How Do You Boost Your Income During a Pandemic?

The outbreak of the COVID-19 pandemic has changed different aspects of people’s lives, including how they work. Gone are the days of driving or commuting to work and spending long hours in an office. Now, almost everyone is working from home, and the line between home and the workplace has become increasingly blurred. 

But working from home also has its advantages, as it removes the need to brave the rush hour to commute or drive to one’s workplace. It also gives people more time to allow them to take on sidelines and opportunities to boost their income, which is important, since there’s still a lot of uncertainty regarding the pandemic. 

For registered financial adviser Edric Mendoza one way to survive financially during the COVID-19 pandemic is to boost one’s income. As businesses continue to pivot to online platforms because of the continuing quarantine and travel restrictions, there are more job opportunities available online than ever before. Whether it’s managing the social media page of a company or putting up an online business, there are many opportunities online that can boost one’s income. 

One way to make quick money online is to buy and sell things that people already have in their homes such as clothes, gadgets, and electronics. If they are things that are not needed any more, then selling them online is a great way to repurpose those assets to use as an income source. Mendoza says that the only limit to having additional income sources is one’s imagination, and he encourages people to be resourceful and imaginative when it comes to finding these opportunities to stretch their income. 

But aside from thinking of the present, he also advises those who are working to think of the future as well, uncertain as it may be. It’s important to establish whether one’s current job is in a sunrise or a sunset industry. The former means that it is an industry that can survive the new normal brought about by the pandemic, while the latter means that it won’t be able to eventually and then assess whether a move is needed. 

While working from home certainly has its challenges, it also has advantages, as it allows people to find new opportunities to increase their income source. However, it is also important to examine the income potential of each opportunity and look not just at the present, but also to examine its future. 

For more tips on how you can boost your income and other financial ideas, you can watch FUNDamentals, a show hosted by Mendoza, on PLUS Network. For more stories for professionals, visit Plus Network on FacebookInstagramTwitter, and YouTube.

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