improve your career situation.

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    7. Ignore the News

    The news media seems pretty much obsessed with each economic crisis, but you really can’t do much about the Dow Jones slipping or a bank failing. I recommend skipping the nightly news entirely, but muting just the business news might be enough. Some specialized news is, of course, worth paying attention to — if you’re invested in the stock market, it’s probably a good idea to read the stock reports. That’s really about it, though. Most of us have effectively no affect on any economic or business news: I know that even if I send a letter to my Congressman about the bailout package, I’m probably not going to affect his final decision. It’s just not worth paying attention to all that depressing news.

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    Last Updated on June 20, 2019

    50 Businesses You Can Start In Your Spare Time

    50 Businesses You Can Start In Your Spare Time

    Most people want a few more dollars in their wallets. But between an employer and family, the time most of us can devote to a second job is severely limited. Running a small side business can provide a few more options: you don’t have to show up at a set time and you can use skills you already have. Not all will be perfect for everyone, of course, and I’m sure that you’ll have a few ideas of your own after reading this list. If you’d like to share any other business ideas, please add them in the comments.

    1. Selling collectibles — From antique books to teddy bears, there are plenty of opportunities to buy and sell collectibles. It’s important to familiarize yourself with the collectible of your choice but if you choose something that you’ve been collecting for a while, you’ve got a head start.
    2. Locating apartments — It can take time to sort through apartment listings, but you can make some money by finding the perfect apartment for a renter.
    3. Baby proofing — New parents often prefer to bring in an expert to make sure their home is safe for a new baby.
    4. Calligraphic writing — If you’ve got elegant handwriting, you can pick up gigs writing or addressing wedding invitations, holiday cards and more.
    5. Selling coupons — Search on eBay for coupons right now and you’ll see thousands of listings for coupons. It’s just a matter of clipping and listing what you find in your Sunday newspaper.
    6. Pet training — A surprising number of people don’t know where to start in training a pet. Even teaching Rover simple commands like ‘Sit’ and ‘Stay’ can bring in a few dollars.
    7. Running errands — A wide variety of people want to outsource their errands, from those folks who aren’t able to leave their homes easily to those who have a busy schedule.
    8. Researching family trees — Amateur genealogists often call in experts, especially to handle research that has to be done in person in a far off place. If you’re willing to go to a local church and copy a few records, you can handle many family tree research requests.
    9. Supplying firewood — The prerequisite for selling firewood is having a source of wood; if you’ve got some land where you can cut down a few trees, you’ve got a head start.
    10. Hauling — As more people trade in their SUVs for compact cars, hauling is becoming more important: people have to rent a truck or hire a hauler for even small loads.
    11. Image consulting — Image consultants provide a wide variety of services, ranging from offering advice on appearance to teaching etiquette.
    12. Menu planning — For many people, the trip up in eating home-cooked or healthy meals is knowing what to prepare. Meal planners set a schedule to solve certain dietary problems.
    13. Microfarming — Cultivating food and flowers on small plots of land allows you to sell produce easily.
    14. Offering notary public services — Notary publics can witness and authenticate documents: a service needed for all sorts of official documents.
    15. Teaching music — If you’re skilled with a musical instrument, you can earn money by offering lessons.
    16. Mystery shopping — Mystery shoppers check the conditions and service at a store and report back to the store’s higher-ups.
    17. Offering research services — Just by reading up on a topic and compiling a report on it can earn you money.
    18. Personal shopping — Personal shoppers typically select gifts, apparel and other products for clients, helping them save time.
    19. Pet breeding — Purebred pets can be quite value, especially if you can verify their pedigree.
    20. Removing snow — During the winter months, shoveling walks can still be a reliable way to earn money. You might be asked to take care of the driveway too.
    21. Utility auditing — As people become environmentally-concious, they want to know just how efficient their homes are. With some simple testing, you can tell them.
    22. Offering web hosting services — Providing server space can be lucrative, particularly if you can provide tech support to your clients.
    23. Cutting lawns — An old standby, cutting lawns and other landscaping services can provide a second income in the summer.
    24. Auctioning items on eBay — Want to get rid of all your old stuff? Stick it up on eBay and auction it off.
    25. Babysitting — Child care of all kinds, from babysitting to nannying, can offer constant opportunities.
    26. Freelance writing — If you’ve got the skills to write clearly, you can sell your pen for everything from blogs to advertising copy.
    27. Selling blog and website themes — Do a little designing on the side? Customers that don’t want to pay full price for a website will often pay for a template or theme.
    28. Offering computer help — Particularly with people new to computers, you can earn money by providing in-home computer help.
    29. Designing websites — It may require a little skilled effort, but designing websites remains a reliable source of income.
    30. Selling stock photography — For shutterbugs, an easy way to put a photography collection to work is to post it to a stock photography site.
    31. Freelance designing — Check with local businesses: you can provide brochures, business cards and other design work and get paid a good fee.
    32. Tutoring — Math and languages reamin the easiest subjects to find tutoring gigs for, but there is demand for other fields as well.
    33. Housesitting / petsitting — Stopping in to check on a house or pet can earn you some money, and maybe even a place to stay.
    34. Building niche websites — If you can put together a site on a very specific topic, you can put targeted ads on it and make money quickly.
    35. Translating — The variety of translating work available is huge: written word, on the spot and more is easy to find even on a part-time basis.
    36. Creating custom crafts — No matter what kind of crafts you make, there’s likely a market for it. Etsy remains one of the easiest places to sell crafts.
    37. Setting up a wi-fi hotspot — With a little bit of equipment, you can set up a wi-fi hotspot and charge your neighbors for the access they’ve been ‘borrowing.’
    38. Selling an e-book — You can write an e-book about almost anything and put it up for sale online.
    39. Affiliate marketing — If you’re willing to market other companies’ products, you can earn a cut of the sales.
    40. Renting out your spare room — From looking for a long-term roommate to listing your guest room on couch surfing sites, that spare room can make you money.
    41. Offering handy man services — Handling small household tasks can provide you with plenty of work, although you’ll probably be expected to have your own tools.
    42. Teaching an online class — Share your expertise through a website, an online seminar or variety of other methods.
    43. Building furniture — For those with the skill to create handmade furniture, selling their creations is often just a matter of advertising.
    44. Providing personal chef services — Personal chefs prepare meals ahead of time for customers, leaving their customers with a full freezer and no mess.
    45. Event planning — From planning corporate events to bar mitzvahs, an event planning business can require plenty of work and offer plenty of pay.
    46. Installing home safety products — Particularly as Baby Boomers age, people able to install handrails and other home safety products are in demand.
    47. Altering / tailoring — If your sewing skills are up to par, altering garments is coming back as people try to stretch more wear out of their clothing.
    48. Offering in-home beauty services — Hair cuts, makeup and other beauty services that can be performed at home have a growing demand.
    49. Business coaching — Helping others to establish and develop their businesses can provide many opportunities to earn money.
    50. Writing resumes — Writing resumes can provide a reliable income, especially if you can put a polish on a client’s credentials.

    There are plenty of offers that claim to provide you with the opportunity to make thousands of dollars a week. Unfortunately, none of these businesses will provide that sort of income, but they aren’t scams either. They were chosen because they all require a minimum investment to get started — some require nothing more than a flyer advertising your business. Even better, if you do enjoy any of these businesses, there is a potential with most of them to continue to expand — perhaps even to the point of going full time.

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    Featured photo credit: Omar Prestwich via unsplash.com

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