If you’re like most people, you’ve probably heard that there might be a recession on the way.
While it might seem scary at first, knowing how to make money during a recession can help keep you safe.
Fortunately for us, there are many different ways of earning an income during difficult financial times – so without further ado, here are the top 20 ways of making money in a recession.
1) Earn Money On The Side From Fiverr or Freelancer .
With these websites and apps, you have the opportunity to become an assistant or freelance worker for various clients across various fields.
The great thing about this is that you can make extra money from home, when the timing is right for you.
2) Sell Your Services For Bitcoin .
Bitcoin is gaining popularity all over the world, and there’s no reason why you shouldn’t take advantage of it during a recession.
If you’re a skilled individual who can provide services to others, consider accepting Bitcoin as a payment method instead of common currency. Just be sure you have an established reputation as a reliable person before offering your services online!
3) Buy A Business Or Franchise And Run It From Home .
If your business or company folds during a recession, consider buying one that’s already established. With a business, you can make money without needing to be present at the office every day.
If your home is already set up as a business, you can run it from home giving you extra time for yourself or for other passions.
4) Buy Simple Assets Or Dividend-Generating Stocks .
There are companies dedicated to helping people buy assets that pay dividends. These could be domain names, stocks, bonds or other securities that have high yields and good growth potential. If these help you generate passive income, why not buy them?
5) Invest In Mutual Funds .
Mutual funds are great for those who want a safe place for their investments when times get tough.
If you’ve got good financial planning, you might want to consider investing in mutual funds instead of stocks, bonds or any other type of investment.
6) Invest In Gold .
Gold is one of the best investments in a recession. It’s extremely reliable and cheap – meaning, it will never lose its value. If you’re looking for a safe place to park your money, gold would be the way to go.
7) Buy Stocks At Discounted Rates .
There are large companies that allow people to buy their stocks at discounted rates during a recession.
They do this because their stocks have taken a hit and they need cash. If you buy them, you can gain company stock at a discount and then resell it once the company recovers.
8) Invest In Real Estate .
If you don’t want to buy and sell stocks or invest in mutual funds, real estate is always something to consider.
From condos to estates, there are many different types of real estate that can be bought at good prices during a recession. What’s the best part? You can build an income by renting them out or selling them off down the line.
9) Open A Second Job .
Depending on what your skill set is, you can open a second job during a recession. For example, if you’re a real estate agent, you could start the process of making extra money by running another job like cleaning or helping out in your free time at home.
10) Invest In Funds That Pays Annually .
If you want to invest in funds that pay its investors through annual payments instead of dividends, consider doing so during a recession so you can benefit from capital gains. You may end up selling off your investments at inflated prices just before or after the economy recovers back to normal levels.
11) Buy Stocks On The DOW .
If you’re an investor, you can buy stocks on the DOW (down side up) to invest in growth companies. This is one way of profiting when recession hits but it’s not the best.
12) Start A Business .
Perhaps you have good ideas that could change the world. If so, consider starting a business and processing these ideas into commercial products or services.
13) Clear Out Household Clutter And Sell It .
If your house is full of useless stuff and you want to sell some of it off, consider checking out sites like Ebay or Craigslist to see if anyone wants anything from your house and what they’re willing to pay for it.
14) Sell Your Stuff On Craigslist .
Selling your items and stuff on Craigslist is a great way to make some quick cash. You can sell your old textbooks, stuffed animals, concert tickets, snowboards or anything else you have that you’re not using or simply don’t want anymore.