4 Ways To Keep Earning Money During COVID 19 Recession

The country’s economy has been severely impacted by COVID-19 Movement Control Order (MCO) which commenced on March 18. There is no saying when the conditions will improve and even if it will improve.

Worse, many Malaysians are facing unemployment, reduction in monthly salary and forced unpaid leaves. Malaysia’s unemployment rate stood at 5% in April which is the worst it had been in 30 years and it is expected to increase in the upcoming months.

If your income has already been affected or if you are worried about your fast depleting emergency savings and debt accumulation, it is wise to get to work and keep earning some pandemic extra cash. Let’s explore your options!

Affiliate Marketing

Affiliate marketing is a performance-based marketing that uses a revenue sharing model between brands and affiliates. In simpler terms, an affiliate will help brands to sell products to their audience and get money for every purchase made through them.

So, all you need to do is register to be an affiliate marketer and start promoting the products of top brands to start generating income each time someone makes a purchase using your affiliate link.

ACCESSTRADE MY is an affiliate marketing platform where you can choose top brands and products to promote to your followers. If you are new to affiliate marketing, worry not! ACCESSTRADE MY comes with ACCESSTRADE Academy that will teach you all the tips and tricks to be a successful affiliate marketer in a few days!

Source:Freepik

While it is true that the stock market is volatile and highly unpredictable especially during this pandemic, some financial experts are positive that economic recession may provide you the right investing opportunity.

However, there are some extremely important things that you should keep in mind.

  1. Focus on saving for emergency funds and paying off debts before you decide to allocate your money to invest.
  2. Go for index funds and robo advisor platforms such as StashAway instead of individual stocks to diversify and reduce your risks.
  3. Invest for the long term and never try to time the market.

And, the most important reminder of all: Always do your research extensively to find out what to invest in during a recession!

Social Media/Online Platform Management

Social distancing, working for home and movement restrictions have forced many companies and businesses to go online. Some brick and mortar small businesses without prior online business experience may need experts who are well-versed with social media management.

If you know what needs to be done to help these businesses to set up their online platforms, manage their social media accounts and help them reach their target audience, you will be an asset!

Start Your Own Home-Cooking Business

Source:Freepik

There is always high demand for home-cooked food and if you are an avid social media user, you would have noticed that many Malaysians have started cooking during MCO. Impressively, some have even started to sell their home-cooked food online.

Well, if you have a knack for cooking, why not join the bandwagon? Throw in some unique ideas, cute packaging and thoughtful recipes to attract fellow Malaysians!

There you go! We have four simple yet highly rewarding ways to keep earning money during COVID-19 recession.  

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