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Beat the Recession with These Money-Making Tactics

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Updated on September 8, 2022 by
Beat the Recession with These Money-Making Tactics

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Are you interested in building a second income stream to fight all the adverse effects of the current recession? If so, you are not alone. Working adults are doing their best to find part-time jobs and create passive streams of income. For many, the ideal approach is to find a paying position they can do from home and an investment opportunity that delivers solid returns. When the economy is going through a challenging period, people with career coaching skills can usually find work relatively quickly.

Additionally, real estate investing can serve as a financial adjunct to a good-paying second job. Other money-making gigs that people turn to during the recessionary eras include writing and selling short e-books, applying for research grant money from private foundations, teaching English via online tutoring platforms, and taking paid consumer surveys. The following suggestions are among the most preferred ways to battle inflation and an ailing economy.

Career Coaching

The career services field tends to be considered one of several recession proof jobs, especially when millions of adults are out of work and looking for new jobs and careers. Career coaches who take short certification courses can build a solid source of additional or primary income by acquiring clients who need help finding jobs, learning basic interview techniques, screening potential employers, writing resumes, and following up on interviews.

Fractional Real Estate Investing

For many prospective investors, the idea of real estate is connected to the need for large down payments and complex financial transactions. Fortunately, it's now possible to counter the effects of a down economy with a different kind of real estate asset, fractional shares. Real property can be the perfect addition to a balanced portfolio. Not only does real estate have the potential to deliver significant returns, but it can also offer steady cash income monthly. That's not to mention the many tax benefits that accrue to owners. But far too many people harbor a misconception about real estate ownership, namely that it's just too expensive and the duties of a landlord are a significant hassle. The good news is that those who purchase fractional real estate shares get tax advantages without the high cost of market entry or the headaches of being a landlord.

Writing Short E-Books

Short e-books on how-to topics like finding a job, saving money, acquiring fresh career skills, and then we big sellers during recessionary periods. If you want to earn in the e-book niche, it's essential to choose a field you already know about, make several drafts of book ideas, and then get busy composing your first one. Focus on relevant, actionable information that people can use. Aim to create publications that can be read in under two hours. Set prices at a reasonable point so you can make some cash on each title but not price yourself out of the e-book marketplace.

Teaching English

Teaching English online is one of the preferred ways for many unemployed people to survive. The good news is that there is plenty of work, and it pays well. The negative side of the job is that the hours can be crazy because so many students are located in distant time zones. So, if you don't mind working with youngsters and putting in some late hours, consider adding online English tutoring to your list of ways to fight against a possibly prolonged recession.

Taking Online Surveys

It surprises many out-of-work adults that doing online opinion and consumer surveys can be a helpful way of banking some extra cash. Dozens of platforms offer payment to survey-takers. Choose two or three that appeal to you and provide a decent pay rate. Know that you won't be chosen or accepted for every survey you apply for. However, working with a few of the top platforms simultaneously makes it possible to bring in a steady but small stream of supplemental income by working less than an hour per day.

 

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