What’s better than having a successful 2019? Having an even more successful 2020! 2020 is going to be an interesting year. It’s a new decade, and it feels like the whole world is talking about a possible recession. But remember, new year means new opportunity for the people who think differently.
That’s why, in this article, we’re going to go over 7 ways you can make more money in 2020 than you did in 2019. This way you can capitalize on the 2020 economy.
Use the market
In 2019 the market broke record highs, and we saw a record low unemployment in many parts of the world. That was good news for 2019, but you need to remember that nothing can go up forever. Countries like China and Germany are already on the verge of a recession, and their slowing economies could trickle down into our economy. Do you remember the old saying: ‘buy low, sell high’? Well, market highs are the absolute worst time to start dumping all your money in the market. But didn’t I just say that you should use the market to make more money in 2020? Yes, because when the markets are volatile like this, it’s a great opportunity to make short-term cash.
Now, investors, I’m not talking about day trading, because that is way too risky for me. For the stock market, I’m talking about coming up with a short-term stock trading strategy, or in real estate, I’m talking about doing something like wholesaling. This way you can make more cash right now, without tying up all of your money.
Move your money
This is a weird time for investors. On one hand, you don’t want to dump all your money into investments and buy at a market peak, and on the other hand, you don’t want all your money sitting in a savings account, earning you 0.03%. Luckily, online banks are here to finally save the day with higher interest rates on your savings.
Saving your money is not a substitute for investing, even if you get a higher interest rate on your savings, but it can help you fight off inflation, until you can figure out what’s really going on in the economy.
Build your own digital business
Companies crave attention, and creating content to publish is the best way of grabbing that attention. So many people around the world are starting their own websites to run their own business from home, be it a publication, e-commerce, coaching services to remote clients, or simply a YouTube channel. The millennials don’t seem to like the idea of spending hundreds of thousands of dollars to get a piece of paper called the degree with no income guarantees. And if you still don’t believe me, in 2019, businesses for the first time in history, spent more money on internet ads than they did on non-digital advertisements. This new trend is not slowing down.
If you can build a digital brand today, whether it’s YouTube, podcast, blog or whatever, you are setting yourself up for the big money to really start flowing in. To learn and master the skill of running a successful online business, get your Passive Income Breakthrough course by clicking here.
If you feel like you don’t have the time or skill to establish your own website from scratch, you can join hands with others who already have one and are looking for contributors or affiliates. Once such growing publication is called Opinined.
Shed the debt
In 2019, the Federal Reserve cut interest rates for the first time in a decade. That means it is cheaper and easier for the majority of people to go out, and borrow money to buy things they don’t need. I need you to think different and be different, and use this time as an opportunity to pay down your debts, so you can focus on building your own wealth.
Take your extra cash, and use these lower interest rates to pay down your debts faster, or refinance all your loans. This way you can pay less money in interest.
The majority of people are freaking out about the thoughts of another recession happening. Market slowdowns happen every 10 to 15 years, and have happened in the past, and will always continue to happen. But what you need to remember is that, although we can’t predict exactly when the markets will slow down, more millionaires are made during recessions than any other time.
Recessions mean investments go on sale, so the people who are sitting on cash can come out as winners, because if you have cash, then you can come in and buy investments, like stocks and real estate, for a fraction of their potential market value. So if you can start putting extra cash aside, when the economy does slow down, you will be ready to come out of the next recession as a winner, because you will be able to buy these investments for dirt cheap.
Use matchmaking sites
Try to find a match for your business or services that you can offer. There are freelancers making hundreds of thousands of dollars from their side hustle by servicing other businesses. You can make money doing almost anything as a freelancer: writing, graphic design, voice-over, coding. If you have a skill, you can market it as a freelancer.
Use a matchmaking site like Upwork, to market and promote your services, and then businesses that need help will come and match with you to hire you. You can work from home, pick your schedule, and set your prices.