The novel coronavirus, or COVID-19, is truly turning the world on its head. These are uncertain times -- in lots and lots of ways. It’s likely that the coronavirus pandemic will be one of the most formative experiences in young people’s lives -- especially for those who are entering or about to enter the workforce. We’ve watched entire industries shut down and millions of jobs slashed seemingly overnight to try to stop the spread, and we’re learning that besides the obvious health risks of a global pandemic, we also have to watch out for the economic consequences that follow.
We’re not going to downplay how scary that can feel...because it is scary. If you’re stressed and trying to figure out what exactly all of this means for you and your financial future, this is a place to start.
It seems like the headlines have a lot to say about stock market plunges, but that doesn’t always mean a whole lot to a young person with no stake in the game. Here’s what you need to know:
Coming of age in the midst of an economic crisis is difficult -- just ask a Millennial about what it was like for them during the Great Recession of 2008. While there are differences between what’s happening now and what happened then, there’s still a lot we can learn from the folks who made it out the other side.
Here’s some really great advice for making it through a recession from a Millennial who’s been there, and here’s what a few Millennials wish they would have known at the time. You can also try talking with Millennial friends or family members about their own experiences and what you can learn from them. Some of the big takeaways:
We’re still not sure how long the country will be physically distancing, but right now it seems like the foreseeable future will be spent at home for nonessential workers. If you’re a recent grad starting your job search, you’ll probably be going through the process remotely. That means you’ll have to prepare accordingly -- these resources can help you:
There’s a lot you can’t control right now, but you can control your cash flow -- that is, freeing up money by cutting out expenses. Here are some ways you can do it:
So maybe the job hunt isn’t going as quickly as you’d like, or you just want to make some extra cash to get through this month. These methods aren’t necessarily going to replace a formal income, but they can help in a pinch.
Sell your unused stuff. From gently used clothes to unwanted electronics, you can sell pretty much anything online (and folks are doing a whole lot of online shopping right now). Browse this list of online sales sites, and find the right one for your stuff. Offer your skills or expertise. Using a website like Fiverr, you can sell your skills from home to folks who need them. That could be anything from graphic designing and copyediting to voice acting and translating. This guide will help you get started.
Test websites and apps. Yes, there are companies that will pay you to test out and give feedback on their websites and apps -- it’s called user testing. It helps them make sure that their online tools are user-friendly, and you get some extra cash for weighing in. Learn more about making money through user testing here.
If you’re struggling and need some extra help with housing, groceries, or other essentials, there are lots of social service programs that can ease the burden. These tools make it easy to find them:
Pure Debt Solutions is a member of The American Fair Credit Council. AFCC is the leading association of professional Consumer Credit Advocates and Pure Debt Solutions has been independently reviewed to maintain compliance with the AFCC code conduct, which is the strictest in our industry.
By filling out the form above I consent to receive phone sales calls and text messages - Msg and data rates may apply - from PDS and our partners over the phone I provided even if I am on a DNC list state or federal. I understand these calls may be generated using a dialer system and may contain pre-recorded messages and that consenting is not required to participate in the offer. For SMS message campaign a test of STOP can discontinue your usage our system. Msg & data rates may apply. Not all of our customers are able to complete their program for various reasons. Estimates are based on industry averages and vary depending on individual circumstances. There is no guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. Further, we do not assume your debts, nor do we make any payments to creditors or provide tax, bankruptcy, accounting or legal advice or provide credit repair services. It is your responsibility to fully understand the terms of your contract and the debt settlement service. You should contact legal and tax professionals to discuss potential consequences of less than full balance debt resolution. The use of debt settlement services may adversely affect your creditworthiness, could result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account agreed to in your contract, including all accrued fees and interest. PDS is a front-end service provider. PDS nor it's back end servicer will receive any fees for debt settlement services until the terms of your debt have been altered with one or more of your creditors.
© 2021 Pure Debt Solutions. All rights reserved.