We understand that people may interpret “tough times” differently, and what is tough for one may not be the same for another. But let’s take the current, ongoing pandemic as an example. Most would agree that this is considered “tough”. This has severely impacted various industries, and many people are affected. During times like this, our survival mode kicks up a notch. It also makes you wonder what exactly is worth buying or investing in, besides the necessities? Here are some things for your consideration!
1) Online Platforms
We live in the digital era now, and online platforms are practically an essential. It’s convenient, and can reach so many more people at once. No matter your nature of business, it’s always wise to set up an online platform, namely a website, and backed up by social media accounts. With an online platform, you will get some awareness and exposure, at the very least. You’ve seen it this pandemic, especially with Zoom–everything is online now, and you should be on board, pandemic or not.
2) Tech Gadgets
Closely related to the above, it’s going to be difficult to upkeep your online platform if you don’t have the right gadgets. Most of us would have a smartphone today, but it could also be a good idea to get a laptop/tablet, depending on what you need to use it for. If your content is photo/video-centric, you may want to consider getting proper equipment, and maybe even lighting. If you speak a lot, a good microphone is essential as well. That way, you can operate right at home, without needing to fork out for a physical space.
3) Stock Market
Well, this one requires some knowledge, and it has its own risks, but there’s a reason why people still do it. Buying shares that may be profitable is highly dependent on situation and industry, and you’ll need to study or research beforehand. A keen eye plus some luck could help you multiple your money, but a misstep can land you in deep trouble as well. If you’re unsure, sit this one out.
4) Your Health
Whatever the situation may be, your health should remain a priority. Think of it as something like “live to fight another day” kind of thing. As long as you’re healthy, you can still make things work. On the other hand, falling sick will incur more expenses, so you do the math here. Make sure you eat healthy, get enough rest, and maintain an active lifestyle. You can also opt for some health supplements if you need them.
5) Gold
Most people know that gold is precious and valuable, but why exactly is it the go-to metal for investment? One reason is because gold has always maintained its value throughout changing times, making it a sort of “insurance” when other forms of currency collapse or lose value. It is also an excellent hedge against inflation when cost of living rises, and acts as a good portfolio diversification as well. Basically, it is a form of financial cover during times of uncertainty.
6) Books
There are two types of people: those who love reading, and those who hate reading. If you’re the latter, you may want to change your mind a little anyway. When properly selected, books can provide you with the knowledge, information and motivation to go the distance. There are so many topics you can learn about, occupy your time, ground yourself, find that spark… plus, once the books are yours, they’re yours for life and you can always refer to them if needed. The Internet does house a good source of information, but sometimes there’s just no beating a book, even e-books!
7) Property
This is highly dependent on the current situation, but prices of property can go down during certain times (e.g. now, apparently?). Investing in real estate is a huge commitment, so yes, of course, do think twice or thrice before taking the plunge. However, if you’re comfortable, it could be good to invest in property, with one of the reasons being receiving returns from rental.
8) Courses
In other words, invest in yourself. When the going gets tough, the tough gets going! During (unprecedented) tough times, you could be affected. Your business could go under. You could lose your job, or part of your income. While it may seem superficial to say so, try not to let these occurrences knock you down. This could be a new breakthrough for you, and improve yourself by signing up for courses in your area of interest. Plenty of courses are available now whether you choose to attend in person or online. Just make sure you do enough research beforehand, as sometimes online “courses” can seem promising but turn out to be a scam!
If you’re feeling a bit down and need some help on getting back on your feet again, you can also check out these tips!
