In every crisis lies the seed of opportunity. Likewise, from the midst of the current pandemic and the chaos and uncertainty it’s created there are opportunities for wealth creation. Why? Our behaviour as consumers and employees have changed so businesses have had to innovate to meet these changing patterns. What this means is that there are new business segments that are going to emerge and others that may have been fringe players will become stronger over the next few years.
Wealth creation is a necessity especially in an environment where the traditional/existing avenues of income have been challenged, but bills still need to be paid, and investments made. I’m not talking about a get-rich-quick scheme or taking undue advantage of people to make money. What we’re looking at here is a sustainable income that solves a problem and benefits you economically.
Hard enough to do in ‘normal’ circumstances, not to talk of uncertain times. However, it is possible. Here are 6 things I’d suggest you look at when you’re thinking about wealth creation.
- Pay attention to what is going on around you – What has the pandemic made unavailable? What alternatives are there? What alternatives can you provide? What is in demand right now? For example, logistics services are increasing in demand. Global travel is heavily restricted now, which means people are looking for local alternatives. Access to micro-credit is invaluable as people need to make ends meet. Pay attention to what is happening and see where you can position yourself to be of value.
- Invest wisely – You can still take risks where others fear to tread, such as investing in stocks/shares. Look at the stocks of companies you think will survive this downturn and keep track of them either to hold or trade-in the long term when there’s an upswing in the stock market. If you’re open to investing in foreign currency you could consider getting into Eurobonds, which are quite attractive right now. Instead of fixed deposits, perhaps you want to consider money market funds? Another area to look at is landed property. There will be a lot of distress sales involving property, and even opportunities to buy into businesses. A warning though: don’t invest in anything you don’t understand. If it sounds attractive, but you don’t really understand the sector then make sure you get professional advice.
- Learn new skills – The pandemic has freed up some time for a lot of people, which means you have the time to learn something new and profitable. Several online courses that previously had to be paid for have been made free for a limited time, and you can take advantage of this. You could invest in learning something new, perhaps about freelancing, graphic design, being a virtual assistant … there are a lot of options to choose from.
- Work smart – Work as we knew it has changed and the world has moved from a focus on working hard to working smart. The ability to think and assess options, adapt quickly, implement plans and structures are skills that will keep your bank balance growing rather than diminishing.
- Be a solution-provider: monetize your knowledge – Now more than ever, people need answers to problems they never thought they would ever have. Be the person who has the answers to those problems. You may know a lot about a certain subject that others desperately need to know of. It could be anything, like how to use social media to make money; ways to make your hand sanitizer at home; or how to keep your kids engaged during this period. Identify problems, create a value proposition and monetize your solution.
- Go Digital – The technological advances the world has made are proving to be invaluable in these uncertain times. There is so much available to use that it would be insulting not to use it. That smartphone in your hand is actually a machine for creating wealth. The laptop that was designated for games and movies can be used to create products and services that are profitable. That app that you used exclusively for chatting is now an invaluable networking and connecting tool. There is so much that you can offer by going digital, and there is so much you can gain from it.
How are you creating wealth in this uncertain world? Let us know!