After spending more than 6 years in crypto, this is the best bear market I am having. The last one taught me a lot. I know, in the next bull, whenever it comes, I am going to be fkn rich as per my country's standards. xD If you want to be in crypto full-time, having a strategy to survive bears should be your #1 priority. It's easy to lose interest when the markets are down. In a bull market, new projects pop up everyday. In a bear market, it goes the opposite.
So what can one do to survive without having a job? You can't. Unless you are already rich or have an income stream, you cannot survive the bear market. You need to pay your bills and need extra money to invest regularly in assets. If you are making money trading and flipping NFTs, you are most probably gambling it all away. Instead, focus on building a varied set of skills. That's how you can build long-term value for yourself.
Learn A Skill & Monetize
The first thing you want to do is to learn a high-income skill like copywriting, graphic design, coding, etc. It can be anything you like and is also high in demand. Do free paid work or internship to learn the skill on the job. That's the best way to go about it. You learn more by doing. Start looking for gigs as soon as you niche down to skill. You can take paid courses or watch youtube videos to learn the basics of any skill for free. And then use platforms like Upwork and Fiverr to get gigs. Maybe get a full-time and work under an experienced person who is a master of the skill you want to learn.
Once you become decent or good enough at what you do, it's time to level up - Monetization of the skills. There are two things you can do to make money from your skills:
- Freelancing: Freelancing is the best way to earn by selling your skills. You can achieve time and location freedom which is kind of absent in a job. An open market will always be ready to pay you more for your skills than your job.
- Content Creation: Build a personal brand by creating content on social media channels around your skill and get paid by selling your knowledge in the form of info products. You can use Hive to publish your content and get a chance to earn crypto.
I would say, try both. They are separate businesses and have the potential to keep your inward money flow busy at all times. Once you start making more than you spend, you can use the rest of the money to invest in crypto. That is exactly what I am doing right now.
How I Am Surviving
5 months ago, I was in deep shit. Closed my supermarket business. Lost most of my life savings (around $30k) I invested in the business. And went into a huge debt that might take years for me to repay. But then I decided to start another side hustle. I didn't want to take any money out of my crypto investments because doing that in a bear market would be a disservice to my years of hard work.
So I had a small chat with @forexbrokr (The Legen) and decided to freelance side hustle on Upwork. Created my profile and started finding writing/copywriting & graphic design gigs. This is what I have been able to make so far:
| SNo | Month | Earnings |
|---|---|---|
| 1 | Nov | $120.20 |
| 2 | Dec | $898.93 |
| 3 | Jan | $1,061.42 |
| 4 | Feb | $2,241.75 |
| 5 | Mar | $1,455.15 |
This isn't a flex, it's just a snapshot to show what's possible. As a side hustle, this is great money in most countries. You can easily turn this into full-time job if you want.
In December, I had a breakthrough with Chat GPT & other AI tools that helped me up my game even as a newbie. 🫡 You can read the full story in the linked blog where I mentioned all the steps I took to bag more than 3 clients in Jan and how Chat GPT helped me do it with more efficiency and productivity.
Now I am also building a personal brand on Twitter to find more opportunities as a creator too. I don't want to freelance forever. At some point in time, I will have to fire them because let's face it, freelancing is tiring and it needs your presence unless you own an agency with employees supporting you. And I find it better working alone. So content creation (on Twitter and Hive) will help me achieve this goal to work as a solopreneur all my life.
What are you doing to survive in this bear market? Let me know in the comment section below.
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I've completed my first year cycle of Bull and Bear Market.. learnt a lot of lessons and can surely say in next one #WAGMI
Without side hustles surviving ain't even fun or possible... You're Killing it Buddy! Giving me more motivation to get involved into more productive things and utilize time in a Good way. Let's continue the chase for Goals!
That's awesome. You are young. So much time in your hands bro. Start learning a skill today. It will make you rich in 5 years for sure if you keep the consistency.
Upwork and ChatGPT too have helped me to earn nowadays but on the other hand, I was not able to write new articles in hive. Now, I have contracts ended already so back to writing travel blogs.
Awesome. Great to see you back in action on Hive. You can do both of them side by side actually. You need a content strategy.
Thanks for the warm welcome. Actually I wanted to talk about Upwork and my come back and I searched Upwork in Hive and there, your article came out. I am glad I was able to came across your article.
I applaud your determination to survive and thrive in this bear market. It's not easy to lose a significant amount of money and have to start from scratch, but you've shown resilience and resourcefulness by finding ways to monetize your skills and build a personal brand.
Your success as a freelancer is a testament to your hard work and dedication, and I'm sure it will inspire others who are struggling in this market. Your willingness to share your journey and the tools that helped you succeed is commendable and shows your generosity of spirit.
Remember, every bear market eventually ends, and the lessons you learn and the skills you acquire will serve you well in the next bull market. Stay focused, stay positive, and keep moving forward. You got this!
Best of luck to you in all your endeavors.
!ALIVE
@finguru! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @old-man-chu58. (2/10)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
Thank you so much for such a wonderful comment man. Means a lot. I love bear markets now because you have an opportunity to build your dream life in the next bull.
Come to think about it, do I even have a plan?
My plan for bears has always been to accumulate till the bulls return but bills as you said suck the money away eventually.
Consistent blogging will help me as that’s probably my side hustle for now. Am still schooling so might not have a lot of time for freelancing even though I have an account on upwork.
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Awesome buddy. That's the best way to go about it. Don't leave this hustle. Build on it and keep doing it everyday. You will have a pile of cash in your hand when you are out of school.
Post voted 100% for the hiro.guita project. Keep up the good work.
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Thanks a lot buddy. Cheers!
This is definitely interesting, I must be honest am highly motivated by this , even after your loose you have indeed bounce back and it's good to see how much you have earned in those months
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Glad that you could find some value in my story. All the best mate. 🫡
Totally agree with you.
I'd add that you also need to consider your sources of income from three perspectives: short, medium, and long term.
But also, you need to have as many alternatives as you can for each source of income, so that you can switch between them when necessary.
That's the playbook bro. You know it already. 🔥
Your side hustle is fantastic. Great job. Ive wanted to start selling an affiliate product for a few months now. I might take a stab at it.
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Awesome. Do it brother. Now is the right time. I procrastinated a lot before taking the leap and it paid off.
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I am just doing my job like usual and nothing has really changed but there is less money on the side to invest. The good thing is that I can just be active on Hive and still earn some crypto. I don't really have the time for an extra side hustle with my work and Hive.
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That is gre enough J. Hive is your side hustle while job helps you pay your bills. Having multiple income source is necessary nowadays.