Times are tough for everyone right now but there is a light at the end of the tunnel! COVID-19 has left millions of people without jobs and the immediate future certainly looks bleak. However, with some proper planning, determination, and hard work, you can ensure that your family is financially secure for many years to come.

Here are a few general personal finance tips that should help give your income and savings a major boost in 2020:

Consider investing in the stock market

Obviously you need to have plenty of disposable income in order to do this, but smart investing can significantly improve your bank account over time.

Be wary of what companies you’re putting your money into, though. Bigger risks might have bigger rewards, but they could end up leaving you in a difficult financial situation if it doesn’t work out. Also, roughly 84% of companies expect leadership shortfalls in the next five years. So make sure you’re only investing in organizations that have a strong backing and an even stronger future.

Start by doing plenty of research and decide on what industries you want to dip your investment toes into. According to IBIS World research, the air cargo industry generated an estimated $75.4 billion in revenue in 2013 and the sector has only increased since then. Additionally, Esports is on the rise and gaining massive interest in the stock market. Talk to an experienced investor before you dive in — and good luck!

Consult professionals whenever possible

It might seem counterintuitive at first, since hiring these professionals costs money. But if you find yourself in certain legal and financial situations, you could only benefit from having a trusted, experienced, and hardworking professional in your corner.

Financial advisors can help you get and stay on track when it comes to all your monetary goals. They’ll help you properly budget and can teach you about all kinds of financial strategies that can set you and your family up for a safe, happy, and secure future.

As far as legal matters are concerned, it’s extremely advisable to work alongside an experienced attorney to stay out of trouble, put any stressful situation behind you, and maximize your returns. People with an attorney generally settle a claim for 3 to 4 times more than those who have similar injuries but are not working with an attorney.

Look for great side gigs

There is a negative stigma for those working side jobs to get by but that shouldn’t be the case. Washing dishes for minimum wage is tough and hard to get excited about, but there are actually so many side jobs out there that can offer excellent returns and can actually be quite fun!

First, decide what you’re passionate about. If you’re already working full-time, it’s going to be difficult to find the energy to work a second job if you’re not passionate about it. Maybe you love writing? There are thousands of freelancing opportunities out there available to you that can help you earn some extra cash. Or you could even start your own blog and try and get some sponsors once it’s established.

Maybe food is your passion? Great! Start doing some research on opening up your own food truck! The possibilities are endless, you just have to spend some time and think about how you want to approach your side hustle!

You’re not going to solve all your financial problems overnight — and that’s okay. But as long as you’re actively thinking about bettering your situation, know the steps you need to make, and work hard at achieving your goals, the sky is the limit. Start taking your financial future more seriously and get to work!

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