Are there recession-proof ways to make passive income?
It’s no secret that the economy has been bad for a while. The stock market is down, jobs are scarce, and you may have even noticed your savings account shrinking as the years go by. But it doesn’t mean you should stop saving or investing! There are still plenty of ways to generate multiple streams of income during this recession—and they don’t all involve quitting your day job. Here are five strategies for becoming financially independent even during a recession:
Personal Savings
Saving money is one of the best ways to ensure that you will have financial stability even in a recession. It’s especially important for people who are trying to create multiple streams of income because they don’t have many resources or investors backing them up financially when starting out. If you still struggle with controlling how you spend your money and save, let Maryam’s story inspire you today!
Get access to early cash
Notice the choice of words? Access to early cash is completely different from getting a loan. This is one of the benefits you get when you join an Ajo group with AjoMoney. This can be useful if you have an emergency coming up and need money fast, such as when your car breaks down or your house needs work done on it or even starts new businesses.
You also get access to cash for major purchases. If there’s something in particular that you want but don’t have enough money saved up yet, then this is where Ajo groups come into play!
Thrift contribution
The first thing to do is evaluate your finances. Make a list of all the things that you can’t live without, then prioritize them in order of importance. Once you have made this list, consider how much money it would take for each item on the list and how much time it would take to earn enough money to purchase it.
Next, start saving a portion of your money daily or even weekly until such time as those needs are met. This will not only help build up confidence but also provide peace of mind knowing that if something does happen—and it probably will—you’ll be able to maintain your standard of living without needing immediate assistance from family members or friends.
Invest in yourself
You need to also invest in yourself. It goes beyond getting the funds to start a business. Do you have the skills needed to maintain the business? Lack of necessary skills will ruin the business and you will end up losing all saved money and resources. Be willing to do the work and take on responsibility, even if it’s not fun or easy.
Conclusion
We hope that you’ve found this article helpful! We know how stressful it can be to run your own business and try new things, but we know that the best thing you can do is just keep going. With a little bit of patience and hard work, you could soon have multiple streams of income coming in—and then it will all be worth it when you see your business grow.