Patrick
By now, I’m sure most people will have felt some sort of economic repercussion from the COVID-19 pandemic.
Maybe you’re lucky enough to still have a job, to still be making an income. But how are your stocks doing? I know that a big part of my portfolio took a hit.
How is your (short-term) rental income doing? I know that many landlords all over the world are dealing with tenants unable to pay. Some Airbnb hosts have lost all or most of their reservations. How has your currency held up now that investors are flocking to the dollar?
The list goes on…
A friend of mine shared the graph of industries (above) that are either suffering or benefitting from this situation. And even though there are some people and companies that will be making a killing on this correction, it is almost certain that what most will feel is hardship.
This quarantine is supposed to save lives. But many people’s lives will be damaged as well. For many, the risk of personal bankruptcy is bigger than the risk of getting really sick from the virus. Especially in places like Colombia where a great deal of the population is living paycheck to paycheck.
Here’s an example…
I’m currently overseeing the renovation of an apartment building for our investors. No one has worked since March 20. The construction crew gets paid every 15 days according to progress. My electrician Raul is not buying cables at the moment. So now the hardware store may have to lay people off. Everything is interconnected.
The only one making any money is the guard who’s looking after the building.
It’s not all bad news though. We managed to bring the last part of our investors’ dollars in at $4017 USD/COP. 25% better than our budget. That is a CRAZY move for a currency in what is South Americas 2nd largest economy. But again, as a rule of thumb, the Colombian people and government will pay a high price for the depreciation of the peso.
That being said, let’s hope this curfew ends soon so we can get back to work.
In the mean time, I’m sure there are many people wishing that they had another stream of income in place.
Something that would produce a steady source of income, large enough to support their families in time of uncertainty. Something that can be implemented from the comfort of your home using nothing but your phone, a computer and the internet. And if it means earning dollars, then even better.
I’ve had several conservations with friends about how this situation could change the world as we know it. But with change comes massive opportunity. For instance, as a foreigner holding dollars and looking to buy real estate in Colombia, you’re essentially getting an “overnight” discount of 25% before even beginning to negotiate with the seller. Cash is king!
Luckily, with so much time available, there’s plenty of time to learn a new skill, investigate a new business idea for a side business and begin implementing it.
The question is – are you preparing yourself for this change?
Over the next couple of days, I’ll be sharing some money-making ‘solopreneur’ ideas that you can implement immediately from your home. It might mean working while your kids are asleep or taking turns with your spouse. It might mean sacrificing your TV-show on Netflix most nights. These ideas will only work if you take action. But once all this is over, I promise that you’ll be happy that you did.
Talk soon,
Patrick
PS – here’s a pic from my patio. The condominium closed the pool and it’s 34C degrees (Like 90F) outside. So we ordered an inflatable mini pool and now the kids are entertained for hours while my wife and I get to work. The neighbors even sent their kids making it a proper pool party 🙂
