If your income took a hit last year because of the pandemic, you might feel that you’re a victim of market forces that determine how much you can earn. While you’re not entirely wrong, the market affects all industries, you’re not entirely right either. That’s because people have done remarkably well even when affected by negative market forces.
A classic example of this occurred during the Great Depression, a distressing time in history stretching from 1929 to 1933. While most people suffered bitter poverty during this time, a few didn’t suffer at all; in fact, they thrived because they noticed new opportunities.
Those opportunities were not available during the economic boom of the 1920s. People had the chance to do things such as lower start-up cost, or find cheaper commercial rent, and more affordable labor. In a strange twist of fate, more people became millionaires during the Great Depression than during the flourishing decade before.
Now in 2021, more opportunities may be available for you to build your finances, chances that did not exist before. For instance, if the bill is passed, a few people who get their third stimulus check, expected to be around $1,400, will view it as an asset. They will invest it, perhaps to learn a new technical skill online, perhaps to start a home-based business, perhaps to buy stocks or cryptocurrency. In other words, they might use this check to launch a venture that makes them money.
With that in mind, let’s look at a few ways that you could reinvent yourself and your finances this year:
Free Up Your Cash Flow
Although you might feel stuck with the debt you built up last year because you had to cover some essential costs with your credit cards, you can still free up your cash flow while still honoring your financial obligations. In fact, there’s a well-established debt restructuring system to pay off your debt in a faster and easier way. It’s called debt consolidation.
By applying for a consolidated loan to pay off all your credit card bills, a loan you can get from a lender like Gulf Street Advisors. You might be able to pay off your debt faster because you will probably pay a lower interest rate. You’ll also have an easier time paying off your debt because you will only pay a single, more affordable amount each month.
Besides reducing your stress levels, a consolidated loan may free up some of your cash flow, money that you could use to improve your earning power.
Prepare for the Next Career Level
If you’re not earning what you would like, then it’s a sign that you’re ready for the next step. If you can now do your work quickly and well but no longer feel inspired by it, it’s because you’ve mastered what needs to be done. You are now ready for the next level: a flow state where your creativity can flourish.
Rather than tolerating a boring situation where your skills levels exceed your challenges, figure out how else you can grow. Instead of gradually becoming increasingly frustrated by your predictable routine, dare to dream, dreaming about new mountains to scale, more challenging peaks to conquer.
Since you don’t know what you don’t know, it may be time to think about what else might be possible for you. Look around you to see how you can get to the next level in your career. Perhaps you could ask your company to give you more responsibilities. You should sign up for any in-house training offered by your company to motivate employees ready to get to a higher level of proficiency at their jobs. You might also need to find a mentor or maybe you need to go back to school. Think long and hard about how you can rise to the next level in your career.
There may be many opportunities this year to revamp your finances. A good place to start would be to pay down your debt. Once you’ve freed up some cash flow, you could explore ideas such as learning more to earn more and improving your communication skills to flourish in any job.