What can one do with options seemingly limited under the pandemic?
Among the many worries that might come across our minds during the pandemic, financial security is one of the most common. Even for those of us still assured of job security and a stable amount of savings, reassessing the soundness of our is important. But what can we do with options seemingly limited under the pandemic? Here are a few things to look into:
Pursue your side hustle.
While some businesses are put on hold, others thrive. If you have a feasible business idea that you can easily sustain from home, now might be the best time to pursue it. Whether it's food, retail, or an in-demand service, investing in your side hustle might let you earn well enough to augment your savings.
See if you have items you can sell.
If you've had some time to do spring cleaning, you might have discovered some belongings that you either barely use or don't need anymore at all. If you have a business, this could also apply to your inventory. Not only will it give you extra savings, but also free up clutter in your home, office, or warehouse.
Invest in a savings plan that protects AND grows your savings.
There are options wherein you don't have to choose between insurance and investment - explore savings and investment plans that let you and your family enjoy insurance coverage until retirement, and lets your earn extra income that you can reinvest or spend for your personal needs.
Get added benefits with your savings.
If you feel like your current savings plan isn't flexible enough for your needs, explore more dynamic options that have extra features like guaranteed cash payouts or additional coverage. Putting your money in a savings and/or retirement plan shouldn't excessively limit your access to readily available cash.
Make life in the new normal more secure
As everyone adjusts into the new normal imposed by the COVID-19 pandemic, the general sentiment might be how to best adapt to these changes and secure one's finances.
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