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As COVID-19 continues to hammer the U.S. economy, the unemployment numbers continue to rise. Our thoughts and prayers go out to all who are affected. In today’s Digest, let’s look at how this unemployment crisis might actually be a source of employment for some in the months to come. We’ll do this by turning to master income-investor, Neil George, editor of Profitable Investing. Last year, Neil wrote Income for Life, a book that details dozens of income strategies — not just from the investment markets, but from day-to-day life. One of those non-market income strategies is something that ties in with the current unemployment situation. I’ll let Neil dive into those details in the piece below. We’re not through the COVID-19 crisis yet. But eventually, it will pass, and Neil’s idea below could be a perfect fit for many people looking for creative ways to generate income. Have a good weekend and stay safe, Jeff Remsburg |
How to Lend a Hand & Earn Income in this Time of Economic Crisis
By Neil George
This morning brought some very grave news stemming from the fallout of the U.S. economic lockdowns and COVID-19.
Weekly jobless claims for the week ending March 28 surged to 6.65 million. This follows the prior week’s tragic number of 3.31 million.
On a state level, Pennsylvania saw the biggest number, comprising 12.9% of the total, followed by Ohio, California, Texas and Massachusetts, which combined represented 36.4% of the now instantly unemployed.
U.S. Weekly Jobless Claims –Source: US Department of Labor & Bloomberg Finance, L.P.
Each of these claims represents individual and family tragedies. And while many of these folks may be brought back to their jobs hopefully in shorter order, it is unknown how many will have to seek other opportunities.
But while no one knows when the lockdowns will be relaxed as the virus mess eventually passes, there will be the need for many to seek job openings as the U.S. economy gets back to business.
In my book, Income for Life, I wrote about dozens of strategies that are focused on maximizing income from varied investments.
There are plenty of chapters that explain, step by step, how to make your investment portfolio generate a lot more income, including tax-advantaged and tax-free income.
But there are also a bunch of chapters on income-generating ideas that have nothing to do with the investment markets — again with complete step-by-step directions that anyone can follow for more income regardless of age or experience.
In particular, I wrote one chapter detailing a major solution for the millions of folks that will need to seek new employment.
If you have ever conducted a job search, then you know how challenging the task of putting together a resume or a more detailed curriculum vitae (course of life, CV) can be.
Coming up with a professional, yet attractive way to present your educational and professional experiences can be a full-time job in and of itself.
Resume Services Are in Demand
The ever-changing job market and the constant addition of newly created jobs has forced job seekers to craft resumes that stand out against the competition.
Although tried and true, template-based resumes are becoming commonplace. If your resume looks the same as those of other applicants, it can often lead to confusion and a lack of enthusiasm from hiring managers.
Writing a resume that gets the attention of a hiring manager is an art. And if you have a talent for it, you may have a lucrative business opportunity on your hands.
Knowing how and when to use industry terminology, when to use performance numbers, how to say more with less, and how to put it all together in an organized and captivating fashion are skills that many people don’t have.
There is a new demand for professional resume writers, and if you have a knack for this specialized form of writing there are opportunities abound.
If you’re an entrepreneur at heart, you can certainly go into business for yourself. All you will really need to get started is a computer with word processing software and a phone and/or email provider to communicate with your clients.
As with all new businesses, it may take a little time to build a steady stream of income, but you can potentially make anywhere from $50 to $300 per resume depending on the needs of your clients.
As you get started, you’ll find that everyone from recent college graduates with little experience to Fortune 500 executives with decades of experience are seeking help with their resumes. And the recent series of tragic layoffs and furloughs only brings more need to help millions find new employment.
Get Your Name Out There
Marketing your services will be crucial for your success. Creating a strong online presence through social media (Facebook, Twitter, etc.) and professional networking sites (LinkedIn, etc.) are all fairly standard for most professional resume writers.
You may also want to have a business website with examples readily available for interested clients. This is where GoDaddy (www.godaddy.com) and similar firms can easily and cheaply help.
As the demand for professional resume writers continues to grow, so will the need to stand out from the competition. Consider earning industry-related credentials and certifications to increase your chances of success.
You can often study and earn these professional endorsements through continuing-education classes through local community colleges as well as through “e-learning” programs.
You can also become a member of a variety of professional associations that keep you up to date on industry news and ethical standards and offer opportunities for education and networking.
By diversifying your services, you will open yourself up to a greater client base. Cover letter writing, academic CV creation, portfolio development (both online and offline), and even career coaching are services that are in growing demand.
And note, the CVs are often needed for educational, non-profit and scientific grant proposals and applications, bringing more opportunities over time.
Not Ready to Go Out on Your Own?
If having your own business doesn’t interest you, there are many companies that employ professional resume writers on a freelance or even full-time basis.
Most of these companies allow their writers to telecommute. The disadvantage is that if you’re working by the hour, you will often earn less than being a business owner, but there is usually a steadier stream of work opportunities.
Most employers of professional resume writers also require some type of related experience (human resources, job coaching, career counseling, etc.) and applicants with related professional certifications are often preferred over those that do not.
But don’t let that discourage you. You can research and apply for resume writing jobs by searching on sites like www.Indeed.com.
You can also find opportunities by applying directly to career service companies like www.talent.com and www.resumeyard.com.
Now that you know how to get started, give it some thought, look at some of the noted websites and resources and perhaps give it a go and help others in the process.
Sincerely,
Neil George,
Editor, Income Investor’s Digest & Profitable Investing
Author, Income for Life
