2009 will be a very challenging year after the big financial crisis. The unemployment rates will increase drastically. Many companies have sent their employees for an extended holiday during the Christmas Holiday season. Employees worry about their jobs, many have already lost it. More than one income source will be needed to provide for a secure and regular cash flow.
Getting more than one job
Only public servants can afford to work on one single job. It is, however, recommendable to seek for more than one employment. Employees should not rely on the fate of an employer. It could be wise to work part time for different employers and thus to diversify the sources of income. If one employer cuts the jobs and dismisses staff, an employee will be lucky to have an alternative employer at hand. It secures at least a moderate income source during the worst time. Even if a person works on a full time job, it is recommendable to generate a side income that could be increased in the case that the main job gets lost.
Many people do not like to work at night or over the weekend. It could be a chance to apply for some jobs that have to be executed during such unpopular working hours.
Professionals in different crafts will have a better chance to make money out of different sources than clerks. Craftsmen, hairdressers, cooks, bakers, therapists etc. find always a chance to catch some extra work. They furthermore could offer their services as freelancers besides their main employment.
Renting out flats or houses
People who own some real estate are in a privileged situation. They can rent a part of their flat or house to tenants. Thus they can cut their own housing costs. They can use the revenues from the tenants in order to pay back their mortgages.
Scratching together cash resources
If the crisis gets worse and urgently needed cash runs out, people can sell dispensable equipment or vehicles. Ebay offers a good platform to make money quickly with needless goods. By the way, a life insurance can also be used as collateral in order to get a bankers loan. More about how to make money in difficult times can be read and discussed on the Make Money Tip blog or forum.
Liliane Waldner
Liliane Waldner is a business economist. She lives in Zurich. She has been in a member of the parliament of the State of Zurich during 17 years. She has attended the board of several public entities and companies, some of them dealing with the financial markets. Her website is: Make Money Tip
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