Hey Icons,
The way that our economy is looking I think we can possibly have another recession, but aside from what I’m already doing for income, what are great ways to generate income or ways to produce during a recession?
Best,
Christopher
top of page
To see this working, head to your live site.
Comments (1)
bottom of page
Hiyo!
Thank you for your forum post and for initiating a conversation on such a pertinent topic. I believe your concerns echo those of many, particularly given the current state of the economy. Here are some suggestions that you may find beneficial in seeking additional income or productivity during a recession:
Investments: Investing in stocks, bonds, real estate, or commodities can be a productive strategy even in a down economy. You might consider defensive stocks, for example, which belong to companies providing essential services that people use regardless of the economy's condition. Keep in mind, however, that investing does come with risks, so it's important to thoroughly research and consider seeking advice from a financial advisor.
Skill-Based Freelancing: If you possess certain specialized skills, such as graphic design, writing, programming, or teaching, you can offer your services on freelancing platforms. In tough economic times, many companies turn to freelancers to cut costs, which can work to your advantage.
Online Selling: Selling products online, either through established platforms like eBay, Etsy, or Amazon, or by setting up your own eCommerce website, can be a promising income source. Consider selling items that remain in high demand during economic downturns.
Cost-Cutting Measures: This might not be directly related to generating income, but effectively managing your expenses can have the same net effect. Evaluate your spending habits, and identify areas where you can save.
Pursuing a Side Hustle: This could be anything from dog walking to tutoring to driving for a rideshare company. Find something that fits your skills and schedule.
Online Learning and Upskilling: Economic downturns often lead to job market shifts, so it's a good time to learn new skills or improve existing ones. There are plenty of online courses available that can help you remain competitive in your current job or potentially pivot into a new area.
These are just a few ways to generate income or remain productive during a recession. Each has its own potential benefits and drawbacks, so it's essential to consider your unique circumstances and resources when choosing which methods to pursue.
Stay positive, and remember that while recessions bring challenges, they also bring opportunities. It's important to continue investing in yourself and your abilities, regardless of the state of the economy.