3 Smart Ways to Protect Your Family’s Financial Future

Sometimes in life the Wizard of Oz’s curtain is abruptly pulled aside, and we quickly see a true and different reality than the one we’ve been experiencing. Such was the case when the pandemic arrived and the world as we knew it was instantly turned upside down. Social gatherings were replaced with quarantining and lockdowns. The economic impact was devastating as entire industries and segments of the market shut down. Everything as we knew changed. Clearly, a new approach is required if you truly want to watch over your family and protect their financial future.

Make Your Investments Count

It’s not enough in life to simply rely on your salary and wages to help build wealth. With a family, you’ll typically see your paychecks dedicated to taking care of your costly monthly bills like housing, child care, utilities and more. On top of all that, with inflation you are paying much higher costs for essentials like food and gasoline. If you are seeking long-term investments that have the potential to generate significant cash flow and appreciation, look no further than real estate. When you make quality investments in real estate or buy shares in rental properties that produce income, you are building a robust financial future for your family. You can even use financial vehicles like your self-directed IRA to buy investment properties.

Diversify Your Revenue Streams

One of the painful lessons of the pandemic was that your family’s financial security cushion could be demolished if you and your partner or spouse both worked in the same industry. When social distancing came into play and lockdowns were the norm, the wheels came off in the hospitality and travel sectors. Restaurants also lost a tremendous amount of money as indoor dining was shuttered and restauranteurs had to quickly switch to a less profitable delivery or take out model. If your family had both wage earners in the same market segment, your two paychecks might have suddenly become no payroll checks at all. Diversifying and working in unrelated industries are a lesson we can all learn from.

Create and Nurture Your Side Hustle

Millions lost their jobs during the pandemic and found that their side hustles in the gig economy were what they relied on to survive. Because these apps do all the marketing work and deliver a customer base, entrepreneurs can put in the hours working and build business rapidly. National apps let entrepreneurial workers connect to ready customers and tap into the home delivery craze. If driving a ride share wasn’t a great option, then those with a side hustle could switch instantly to grocery shopping and food and restaurant meal delivery. Other options include making money online by joining a freelance platform like Fiverr. This is an ideal solution for graphic designers and freelance writers who are looking to take on some extra work on a casual basis. Regardless of your background and experience, having a side hustle is a great way to protect your family and bring in significant money for investing over time.