Covid-19: Four Ways to Survive and Thrive in Challenging Times

There is no doubt that these are some of the most challenging times we have seen in generations. Almost overnight, the world was turned upside down, and the traditional, predictable way of life seemed to disappear.

As the coronavirus continues to spread across the world, and as more and more people become infected by the Covid-19 disease, it can be difficult to know what to do. Yet many experts suggest that this could be the opportunity to make a real impression. If you believe in being proactive and tend to have a positive attitude in normal life, what opportunities should you be looking for now, when the pressure is on?

1. Trust Precious Metals

In times of uncertainty, people typically flock towards precious metals. This is especially the case now. And, even though the price of gold may have dropped initially at the start of the pandemic, it has since rebounded to its expected position. Some people believe that the scale of the current issue triggered an unusual sell-off as people tried to free up some cash by liquidating precious metals, but normal business has now been resumed.

As is usual, gold is the number one commodity at the moment, and you can expect the price to move steadily upward as the scale of the situation unfolds. Scarcity is also driving this commodity higher, and there is no doubt that gold is going to be one of the best investments through the rest of the year.

There are, of course, other precious metals to consider, including silver. This metal may be affected, however, by a decline in the amount of industrial capacity as this will tend to create a glut. Industrial throughput will soon recover, though, and you may be able to buy silver at a great price in order to hedge for the future.

2. Invest in Real Estate

In 2008, the great recession was bad news for real estate investors. It’s not the same this time, however, as it will become much cheaper to invest in good property and especially given the relatively low yield on “safe” elements, such as bonds.

It’s likely that more consumers will be driven towards the rental market as well. And, with personal incomes in temporary decline and a lot of pressure on savings, the housing market is likely to be volatile. In this case, you can expect to see government intervention and support for those who want to enter the rental market, giving a big boost to the housing stock.

Take advantage of low interest rates and an emerging market by putting your money into housing stock that can be converted into rental properties. With mid to long-term aspirations, you should be in the best position to capitalise when things naturally start to rebound.

3. Buy a Business

In recent years, more people than ever have decided to take control of their own destiny and start their own business. This can certainly be a good solution in challenging times, but it may be even more advantageous to buy a business instead of starting one from scratch.

Be under no illusion; a huge number of small business owners are desperate to get out. Just consider how many baby boomers there are at the moment and how many of them are at or above retirement age. Tens of thousands of these individuals have worked hard all their life, and they will certainly be motivated to sell now, if not before.

Many of these business owners are what they call “lifestyle” operators, and they have a business that can survive their exit with a second-tier management level already in place. This means that you could come up with a creative solution to help them hand over their business without too much cash advance on your part.

4. Establish an Online Business

Alternatively, why not start an online business? If you do, you could work from home and take advantage of the latest technology, while saying goodbye to that tedious commute once and for all. These days, there are many opportunities, and there’s no reason why you cannot take advantage of your expertise or lifelong experience.

Perhaps you can train others to do what you do and get involved in the education revolution. Perhaps you can set up an online business to sell a niche product or promote a specific service. After all, it is so easy to communicate with people these days and even easier to accept money using a variety of online portals.

Resilience and Fortitude

Times like these, call for resilience, and you need to look for some practical solutions to power your way through. While we may encounter a global recession or even a mild economic depression as things unfold, it is nevertheless time to focus on your personal empowerment.

Look for practical moneymaking solutions while others may have their head in their hands.

Det David Love is a consultant with Money Mastery International, a financial education consortium. MMI offers live workshops and seminars designed to help people become financially independent. The instructors are professionals and business entrepreneurs who take a wholistic approach to financial literacy by exploring the psychology of money, practical money management principles, and time-tested wealth-building methods.

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