Right now, a lot of us are pretty worried. Whether it’s worry over our health, our finances, or the future in general, layoffs have been a huge issue as of late. Many companies are unable to handle the financial burden of shutting their doors. This has caused many to either lose out on a few weeks of pay, or even lose their job altogether. If you were affected by this issue, it may not be possible to retain all that lost income. Depending on how high that income was, you may just have to settle for now. The good news is that there are options to help carry you through. So, to do our best to help, here are a few ways to make money if you just got laid off :
Independent Work
As we have posted about before, there are many ways to make money on your own. Unfortunately, as of late, your options are limited to things you can do from home. Independent jobs like copywriting, resume writing, video editing, and other computer-based gigs are still out there, though. AS time goes on, it will be harder and harder to land these jobs, so get online and search as soon as possible. These often provide side-hustle-level pay, but something is better than nothing. Get all the work you can, and try some other options in addition to get as much together as possible.
Seasonal Work
It’s been publicized pretty heavily that supermarkets and grocers have been absolutely bombarded by crowds of shoppers. Other jobs that have gotten some extra business are automotive maintenance shops, construction companies, electric companies, and any other essential business that people who have retained income decide to take advantage of when they are forced to stay home. Look online for seasonal openings posted to get extra hands involved with all of this excess work. There are a lot of these opportunities out there, and they are probably your best bet when it comes to replacing a full-time income. If you can’t find one with full-time hours, try combining them with some independent work. These jobs may not pay a ton, but when it comes to feeding your family, anything helps.
Ways NOT to Make Money (If You Can Avoid Them)
Before diving into these major “don’ts,” it is important to reiterate that if you have no other option, there will be no judgement here. Everybody’s situation is different, and we understand that sometimes options are limited. With that said, do your best not to cash out any retirement accounts. Not only will this apply taxes to previously untaxed income, but the stock market has taken a major dip. This means that the value of your retirement account is likely much lower than it will be a few months from now. Another thing you should try not to do, though this is better than cashing out retirement, is taking any low/no-interest loans from your bank or credit union. Though these may seem enticing, and could possibly be your only/best option, do your best to avoid taking these. The last thing you need when the job market returns is additional debt weighing you down. If too many people take and default on these loans, the economy could be severely damaged.
Trey LaRocca is a freelance writer, financial sales worker, and tech guy. When he isn’t out and about or at work, he’s usually at home enjoying some video games and a beer. Currently residing in Newport Beach, this California Kid can be found at the beach on any given weekend. Trey has years of experience in day/swing trading, financial analytics, and sales.