The year 2020 started on well until the outbreak on COVID-19 was announced. The highly infectious disease has left millions of people jobless as companies and businesses continue to close down.
The challenges being experienced are however not new. We have faced similar challenges before and came out strong. Many people are still wondering if it is possible to build wealth in the midst of a pandemic.
The truth is that nothing is impossible. In fact, there are many businesses that are doing much better than the outbreak of the disease. It’s important to take advantage of the situation to create more wealth for the future.
It’s never too early or too late to start investing and achieve your 2020 financial goals.
1. Invest in the property market
There’s no doubt that the real estate industry is one of the most profitable forms of investment today. The good thing about real estate is that the property always appreciates compared to other assets such as vehicles. In a time like this when most people are looking for money to survive, it is easy to purchase a home at a lower price.
Within a short period, you will be able to resell the house and make a kill. However, you should conduct due diligence to ensure that the property you are buying is in good condition.
After ensuring that everything is fine, you can undertake renovations and in the process increase the value of the property. This will definitely fetch you more money than you bought it.
2. Invest in the stock market
The stock market is another cash cow that most people haven’t discovered yet. Despite the risks that come with it, the stock market can be a great way to build wealth in 2020.
Right now most people are selling their shares in companies because of the uncertainty brought by COVID-19. You can take advantage of that and purchase as many shares as possible.
All signs are showing that things are slowly getting back to normal. Within a few months or years, you will be able to sell your shares and make a good profit. Assuming you are purchasing a company’s shares for $50 right now and a few months later the share prices jump to $90. That means you will make almost double your investment.
3. Invest in the cryptocurrency
The concept of digital currency is quickly taking shape in the United States and many other countries. Most businesses and corporations have started accepting the use of digital currencies such as Bitcoin. The value of one Bitcoin currently is equivalent to slightly over nine thousand dollars.
Considering the fact that most countries are taking up the idea of digital currency, there’s likely that the value of most digital currencies will rise. You should however understand that the cryptocurrency market is highly volatile. This means their values fluctuate from time to time.
4. Develop a savings culture
Saving is another great way of building wealth. It is very dangerous to leave from paycheck to paycheck without saving anything. In fact, the current situation has taught many people around the world the importance of saving.
The best way to save is to commit yourself a certain percentage every month. Make it mandatory just like any other bill you pay monthly. Great savers spend what is left after they have saved.
Another important thing about saving is that you can use the money to invest when an opportunity comes.
5. Have an extra source of income
Are you the type who depends on a single source of income? Well, that could be dangerous. What if you woke up one morning and find out that the company you are working for has gone bankrupt?
It is always good to have something on the side to supplement or boost your existing income. You can either start a business or get a part-time job.
In a nutshell, there are many ways you can use to build your wealth in 2020 – despite the uncertainty caused by the pandemic.