Across the world, these are trying times for many businesses and individuals. The coronavirus pandemic has led to a lock-down of many sources of income especially those that require physical contact to exchange goods and services.
While these are trying times, one can choose to leverage on a number of life changes, decisions and strategies to stay afloat during and after the COVID-19 times. We share a six (6) tips to help Bitcoiners and non-coiners below.
For most people, one key lesson this pandemic has taught them is you can actually do without some expenses.
Its all in the head. The weekly partying, eating out and more. These activities form part of the “baller lifestyle” but hey you’re surving without them. What matters at this time are the basic needs and most keep more money in your pocket.
However, if you still spend more this peroid, then you need to re-evaluate your expenses, draw a budget and stick to it. This helps you account for every penny spent, and even though you earn from home or get paid at the end of the month you’ve got to ensure that expenses do not outpace earnings.
An extra benefit of budgeting is no one knows the aftermath of these tinmes, you got to stay ready and have funds to fall back to.
For Bitcoin and cryptocurrency investors, many traditionally wait for hefty sums to buy bitcoin or altcoins, others stick to day trading for profits.
However, the crypto market and other asset markets are slowly recovering hence little profits. This calls for re-evaluation of your crypto investing strategy; using the Dollar Cost Averaging (DCA) technique.
DCA could be done in two (2) ways:
1. The higher the dip, the more crypto you buy; the smaller the dip, the less crypto you buy. This method follows the rationale that for every price dip, there is a corresponding upward trend. So rinse and repeat.
2. Set a weekly or monthly buy amount. This allows you have a form of crypto savings. Rather than buying with big funds at once, this method offers you a step by step option, where you buy and accumulate a certain amount of bitcoin over a given duration.
This way you’re unbothered by any negative market movement; as you focus on the long term crypto narrative. A win, win.
Fun fact: If you buy $50 BTC about 18,000 naira montly, you’d have bought $600 BTC by the end of the year.
With the world moving to a digital economy, remote working/jobs are set to become the new normal.
Analysts predict a huge staff layoff by many companies post COVID-19 era to cope with econmic realities. In your best interest, learning a digital skill or service gives you an edge over your peers within the organization.
In worst cases were there is a layoff, your skill becomes the new cash-cow.
An advantage of these digital skills such as web design, graphics design, copywriting, is you can work from anywhere, for companies or individuals across the globe.
As extra pecks, you can request payment in bitcoin or your choice crypto; as many banks worldwide stay shut due to the pandemic.
This isn’t a time to do normal or literally keep your eggs in one basket. No gain reminding you that the traditional assets and lifestyle have maybe failed.
You can begin to diversify to various assets or industires which gives you a pool of options to earn from. If you trade crypto, you could give commodity trading a try, stocks are at a discount, the agricultural industry is also vibrant.
You could offer solutions to these industries or get a share of their services.
However, before diving into any investment or new industry be sure to get the right education before starting.
Some say cash is king in times like this. That narrative stands with the opinion that lots of assets are available at giveaway prices this time.
Even the crypto market saw a huge discount in price due to the COVID-19 effect in March.
That said, having spare funds gives you an edge; as you buy assets cheap and wait for the good run. You wouldn’t want a lack of funds make you miss buying opportunities at discounts.
Currently there are discount sales on courses, real estate, crypto coins and many more.
Ultimately, in case of any unforseen emergencies, these funds will come in handy.
A healthy body and mind currently ranks as everyone’s greatest need while this pandemic lasts.
Many who aren’t used to staying indoors get bored or have mood swings due to the lack of social relationships during this period.
A good way to stay ahead is through regular exercise, healthy use of social media, relaxation, and basically doing what or being with who makes you happy. This way you keep a clear head.
Also remember to wash your hands, maintain social distance and stay protected in line with saftey requirements against Coronavirus.
Are there any missing tips? Feel free to share in the comments.