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What To Do With Your Extra Cash During A Pandemic

What To Do With Your Extra Cash During A Pandemic
The Siliconreview
30 July, 2020

Even with more than half of 2020 gone, the 2019 coronavirus is still not done ravaging the United States and the rest of the world. More than 15 million have been infected worldwide, and this number is still expected to grow.

To stop the uncontrollable spread of the disease, governments from all over the globe imposed community quarantines that necessitated the temporary closure of many businesses, which in turn led to the cessation of some jobs.

If you are among those who are forced to temporarily stop your work, and you have some extra cash to spare, maybe it’s time to think what you can do with it so that it doesn’t sit idle in your bank account. In this article we present some ways hard-earned money can be invested.

Food delivery business

Whether it’s a pandemic or a hurricane, no disturbance will ever be able to stop businesses that involve food. Sure, there will be adjustments such as prohibitions on indoor dine-ins but such a setup is definitely better than not being allowed to operate at all.

During a pandemic, the most practical food-related business to have is food delivery. This way, you are able to lessen interactions with others, protecting yourself and your customers in the process. This becomes even better when payments are also made online. With no direct or indirect contact through money, the probability of spreading the deadly virus drops. 

So, if you know some special recipe or are just happy to be cooking in the kitchen, then maybe now is the time to start an exciting food delivery business.

Stock trading

We get it. Not all people are made to do business. It’s either they don’t have the patience to deal with other people or they are just not comfortable with the pressures that any entrepreneurial venture brings. If you are one of these people, no need to worry; we definitely get you.

But this doesn’t mean that you should just let your money sleep. You might want to see how you can play in the stock market.

The pandemic has put a stop to air travel and car production. Because of this, airlines and car manufacturers such as Tesla suffered considerable losses. For Tesla, the average analyst forecasts a drop of over 50% within 1 year.

However, there are analysts who are still fairly optimistic in their outlooks for car company and airline stocks. And this is for good reason.

As early as May and June 2020, some airlines and car companies are already gearing up to return. They’ve put up new guidelines to ensure that their passengers and employees are safe from the virus. They impose physical distancing rules and mandatory temperature checks among others.

Their eagerness to do business is convincing proof of their ability to deliver money after a reasonable wait. The moment that land and air travel resumes, cash will really be pouring in.

Online services

Businesses that offer a form of online service such as content writing, affiliate promotions, search engine optimization (SEO) and similar others have largely been spared from the economic fallout that the pandemic caused. With this, it might be wise for you to start a business that does the same. 

The pandemic has forced many people, including you, to stay at home. If you have extra cash with you, you can definitely use the time to do something with it so that it earns significantly rather than just rotting in your wallet.