Udemezue John
Introduction.
Money can’t buy happiness, but it can buy security and safety for you and your loved ones. Human beings need money to pay for all the things that make their life possible, such as shelter, food, healthcare bills, and a good education.
You don’t necessarily need to be the richest man or woman in the world or have a lot of money to pay for these things, but you will need some money until the day you die.
A lot of economical factors come into play when it comes to people having money such as employment, social security and many more.
A recession is also an economic event that causes people not to have enough money to spend, most people even get put out of their respective jobs when a recession happens.
Off course, a recession does not mean the end of the world, as it can be turned into something favourable to an individual.
Do you want to make money online during a recession? This article has been written to help you do so with ease.
What is a Recession?
A recession is a term used to describe a situation in which a country’s economic turnaround is slow or bad. So, if a country experiences a continuous decline in economic activity for two periods, then the country can be said to be in a recession.
Why do Recessions Happen?
Recessions seem like bad news to some but they can be utilized to an advantage if it is done right. Economic recessions can be caused by many different elements, including loss of consumer confidence, high-interest rates, a stock market crash, and asset bubbles bursting.
Most events that will cause the economy to slow down can also lead to a recession if left unchecked. Various factors trigger a recession in a country.
1. Inflation.
Inflation is a condition of continuous increase in prices, both the prices of goods and services. This price increase has an impact on the weakening of people’s purchasing power which will be followed by a decrease in the production of goods and services. If Inflation is left unchecked for a long time it becomes a recession.
2. Excessive Deflation.
Deflation is a condition in which the price of goods and services falls from time to time which ultimately results in a decrease in wages paid.
Deflation is the opposite of inflation and it can also have a bad effect and trigger a recession. It is also characterized by a delay in the purchase of goods or services until the lowest price.
This is of course very risky for business owners because business owners have to reduce production costs which leads to the loss of a business.
3. The Asset Bubble Burst.
This happens when there is a massive purchase of shares and property with the assumption that the price will rise quickly.
Then, when the economy falls into a shaky state it will lead to a panic sale which eventually leads to a recession.
4. Technological Development.
Technological developments are also a factor in the recession. This can happen because of a decrease in employment which is being replaced by leading technologies such as Artificial Intelligence (AI) and robots. As a result, employment will decrease drastically and make the unemployment rate increase.
6. Imbalance Between Production and Consumption.
The imbalance between production and consumption is the next trigger. Goods and services that are produced in excess with reduced consumption or purchasing power can wreak havoc on producers.
7. Import Value is Greater Than Export.
Another indication of a recession is that the value of a country’s imports is greater than its exports. This can affect the state budget deficit and a decrease in national income.
8. High Unemployment Rate.
The high unemployment rate of a country can indicate that the country is experiencing a recession. Because labour has an important role in the economic cycle of a country.
If the unemployment rate increases continuously, this will increase the crime rate, which eventually lead to the economy going into recession.
How do I Make Money Online With Recessions?
As stated earlier, a recession is an economic condition that can be utilized to build an income both offline and online for those who need to. I have compiled a list of creative ways to make money online to survive a recession.
These ideas will bring in lots of money, but not within a short while in no distant time you must have built a passive income enough to last you a lifetime.
Do you want to make money online during a recession? Here is how it can be done.
1. Start Blogging.
Blogging remains One of the most alluring ways to earn in US dollars. Blogging information is adaptable, affordable, and entirely legal.
Your duty as a blogger is to write on topics that you are knowledgeable about, and also what your audience would love.
During a recession, people are looking up on the internet what to do, so it’s time to put out the right information. You can build passive income that brings in lots of earnings in US dollars.
I wrote a comprehensive guide on how you can start a successful blog. Check out the link to the article to learn more.
2. Start a YouTube channel.
YouTube is an online video-sharing service owned by Google, anyone can become wealthy and famous using its platform.
Knowledge about a particular topic is simple enough to build your passive income for the rest of your life on YouTube.
During a recession, people are looking up on the internet for useful ideas on how to solve basic issues, and positioning your channel as a go-to source can build your brand and help you make money too.
YouTube also helps build your brand, and when your videos receive more views, you can earn money from them via affiliate marketing, Google AdSense, and other strategies.
I wrote a comprehensive guide on how you can become a successful YouTuber. Check out the link to the article to learn more.
3. Become a Freelancer.
Freelancing requires you to render your services either offline or online temporarily only to be paid once you are done offering such service.
You can work as a freelancer and offer digital services online to clients all around the world, the good news is that you earn in U.S. dollars.
Fantastic digital skills are necessary for a successful freelance business. Freelancing sites like Upwork, Fiverr, and LinkedIn can be leveraged as a freelancer.
I wrote a comprehensive guide on how you can become a successful freelancer. Check out the link to the article to learn more.
4. Day-trade cryptocurrencies.
Asides from the Forex market, crypto assets are designed to work 24/7 through the year. Every day, millions of people all over the world are making money online with cryptocurrencies in Nigeria
Having a great understanding of how to also profit from cryptocurrencies remains a challenge, hence people tend to disregard it.
One of the most well-known ways to use cryptocurrencies to build riches is crypto trading.
Cryptocurrency trading entails buying and selling a crypto coin that fluctuates sharply throughout by purchasing when the charge is declining and selling out when the charge is increasing.
I wrote a comprehensive guide on how to become a day-trade cryptocurrency. Check out the link to the article to learn more.
5. Start Affiliate Marketing.
Affiliate marketing is mostly concerned with assisting another person in promoting their goods in exchange for a commission.
Affiliates get paid in US dollars when they recommend goods and services to their respective audience
I wrote a comprehensive guide on how to start an affiliate marketing business. Check out the link to the article to learn more.
6. Create online courses.
Creating an online course remains a viable means to monetize your knowledge. If you’re looking to create an online course and sell it to your audience, there are a few things you need to know.
First, you’ll need to determine what topic your course will cover. Next, you’ll need to create some promotional materials, such as a course description and pricing information.
Finally, you’ll need to host your course online and set up a payment processing system and start selling your courses.
There are a variety of platforms to sell your online course. Some popular platforms include Udemy, Coursera, and Teachable.
These platforms allow you to create a course and sell it to learners around the world. They also provide tools to help you market and promote your course.
I wrote a comprehensive guide on how to create a successful online course. Check out the link to the article to learn more.
7. Invest in Stocks.
You can build passive income earning in U.S. Dollars by investing in U.S.-based stocks. This can achieve this by diving into the global market and owning shares of companies abroad, particularly in the US.
A dollar-investment company that gives you access to a portfolio of 30 high-growth stocks and real estate across the US market.
During a recession stock prices are usually down, but it’s the best time to invest and buy shares at a very low price.
Of course, you dont expect a recession to last for long as stock prices would likely see a rebound.
I wrote a comprehensive guide on how to invest in U.S. Stocks and become successful. Check out the link to the article to learn more.
8. Get a Tech-Skill.
Tech skills are hard skills that are necessary to perform specific job-related tasks. Technical skills involve specialized knowledge and expertise in information technology, computers, and engineering.
These practical skills help you build income in careers in technology-related fields. With a lot going on in the digital world, there is a huge demand for tech workers all over the world, and the good news is that it does not matter where you live currently, anyone with the right experience can always get a tech job and start earning in U.S. Dollars.
As stated above, a recession can be caused by the introduction of new technology which causes massive layoffs in jobs, but with an updated skillset you can always switch careers and make money.
I wrote a comprehensive guide on how to get started in tech with no experience. Check out the link to the article to learn more.
9. Join Fiverr.
Fiverr is the biggest online marketplace for digital freelancing services in the world. It was launched in 2010, their network is rapidly expanding with more than 1.9 million gigs across 120 categories listed each day and still counting.
Thanks to Fiverr, freelancers from across the world are now easily making up to one thousand dollars each month. If you want to make money on Fiverr, work on making your profile look attractive and professional.
I wrote a comprehensive guide on how to get become successful on Fiverr. Check out the link to the article to learn more.
10. Start an Export Business.
Exportation is one avenue that enables a country to bring in revenue. The food and agricultural products exportation business is very profitable because the demand in Europe, America, the United Kingdom (UK), Germany and Canada and other countries is fast rising because of the increasing population of Africans.
If you need to export goods or services, a one-time registration procedure is being completed in most countries.
One importance attached to Exploration is that you get to earn in U.S Dollars, the prices of goods and services all over the world are priced in dollars internationally to ensure stability.
I wrote a comprehensive guide on this blog on how to start a successful export business. Check out the link to the article to learn more.
11. Become a Forex Trader.
A forex trader is someone who trades currencies through the foreign exchange market. Forex traders might be professionals working for a group of clients or a financial firm or amateur traders who profit directly from their trades.
Independent Forex traders, for example, profit by buying and selling currencies based on current market trends. Forex trading allows you to invest and earn in U.S Dollars.
I wrote a comprehensive guide on how to become a successful Forex trader. Check out the link to the article to learn more.
12. Join Upwork.
Upwork.com is a freelancing website where you get hired to do various kinds of freelancing jobs.
Just like Fiverr, there are so many kinds of jobs you can find at Upwork such as writing, data entry, social media management, technical writing, programming, contracts, web design, graphic design, business plan writing and many more.
Anyone can be in Nigeria, the U.S., India, South Africa or any country at all and earn income. Also if you are looking to make money full-time online, then Upwork should be one of your channels, and I have also seen beginners, people with skills and no major educational background making a good income via Upwork.
What matters most is your skill. If you are skilled at what you do, you will succeed on Upwork.
You also need to be fluent in English or any other major languages like German, Spanish, or French because apart from skills, you will need them to communicate.
Also, Jobs are priced in U.S. dollars on Upwork making it an avenue to make money in dollars. According to Upwork, freelancers are earning more than $1 billion via the site each year.
13. Start an Amazon Business.
Starting an Amazon business is one way to make money in U.S. Dollars. Amazon is an excellent platform for creating and scaling your business or adding an extra revenue stream to an existing business.
Almost 90% of all American shoppers use Amazon, and as a result, Amazon is now the largest retailer in the USA.
This makes Amazon a popular choice for sole traders and limited companies as it provides enhanced exposure and access to millions of potential customers online.
Amazon sellers enjoy many great benefits, so it’s a good choice if you’re looking to start an online business venture.
Having an Amazon seller account gives you access to a ready-made customer base of millions of people who use Amazon daily.
Finally, Amazon seller accounts come with Amazon Seller Central, which includes several helpful tools and resources that can make it easier to run your business.
This includes customer support, order management and reporting features. No one can sell on Amazon irrespective of where you are in the world, all that is needed to be done is to get those products shipped to the U.S.
I wrote a comprehensive guide on how to sell on Amazon as a Foreigner. Check out the link to the article to learn more.
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