Financially fit

Quarantine has tested a lot of people’s fitness status, break the flow of training and diet of so many. At the same time, has revealed how important it is to have enough in reserve for rainy days, to be financially fit or work towards that goal. At the dawn of the epidemic it was obvious for many that countries and people were going to be badly affected at so many levels. Then it became a pandemic and uncovered the weak legs of economies at a governmental and personal level. At this point where we are now, lot of lessons have been taken and plans have changed. At the top of every person’s activity should be the how and now of their initiaves for financial fitness. Let’s name some ideas shared by many:

1. Learn a new skills. It is always good to say that we are going to get an extra job or create new avenue, but without skills these are just ideas and will remain such until we develop, learn, practice new skills that can be converted in revenue streams.
2. Find a hobby that brings revenue. As previously mentioned, a lot of us have hobbies that we explore every single day that can be monetize in the era we are living. Play video games as an example is a money making activity.
3. Find a side hustle. A lot of kids are out of school and parents will be glad to pay for someone to tutor, watch, help with their kids at home. If you are not one who deals well with kids, what about pet sitting, walking. What about helping seniors in your area.
4. Save more than you spend. If you are okay with your current job and are planning on using your extra time for other activities like learning new skills; it might be called for to start saving more money than you spend. For that it is imperative to decrease non essential spending, pay off high interest debt and save as much as you can gradually until you reach the level you are comfortable with for now and for your future. Some people do the 50-50 rule, others 60-40 or 70-30, get in where you fit in, you know what your aspirations are.
5. Invest. The stock market is one of the area you can look to for investment. Either by buying well researched stocks, etf, index funds, option contract(s), futures, etc. At a time where interest rates are low on loans it might also be a good time to think about getting a loan for a multi family property (if you have enough saved already to do so) and create a new stream of income through rent, Airbnb, etc.

Being financially fit is an essential decision that will not only benefit you but generations to come. So do yourself a favor and start your financial fitness journey. Your future self will thank you like I thank you for reading these lines.