The coronavirus pandemic has unexpectedly disrupted normal business across the world, forcing many people into financial distress. Despite all the restrictions of national lockdowns and other stringent regulations that governments are applying to contain the problem, individuals must focus on income-generating opportunities that they can use to pad or supplement their bank accounts.
Jason Kulpa, Net Worth expert and the Founder and former CEO of UE.co, San Diego’s Fastest Growing Business multi-year award winner, is familiar with what it takes to increase net worth. As a serial entrepreneur, Kulpa has experience with increasing net worth through various channels and opportunities while the market is both up or down. Below, he provides five unique and effective ways that individuals can use to stabilize or increase net worth during the coronavirus pandemic.
One fast way to generate alternative income, especially in a situation where there is a lockdown, is to become a copywriter. Copywriting is an online freelance gig that enables the freelancer to write content for clients and earn income by producing the required copy. It has the advantage of being a telecommute job, with the writer able to work from anywhere in the world at their pace, provided they deliver good quality work before the stipulated deadline. Copywriting also allows the freelancer to pursue other projects while maintaining copywriting as a second source of income.
The coronavirus (COVID-19) outbreak has changed how consumers buy groceries and how they get food from their favorite restaurants. For example, the coronavirus has forced restaurants to accept only take-out or delivery orders. Add to your current income or make up for a loss by delivering with services such as Uber Eats, GrubHub, Postmates, or DoorDash. This will provide you the opportunity to support local businesses while putting more cash in your pocket.
Freelance proofreading for diverse clients who require written content is another earning opportunity that can come in handy during coronavirus lockdowns. Numerous companies, such as advertising agencies, publishers, and other organizations, purchase or prepare written content that they want their clientele to consume. Before sharing it, they prefer to have it proofread and polished to high quality. Accessing such opportunities is possible on diverse platforms online that provide full time and part-time options for interested and talented proofreaders.
Making How-To videos for online video streaming platforms is another source of passive income that works well during periods of restricted movement such as now. This approach is straightforward and fun because an individual can share lessons about their areas of specialization (e.g., a chef can prepare a recipe for followers, an accountant can teach small business owners how to handle their finances, etc.). The streaming platforms that display these videos also continue paying the freelancer as long as viewers keep watching.
Negotiate with Credit Card Companies and Debt Holders
If you’re struggling with credit card debt, you may want to consider negotiating with credit card companies or asking for assistance. Some companies, such as American Express, have offered that if the COVID-19 pandemic has impacted a borrower, the card issuer will refund interest charges, waive or reimburse late fees and reinstate rewards points, if there are any, for the borrower’s current statement. Additionally, if the borrower is unable to pay even the minimum amount due, the account will not be marked as past due. Contact your credit card issuer to see what options are available until you can get back on your feet financially.
About Jason Kulpa
Jason Kulpa is a serial entrepreneur and the Founder and former CEO of UE.co, San Diego’s Fastest Growing Business multi-year award winner, and a Certified Great Place to Work multi-year winner. Mr. Kulpa is a San Diego’s two-time winner of the Most Admired CEO Award of the San Diego Business Journal and also a semi-finalist for the Ernst and Young Entrepreneur award.