We are very much living in strange times right now, with the world on lockdown following a global pandemic and governments having to put together aid packages for businesses and individuals. I was chatting with finance expert Fred Brisker about this a couple of days ago and it is fair to say that we are all expecting a very tough recession following the impact of the pandemic. Whilst for many this is going to mean a very tough time, which is going to be hard to see, for anyone who is cash rich, this is a great time to play a part in boosting the economy and to find ways in which to make money.
As Fred pointed out, there is nothing wrong with making money during a time like this, as long as you don’t step on or use anyone who is struggling, in fact by making money yourself, you will be in a position to help those who need it, and here are some tips on how to do it.
Stocks and Shares
Investing in stocks and shares now is a great idea, especially to those areas of the country which have been hit hardest. For example right now the tourism industry has been heavily impacted because people are no longer traveling, which means that hotel groups or airlines are suffering a decreased share price, providing the perfect opportunity for you to make some money. Once the lockdown is over and we are able to travel again you can bet your bottom dollar that these industries are going to see quite the boom.
Sadly there are going to be many people who will have to sell their properties either to downsize or perhaps to get rid of a second property. The challenge for them will be that nobody is really looking to buy up property so they will struggle to sell it. If however you are cash rich then this could be a perfect opportunity to get a property at a slightly lower price than normal. Remember this is nothing to feel bad about, you didn’t create this situation and in actually offering the money you are doing people a favor.
A recession is a great time to launch that business which you have always wanted to, or at the very least to prepare for doing just that. Buying equipment will be cheaper than ever before and you can really build the foundation of your business for a significantly lower cost than before. If you are able to put yourself in a position whereby you can launch just after the lockdown is over then you can take advantage of the wave of spending which people will undoubtedly do once they are able to get out and about again.
The recession will hit people hard which is why it is vital that the economies around the world have people who do have cash, start spending it as much as they can.