Going through a financial disaster can be a shot to the ego, especially for someone who built something and lost. Financial disasters can happen due to a variety of things like lawsuits, competition, and even divorce. Sometimes itâ€™s just out of your control.
Here are some things that can help you bounce back from financial disaster faster than just working a regular job and saving. Before jumping into the tips, get mentally focused! There are many motivational speakers that can guide you like Tony Robbins, Earl Nightingale, and Robert Kiyosaki.
1. Buy from China and sell in the USA. With sites like Alibaba, you can buy directly from China, bypassing a reseller here in the United States. Want to get into the cell phone business? What about electronics, clothing or sneakers? Buy from China, then sell wholesale to people in your local area for a song.
- Start a website and/or sell on a website that already has a following like eBay. Don’t sell your Chinese product here because it’ll just be a pricing war. You need to sell something that you have an edge on. Etsy is a solid idea if youâ€™re crafty and can make unique, hand crafted goods. For just about $100, you can create your own website and pull in your own customers.
- 3.If passive residual income is more your style, land a client for a marketing company. There are many companies willing to pay you on a monthly retainer if you bring them business. Being proactive about your prospects is better than sitting back and waiting for opportunities to come to you. Make your proposal and pitch it to a local or online marketing company.
- Control your costs. You don’t need to hire an expensive accountant; you can hire a bookkeeper in college so he/she can gain experience. QuickBooks online is an easy way to track your income and expenses. Instead of using it for your business, look at yourself as a business. Keep overhead costs low by being your only employee for now, but donâ€™t forget to pay yourself first. Remember, youâ€™re an employeeâ€”youâ€™re paying taxes like one, so you may as well get paid like one. Be diligent by tracking periods of growth, cost-over-budget, losses, year-to-date totals and real-time figures.
- Start investing in the stock or bond market. You can sign up for a mutual fund, get a broker, or DIY using a company like TD Ameritrade, which offers you $600 when you open an account. With sites like these, you can get the tools, education, and support you need to further develop your plan.Â If you’re choosing a stockbroker to do your investing, always keep a securities fraud law firmâ€™s contact info handy just in case.
Thomas Law Group specializes in recovering losses for investors who have dealt with brokers who has mismanaged their funds. If you require our services, please give us a call at 800-797-9888 now.
Use these above tips to bounce back from any financial disaster and get back on your feet quickly. The next venture is waiting just around the corner!