In situations like these you have to adapt like a virus, look for opportunity and don’t become paralysed and over analyse everything. Be smart and take action even if its not perfect.
TIP ONE: Save your money. Reduce your spending & build a safety fund. Reduce as much unnecessary spending as possible, be unbelievably stingy and put it all towards building a safety fund if you don’t already have one. This should be 3-5 months of your living expenses and only used in an emergency.
TIP TWO: Invest in Index funds. Index Funds are one of the safest, long term investments strategies you can use to take advantage of the current crisis as we have an extremely undervalued stock market. Index funds contain lots of different companies and therefore track the stock market. If things start to improve and people start getting better, then it will kick start the chain of events and the market will bounce back dramatically. One of the most popular index funds is called the S&P 500, is comprised of the biggest 500 companies in the USA such as Apple, Amazon and Microsoft. The amazing thing is that buying and hiding this fund for a 20 year period has never lost anyone any money. I love using Vanguard index funds, you can just jump on their website and open an account and pick your risk tolerance.
TIP THREE: Sell Shovels. No I’m not talking about actual shovels, let me explain…. Just think about the outbreak. People are having to self isolate causing the demand for virtual technology that allows people to work from home to skyrocket. Even schools are turning to online streaming services to teach their students. So as soon as you can start creating and selling products which allow businesses to continue making money despite the crisis, then you will be onto a winner! You may be thinking that sounds all good during a crisis but what happens when everything goes back to normal…
TIP FOUR: Invest in real estate This is a long term strategy, by buying a house during a recession when things are less expensive and interest rates are low, over a 10-15 years you will see the a dramatic return on your investment. The trick here is to buy low and if the market is down you can squeeze the price, you only have to wait for the seller to say yes to your offer, if they say no then you have lost nothing. Remember you are in control , you have the cash that they want, its easy to give it away and hard to earn so make it hard for them to get it from you !
TIP FIVE: Buy individual stocks. I have left the most risky option until last. I’m not usually too keen on buying individual stocks as there is a potential to lose a lot of money. However if you can predict what the market is going to do correctly, there are huge rewards. But how do you know what stocks to buy? When everyone isn’t flying you BUY AIRLINE STOCKS. When restaurants are empty you BUY RESTAURANT STOCKS. When movie theatres are empty you buy MOVIE THEATRE STOCKS. It’s pretty simple. These stocks will be undervalued heavily and will give you the greatest return. It’s very hard to time the bottom of the market so the best way to invest is to catch the bounce on the way up, ride that wave until you see the signs of others getting too confident and then sell.
LEARN MORE TIPS BY BECOMING A MEMBER OF She’s Got Her OWN Network: www.shesgotherown.com/enrollment