Reclaiming Financial Freedom During COVID-19

Created on Mar 10, 2022
Working from home during COVID-19
Photo by Unsplash

Financial freedom is important for everyone. Unfortunately, the pandemic has caused many people to lose their jobs or return home in order to take care of children or other family members.

If this sounds like your situation, you may still be in luck. In fact, you can reclaim financial freedom during COVID-19 while working online at home. Let’s break down how with these tips from MaivDigital.

Why Financial Freedom Matters

Financial freedom is important so that:

  • You aren’t reliant on anyone else to cover your finances
  • Your confidence is boosted so you stand out from the rest
  • You can pay off your debt (credit debt, school tuition, mortgage)
  • You have more security and less stress
  • You can pursue other passions in your free time
  • You can improve your lifestyle by purchasing a property, travelling, and making other large purchases without worry

Financial freedom usually comes from a good career and good financial decisions. Online work and especially some of the ideas below may help you enjoy real financial freedom.

Return to School

Put simply, going back to school is also a wise way to invest in yourself. You can take out loans for online college programs in business, marketing, and related subjects to hone your business skills and set yourself up for long-term success. Plus, many loans don’t require you to pay them back until some time after you graduate, allowing you to reclaim your financial freedom and then pay down the loans on a reasonable schedule.

Start a Self-Owned Business

Once you have a degree, or even if you don’t have a degree to speak of, starting a business might be the best way to get financial freedom post-COVID. When you’re your own boss, you don’t have to worry about being fired or losing your job because of economic circumstances.

That said, you should only start a business if you have a great idea. Think about what you’d like to do in the professional world, what skills you have, and where your interests lie. If you can come up with a great business idea, why not take the plunge and get the financial freedom you’ve always dreamed of? More women than ever before are starting their online businesses and seeing rate success.

As you draw up the plans for your business, it may be a good idea to form your business as an LLC even if you’re the only employee. LLCs enjoy certain tax breaks, are flexible and allow you to hire employees later, and have other benefits. Be sure to check your state’s LLC requirements before finalizing your business decision.

Especially if you plan on working from home, you’ll want to think of ways you can optimize a feeling of wellness and positivity to keep you focused and inspired at home. That could mean reducing clutter and sprucing up the place, or maybe just reducing negativity and self-criticism. That’ll give you an edge when dealing with stress.

It’s also a good idea to think about marketing heavily before your business gets off the ground. The right marketing campaign will:

  • Include social media marketing
  • Leverage high-quality digital ads
  • Include a phenomenal website with excellent graphics

Since graphics will affect the aesthetic and attractiveness of your marketing, partner with a great graphic designer to make stellar marketing materials and an intuitive, great-looking site. As you send information back and forth between collaborators, compress JPG files to accelerate emails while using a JPG-to-PDF converter to avoid image data being lost due to compression.

Passive Income Possibilities

Of course, you don’t have to start a business to achieve financial freedom online. In fact, it’s easier than ever to benefit from passive income streams that allow you to make money quickly and easily. Ideas for passive income streams include:

  • Teaching online courses, then repeatedly selling those courses if you have one or more desirable skills
  • Working as a blogger to build up a network of high-quality blogs, which you can then advertise on for other companies
  • Using affiliate marketing to advertise the products of others, then earning a commission on any sales made

 

Fly Free with Financial Ideas Like These

For many women, financial freedom seemed to fly away during the pandemic. But in reality, you can reclaim your financial freedom using the above ideas. Even better, some of these ideas may allow you to retain your financial freedom for years to come, especially if you start your own, permanent online business!

MaivDigital is a creative digital agency providing custom web solutions. Our collective technical skills are tailored towards providing innovative web solutions, solving technical issues, improving user experience and managing clear and trusty relationships with our clients. Let’s get in touch!