You already heard of this scenario: because of recession, job loss is prevalent which only increases the unemployment rate of the country. Job loss is not going to slow down since companies are still hesitant to hire more employees. As a result of massive job loss, widespread foreclosure and bankruptcy are common.

Employees who have lost their source of income are no longer able to pay for their outstanding debt which only adds up to their financial problem. This scenario is very bleak which could only be dealt with when recession is over.

But what if recession ends today? What should you do?  The usual reaction would be to look for a job so that a source of income could be found once again. More often than not, you are currently employed in a job with minimum wage so that you can pay for your monthly bills. When recession is over, you will start seeking jobs with better pay.

If you look back when recession is over or consider your situation today, you are practically stagnating. You go to work, go home, eat, sleep and do the cycle all over again. After recession, you aggressively look for another job. Your job during recession is just another phase.

But your job during recession should not be your sole focus. Since you have more time for you and your family since your current job is not that demanding (especially part-time), you should be able to do more.

Passive Income

A passive income is a type of wealth building technique that does not take a lot of effort but has a great potential. This sounds too good to be true but it exists. The only challenge of the passive income is that it will take time to become a full blown alternative source of income.

A passive income is something that you work hard at first and let it develop by itself. Another form of passive income is something that you slowly work on your free time which will slowly grow and earn. Since you have time, you can slowly work on your passive income which could be useful once recession is over.

Here are some samples of passive income opportunities:

• Writing a Book – If you have a way with words or a great story teller. Write a book in your free time. Years ago, publishing a book seems like a challenge. But self-publishing is very easy nowadays because of the internet. You can choose a wide variety of topics. You could be writing about your experience in recession, a story or two about life or even an instructional book on your subject of expertise.

• Planting Trees – This might sound odd but if you plant two or three fruit trees today, you can expect that the fruit tree become a money machine in as little as five years. If you are living in a rural area, you can expand to as many trees as possible which could be a major source of income for a season.

• Starting a Small Business – To be specific, starting a small service-based business has its rewards. Use your skills to become a freelance professional for small businesses or even private individuals. You can slowly establish your presence in the community during recession. When recession ends, you are already well known in the community and your clients will increase.

Work on your passive income today. It is no use to let your talent go to waste just because of recession. There are opportunities that may not provide a good source of income today but it will eventually become a good source of income if you slowly by faithfully work on your passive income.