5 Simple Ways to Survive the Economic Crisis

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During my life on earth, I witnessed the market crash two times. I was too immature to understand what was going on. I was only a passive observer. But, I have a plan to survive the upcoming one.

It doesn’t take a genius to predict the upcoming events. Less money would lead to cost cuttings in companies, layoffs, reduction in salaries, etc.

But, I believe in turning crisis into opportunities. Here are some things you must consider.

Multiple Sources of Revenue

Create multiple sources of revenue because there could be a delay in payments or no payments. You will be on the safer side with multiple sources of income.

There are two ways of income, passive and active. My plan for passive income is to sell ebooks, courses on trending topics like cryptocurrency, the blockchain, etc.

For an active source of income, I am relying on sites like Upwork. I recently came across Vanywhere (yet to launch). The idea is to help people monetize their skill.

It’s not limited to freelancers like in Upwork. If you have skills in cooking, fashion, traveling, sports, etc, you have an additional source of income with Vanywhere.

The brilliant thing about Vanywhere is that they are a platform based on Blockchain. This means their infrastructure cost would be drastically less and they would take less commission compared to sites like Upwork who presently eat 25% of my revenue.

SteemIt

I am trying to register on SteemIt. They help content creators make money. Unfortunately, they seem to have closed registrations or restricted new users to specific countries. I am yet to receive their SMS verification code (It has been a week).

Writing on Medium is another way of generating revenue. Unfortunately, they haven’t opened it for writers from countries like India where Stripe is not supported.

Master In-Demand Skills

There is a huge demand for people who know to program, code and teach about Blockchain and Cryptocurrencies. Learning blockchain is the best decision I made, My Linkedin is filled with so many requests for writing, programming, and consultation. Please feel free to get in touch with me but be patient I might take time to respond.

If you are not comfortable with blockchain, please have a look here. If you still don’t find your interest, I am sure a google search will help you.

Investing

This point has already been covered in a previous post here. The type of companies which survived during the dot-com crash was the one that helped people make or save money. People who invested in eBay, Amazon, etc made massive returns.

eBay, Amazon helped producers take their products to the masses but it came with a cost. They take a huge commission in the revenue generated.

In the Blockchain era, the kind of companies that would thrive would be the ones that would eliminate the middleman. Hence enabling producers to make more money and consumers save money.

I would leave you to find such companies, but the popular ones are SteemIt, Vanywhere, and Siacoin.

Trading

Investing might take a while to generate revenue. Day trading is an alternative that would help revenue faster, this doesn’t mean it is a quick way of getting rich. I recommend you to read How to Day Trade for a Living.

I am not an expert in trading, but after reading a series of posts about trading, I have curated few books, they are Insider Buy Superstocks,

The Complete TurtleTrader, and Trend Following

Collecting Freebies

This is the easiest way of all, I am a verified user of Earn.com. They pay you bitcoins for reading emails, those are mostly from ICOs. They even airdrop you free tokens, you can also cash out some of these tokens in crypto exchanges.

If you have more ideas please comment here. I would be happy to update this story.

Kindly note, this post was sponsored by Vanywhere.

Claps Please 👏 , Thank You 😊. Follow us, HackerNoon and me (Febin John James) for more stories.

I would like to introduce you to two crypto products. Coinbase is an easy to use cryptocurrency wallet that supports Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Earn pays you bitcoin for reading emails.

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