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How to Survive Unemployment During Corona Financial Crisis

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How to Survive Unemployment During Corona Financial Crisis. thinkmaverick

Times are tough, money is tight and we’re all stuck at home.

 

With the Coronavirus now spreading around the world, most of the world population is now forced to stay at home with no incomes because of voluntary quarantines and government-enforced lockdowns.

 

People can’t leave their houses. They can’t talk to people. They are losing jobs because everyone is quarantined.

 

For every event that is canceled, every restaurant closed, every airport shutdown, hundreds or even thousands of people lose jobs.

 

According to the US Department of Labor, more than 10 million Americans filed for unemployment benefits in just 2 weeks.

 

To put it into perspective, nearly all of the jobs gained in the last five years have been lost in the last 2 weeks of March.

Source: Department of Labor unemployment insurance weekly claims report (April 2, 2020)
Credit: Connie Hanzhang Jin and Alyson Hurt/NPR

Some lose full-time jobs. Many lose gig jobs that they were counting on. And countless more are likely to find themselves subject to the same fate in the coming weeks.

 

If you’re faced with (or possible) job loss, or looking to make extra money online, here are 11 things you can do to survive financially and ultimately come out of the Coronavirus stronger.

 

“A recession is when your neighbor loses his job. A depression is when you lose your job.”

 

11 Things to Do When You Lose Your Job

 

1. Apply for unemployment Benefits

Whether you’re fired, furloughed, quit your job or your hours are severely reduced, you can apply for unemployment benefits.

 

This is the most obvious step you can take to get instant financial support if you do lose your job.

 

The program typically pays half of your salary, for an average of 26 weeks, although the benefits and requirements varies by states.

 

What’s more, in response to the unfolding COVID-19 global pandemic, the US Senate passed and the president signed a $2 trillion emergency fiscal stimulus package called Coronavirus Aid, Relief, and Economic Security (CARES).

 

Which means you can receive extra $600 a week for up to four months in addition to the weekly unemployment benefits.

 

Plus, the CARES Act also can extend your state’s unemployment benefits by another 13 weeks. Read more at COVID-19 Information.

 

If you live outside the U.S., check with your government as almost every country in the world is now introducing stimulus program to cope with the current COVID-19 crisis.

 

If you’re qualified for the unemployment benefits, submit your application as soon as possible.

 

Even if you’re not sure whether you’re eligible, you should still apply anyway. There’s no harm in trying.

 

While surviving off of half your income (or less) can be challenging, having some income is better than nothing at all, especially during this critical moment.

 

2. Remember, like most things in life, this too shall pass

Don’t take your unemployment personal. You’ve every right to feel sad, angry, frustrated, confused, and even depressed.

 

But dwell on it for too long.

 

Accept the reality as it is.

 

Realize that however this unemployment is stressful, uncomfortable and unfair, life still goes on. And you have to move forward as well.

 

Realize that this is a Season of Life. A change in seasons that brings with it new ways of making money. 

 

Realize that this Coronavirus, a ‘once-in-a-century‘ pandemic will end. Pandemics had happened many times before. Smallpox, Spanish Flu and other deadly viruses. No one know exactly when COVID-19 will end, but past pandemics show us that it typically lasted 12- 36 months.

 

Everything is temporary. And Coronavirus will END.

 

It’s not always easy but try to control what you can.

 

Now is a good time to look for new pandemic-proof source of income. And start a legitimate online job at home that will recession-proof your life.

 

3. Create your own opportunities

“In a crisis, be aware of the danger–but recognize the opportunity.”

 

While it’s nice to receive unemployment insurance benefits, it’d only be a short-term solution.

 

Don’t wait for the Government to save you!

 

Sooner or later, you will have to back up yourself (when nobody else will).

 

The good news is difficulty times always provide great and lucrative opportunities.

 

With conscious hard work and discipline, you can make money from anything.

 

The trick is to know what to look for.

 

Don’t be paralyzed by fear and panic, instead hop into action.

 

Ignore the media noise and focus on creating opportunities amid the chaos of crisis.

 

4. Make Money Online

If you’re willing to put out some efforts, you can always make money online, regardless of your skill, knowledge and experience.

 

Bill Gates once said: “If your business is not on the internet, then your business will be out of business.”

 

Learn to leverage the power of Internet:

  1. Virtual Work Opportunities: More companies are ready to hire or contract with remote team members. Jump on the freelance bandwagon, offer your freelance services and start making money online. You’ll have more freedom and control over your work schedule, your work environment and clients. If you’re new, this 10 best work from home jobs that take little or no experience can help you get started.
  2. Remote learning: Turn your expertise into income. Start a website, start a YouTube channel, start a podcast or create your own online course. With schools being shut down, online learning (e-learning) is growing exponentially. It’s one of the businesses that benefit from increased demand during the crisis. For example, Teachable, an online learning site, just sold for $250 million right in the middle of this crisis.
  3. E-commerce: Stored are close, more consumers will shop online. Create an online store for your physical business, sell on Amazon FBA, start a print-on-demand business, sell a niche product etc.
  4. Book publishing: Publish your own books on platforms like Amazon and Draft2Digital. This is how I started my 6-figure book empire.

 

Do note that this is not a method to get rich quick.

 

Adopt one of these income streams, treat it like a real business. Be prepared to do some work upfront with little to no reward. But once this venture hits off, you will make so much more than your day job! 

 

5. Side Hustles and Gigs

We are living in a gig economy, and there’s plenty of impromptu jobs, side gigs that’s not only limited to what can be done online.

 

As coronavirus (COVID-19) spreads around the world, there’s a rising demand for grocery delivery and cleaning services.

  1. Delivery gigs: Right now, businesses are closed, restaurants are only serving food-to-go and everyone is staying indoors. You can quickly make extra cash by delivering food in your spare time with Postmates.
  2. Cleaning services: washing, cleaning, dusting, and disinfecting homes and offices.

 

Selling your crafts, babysitting, driving for Uber, rent your spare room on Airbnb, sell your digital photos, are some other side hustles that you can start today.

 

One great thing about side hustle is that you have more freedom and control over what jobs you accept, and how much time you devote to them.

 

6. Earn Gift Cards 

There are numerous websites out there where you can complete simple tasks and answer survey questions to earn free gift cards in your spare time.

 

It’s very easy and suitable for everyone.

 

Set aside 30minutes to an hour a day, share your thoughts- truthfully and you could potentially make an extra $100 a month without much effort.

 

If you want to make money with surveys and microtasking, just sign up here:

    1. Survey Junkie: My favorite site for taking paid surveys. They pay you for each survey you complete.
    2. Unique Rewards: Share your opinions with decision-makers at the company and earn free Amazon gift cards. Plus a free $5 bonus for signing up.
    3. Timebucks: Earning cash by completing simple web-based tasks like clicking on ads, watching videos, playing games, reading emails, and installing apps.

 

7. Find discounts and Earn Cashbacks

While you’re unemployed, you may want to cut back on your spending as much as possible.

 

Look over your monthly budget, eliminate unnecessary expenses such as online subscriptions, gym memberships, and entertainment bills.

 

But there are also basic utilities, groceries and rent that you have to pay.

 

Lolli is a reward application that can help you find the best discount deals at your favorite stores as well as earn cashbacks (in the form of Bitcoin) on every online purchase.

 

Get your Free $10 in bitcoin when making your first purchase.

Here’s how it works:

  1. Install Lolli extension on your chrome browser.
  2. Shop the web, Lolli will pop up to notify you on the percentage of Bitcoin you can earn-back.
  3. Buy whatever you’re planning to buy as normal.
  4. Earn free Bitcoin when you checkout using Lolli.
Here’s a list of partners that we thought might be helpful for you AND your bitcoin wallet.

(1) Grocery

Delivery may not be available in all areas. Check with your local grocery store for more information.

(2) Nutrition, Vitamins & Immunity

Running low on vitamins and supplements? Shop with Lolli’s top health brands.

(3) Food Delivery:

 

Read my review on Lolli here.

 

8. Sell What You Can

If you have time to be bored at home, why not clean out your closet, get rid of items no longer fit, and create a more organized home?

 

Getting rid of things you never need will not only give you more space, it can potentially earn you some extra cash.

 

If hosting a garage sale is not feasible, you can sell you items to a consignment store. Sell through online platforms like eBay, Facebook Marketplace, Craiglist or Etsy.

 

If all else fails, you could always rent your things out for quick cash.

 

9. Rent Your Stuff Out for Money

If you already have some belongings, renting it for profits can help you pay some bills and survive being unemployed.

 

You can rent out pretty much anything for money, from books, cameras, chairs, designer clothes, shoes, ladders, drones, tents, bikes, speakers, surfboards, cars, vans to your backyards and parking space.

 

To get started , sign up a free account on FriendWithA (FWA)- a peer to peer rental marketplace.

 

List your item for rental with FriendWithA is free of charge. All you need to di is upload a few photos of your item, add a name, a short description and FWA will automatically find a renter for your stuff.

 

You can rent out your gear repeatedly to different users and continue to generate recurring income as long as you want.

 

Depends on the item you have and its condition, you can easily make an extra $1000 a month without extra work.

 

And if you are interested in making money with your existing things, check out my 2020 guide to renting out your stuff online.

 

10. Learn something new

“You can always make money back. You can NEVER make one minute of time back.”

 

Don’t let your quarantine time go to waste.

 

The thing is many people don’t realize that we aren’t go back to normal.

 

Coronavirus will change how we learn, work, shop, socialize, exercice, play and do business.

 

Take it as an opportunity to make that digital transition. Like it or not, everyone will be forced to adapt to working online.

 

Learn something new. Upgrade your skills. Take a course that will help you advance your career or unlock your potential in rapidly evolving field.

 

The best learning platforms offer free classes that you can take to learn almost anything, anywhere, anytime, at your own pace are:

 

Want to learn a new skill or get a certificate? Check out my favorite free e-learning sites here.

 

11. Take It One Step At A Time

You bounce back by eating well, sleeping well, exercising, making time for fun and managing stress.

 

Remember, life is a treadmill, not a ladder.

 

So don’t forget to take care of yourself. Improve yourself. Get better 1% everyday physically, mentally, emotionally, psychologically and spiritually.

 

Conclusion

Every crisis is also an opportunity.

 

Let’s take advantage of this Stay-at-home opportunity.

 

This can be the time to disconnect with the external noise, connect with your inner voice.

 

To do something that may not have been possible before.

To learn a new skill and start an internet-based venture.

To create a life for yourself where you get to live more, work less and truly enjoy being alive, without having to worry about money so much.

 

How is the COVID-19 outbreak affecting your life? Are you facing a job loss due to the pandemic?

Do you have any tips to share with us? Tell in the comments.

 

To help you weather through this horrific storm and bounce back once the economy recovers, I’ve handpicked a few articles for you to read next:

 

I live and breath making an income online. 

I’ll be sharing more of ideas and guides soon. Stay tuned.

If you haven’t already, sign up here to receive my emails.

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