If you happen to be among the lucky people, who haven't been financially affected by the COVID-19 economic crisis, at least so far, you should think of ways to turn your savings into investments, because you might not get this chance again.
Which business sector is investment opportunity during COVID-19 period in your view?— SET Thailand (@SET_Thailand) May 9, 2020
Not only do savings make us feel more financially secure in a world where more people are reporting poverty and unemployment every day, but they can also help us make the decision to seize the moment and grow out money.
The more money you've saved over the last few years the bigger your chances of profit become. The larger your capital, the larger the investment.
But how do we use our money efficiently nowadays? Should we go with gold as its prices spike? Maybe currencies? Where do we start?
At such times, it's very critical that we head to the safest options possible. You don't want to jeopardize your only source of security in some risky adventures.
Property has for centuries been a very safe option especially when their prices slash during a crisis like the one we're living through these days. If you're investing in real estate, the worst-case scenario is that you sell it for almost no extra profit.
Whether we're talking about lands, buildings, farms, or residential complexes, all of these options are now historically low, which means that you can purchase a really good deal.
In a few years of recovery, you easily sell them and gain considerable profit.
Another option is the stock market. Worldwide, stocks have been struggling for more than two months now, despite a few days of slightly green indicators, markets are still unable to start a full recovery just yet.
If you decide to invest parts of your savings in the stocks, you should start to research some of the strongest companies and ones with the highest chances of a strong rebound.
Try to think of the services that might experience a boost once the pandemic is under control. Ones with a technological dimension can be especially important options.
Finally, if your savings are big enough and you trust your business skills, why not start your own dream project?
You may want to extensively study the economy where you'll be planning your new big project to avoid unpleasant surprises, but with banks making loan options more flexible than ever, you can actually score huge success.
Due to the currently slowing economy, the cost of setting up your new business will be at its lowest, making this timing an even more significant key factor.
Also, keep in mind that the more relevant your business will be to the post-COVID19 world, the more successful it will be. Try to be needs-oriented and stay away from ideas that can only succeed in a flourishing economy.
If you're facing unemployment from COVID-19, it could be the right time to start your own home based business. Here are some tips to help you get started. @limecubeco https://t.co/GTBz7wtCv0#entrepreneur #covid19 #businessideas— John Tarnoff (@johntarnoff) May 11, 2020
Ask your self the following questions: What services did people wish existed during the crisis? What services do they need now? How are consumption habits changing? What are people more interested in these days? How can my business help the new economy? What are the government's economic priorities now where I'll start my project?
Finally, this is the perfect time to hire the best team ever. It is no secret that many talented people have lately lost their jobs following the Coronavirus outbreak. This gives you the chance to have some of the greatest skills to run your business, which will ultimately be in favor of your success.
Remember that each of these ideas does require a lot of thinking and more importantly, a lot of research. Start by studying your options and your local market, and maybe have a professional strategist present you with a feasibility study, to ensure that you're making an informed winning decision.
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