Most people’s savings accounts took a huge hit during the Covid-19 pandemic, as well as their mortgage-backed securities (MBS) and other mortgage obligations. The virus and the ensuing lockdowns put homeowners, small towns, and small businesses across the United States in a bad way. Whether your small business is taking a hit or you owe payments to somewhere like Fannie Mae, many Americans have found themselves in need of a way to make additional income as the virus continues and the Covid-19 lockdowns threaten to return.
Whether you’re looking to pay back a mortgage loan or looking for an additional income to make ends meet, read on below for a few ways to make additional income in these scary and trying times, even if you live in a small town or rural area.
1. Open your own business.
At one time there were plenty of businesses to open in a small town, but with the era of Covid-19, owning your own business can be scary. Nevertheless, many people with business ideas are starting to open their businesses from home instead. Believe it or not, in a rural area, even a drive-through coffee shop can make a go of it in the middle of the pandemic, especially when you live in a small town with few options.
If you want to take your chances on opening a small business in your small town that is brick and mortar, then an ice cream shop, flower shop, hair salon, or even a bakery make for great small town business ideas. You do want to make sure that you do research on what works and what doesn’t work in a business sense in your small town, as every town is different. Never make the mistake of thinking that a shop in a rural area of the United States is going to be as busy as a shop in the big city, however.
Once you’ve had your small business open for a bit, you can even check into how to invest in mortgage-backed securities, then take that money and put it back into the small business you’ve opened. Make sure that you check the interest rate on any MBS you invest in, however, to ensure it’s the right step for you. You can also invest in mutual funds like many entrepreneurs do to help your business as well. An MBS with the right interest rate, such as the one Freddie Mac had, can go a long way towards helping you make additional money for your business.
2. Online Tutoring
To make additional money in online tutoring, it doesn’t matter whether you live in a big city or a small town. This is the type of business you can do online and is a great way to make extra money for whatever reason. One of the great things about online tutoring is you’re helping to make a difference in the life of a child or adult who is struggling with learning everything from English to Spanish and from Math to History.
3. Writing or Editing
If opening a grocery store or coffee shop in your small town doesn’t fit what you see yourself doing to earn extra money to pay those payments to Fannie Mae, then you can also write or edit online. There are many companies and online sites that hire writers and editors to take care of their blogs, articles, and other written material for their websites. You can also start a small business and advertise yourself as a business owner in the article and blog business. In this way, even if you live in a small community where a bakery or hair salon wouldn’t do well, you can still make the additional money you need to make ends meet.
4. Writing Books
The days when you had no hope of being published and making money as a business owner in publishing are long gone. Instead of opening a barbershop or food truck in your local community, you could work from the comfort of your own home writing books for a living. It’s just one of the ways that you can make those monthly payments on your mortgage loan so that the interest payments and late fees won’t kill you in the end. While you don’t start out making much as an author, it’s doing something you love and will pay off in the long run. As a homeowner, it’s easier to work at home than to find a job in a grocery store selling organic food during the current crisis.
5. Opening a Bakery
When you live in a rural area, you get to know everyone in your small community. Opening your own bakery is the best way to give back to the local community and to get the cash flow going to pay your bills, mortgage payments, and any other loans you might owe to Fannie Mae and similar lenders. Make sure that you do your research and get a loan to open your bakery from a reputable financial institution so that you don’t end up with monthly mortgage payments you can’t afford.
These are just a few of the best ways to make money during the pandemic when you live in a small town. Remember, try to keep your mortgage payments and monthly payments small. You should also look into investing in mutual funds like Ginnie Mae with low-interest rates and mortgage security just to help with expenses as well. Before you know it, you may be making so much money that you’re able to invest in high-end grooming products or a classy iPhone case (every guy should own one of those by age 30) or invest in a home improvement project you’ve had your eye on.