by Jamal Ray
This year took a swing at everyone from every angle. It has made Chicagoans quarantine, social distance, learn to wear a mask, and at its worst, forced many to either leave their jobs or work from home. On a positive note, it has created many other opportunities for people. Some people have connected more with their families, others have started to exercise and eat healthier. More importantly, it has forced a few to take a look at their finances and figure out what exactly they could do to earn income during a pandemic.
During the pandemic, at least “40 million people claimed unemployment in the United States," which means that there are a lot of people who have lost their jobs (New York Times, 2020). Because of that, it inadvertently allows people to discover new information and new hobbies. Cyan Baker, an assistant engineer who works at Turner Construction, advises, “make sure you’re doing something that will help you gain experience and update your resume. Ultimately, do something you haven’t done before or haven’t had time to do.” People with extra time on their hands can learn more about how the stock market could earn them some residual income. According to Lydia Saad, about “55% of Americans report that they own stocks” (Lydia Saad, 2020). Start learning about investing/trading and look for apps such as Nerd Wallet, Rapunzl, and Robinhood to become more knowledgeable about the market. In addition, Morningstar Magazine is great for getting updates on the financial realm. Christi Wright, incoming financial professional and former On the Money and One Summer Chicago Intern, shares her experience when investing. “Make sure you’re able to invest with money on the side. You shouldn’t be investing [in individual stocks with] your life savings. About $10 to $20 is fine to start with; don’t invest just because of the hype. Make sure you research the company and understand how they move within the market. Lastly, don’t be so anxious to pull out of the market, because some stocks may drop but eventually (may) come back up.” It’s important to note, as with any investment, there is always the risk of losing money so be sure to do your due diligence and never invest money that you need to pay your bills. The stock market can be very risky when investing, so make sure to manage your risk correctly or you could easily lose all your profit! Nevertheless, there are many resources out there for people to start investing. It starts with the click of a button. It’s a great opportunity to take advantage of, especially during the pandemic, when you might have more time.