Because of an increase in credit card spending, United States household debt in the second quarter of 2021 jumped by $313 billion, representing a 2.1% rise, as reported by the Federal Reserve Bank of New York. Among the outstanding balances, 44% were attributed to 2020 spending, showing that Americans are still paying for the financial distress caused by the pandemic. And with the possibility of pandemic-era protections expiring, many are at risk of severe financial distress.
Fortunately, there are a lot of ways people can make money under the current climate. Navigating today’s tricky financial landscape is all about adapting to the industries that have thrived, and below we’ve highlighted three: tech-focused remote work, eCommerce, and securities trading.
1. Remote Freelance Work
When the pandemic forced us to spend more time online, the demand for workers skilled in digital services skyrocketed. This also created an increase in jobs that didn’t require face-to-face interactions. The highest paying freelance jobs for those with top-earning remote skills include social video marketing, web design, and content writing, all of which can be done from the safety of your home. Additionally, you can take on gigs you can actually handle. Say you’re a full-time stay-at-home parent, you can sign freelance contracts that won’t interfere with your responsibilities at home.
These jobs are so in demand that many developers have capitalized on making platforms for job hunting. Websites like FlexJobs can show job seekers available projects and positions, for example. When you sign up for an account, the website even notifies you when companies post new listings.
If you have something people want to buy, it’s easier than ever to sell it online. To create an online store, you can use website-building platforms like Wix or Squarespace. You can also sell your products on social media, with Facebook and Instagram continuously developing the commerce side of their sites.
And if you’re serious about online selling, you can also use a dedicated eCommerce platform like Shopify. A post on why Shopify is popular by AskMoney notes that the platform offers a variety of different business tools. You can use Shopify’s POS (Point of sale) system for both online and in-person payments. And since the platform records sales data, you can view your store’s daily performance as well as detailed reports on store visitors, customers, and products.
3. Securities Trading
Securities are financial instruments that represent relationships between investors and financial institutions. Stocks, for example, prove an investor’s partial ownership of a company, while bonds represent debts a corporation owes to an investor. There are also ETFs and mutual funds, which hold a combination of stocks and bonds. These monetary relationships can be profitable, the size of income depending on how much stake you have in the investments. For instance, Apple stock generated its investors 78% in returns in 12 months of the pandemic — your earnings would look very different if you invested $100 versus $1,000 in the tech giant.
Fortunately for today’s traders, all of this opportunity is available in an online trading platform and stock brokers. For instance, Time lists online stock brokers fit for beginners, like Fidelity, Charles Schwabb, and E*TRADE. When taking your pick, consider the platform or broker’s reliability and reputation, trading and commission fees, and the accessibility and ease of use.
Though the severe financial devastation the pandemic caused is undeniable, many businesses were able to thrive in the growing digital landscape. Workers can generate a steady stream of income by capitalizing on the industries that prosper in spite of the crisis.