Written by Andrew Galasetti
All right, we get it… Gas prices are high; the real estate market isn’t good, stocks are down, and many banks are in a mess. The media keeps drilling it into our heads like we had no idea.
Despite their negativity this may actually be an excellent time to better your life and the lives of those around you. Tough times are some of the best times for people to become resourceful, innovative, and make positive changes.
Here are 9 ways you can take advantage of this “terrible” economy.
1. Buy foreclosures and invest in real estate
It’s a buyer’s market for sure. You don’t want to look back in ten years from now and have a “shoulda, coulda, woulda” moment. Even if prices aren’t low in your area, explore different towns and states for commercial locations and empty lots. Even if you don’t have the resources and funds to develop right now, stake your claim while you can.
2. Invest in green technology
High oil prices are igniting interest in alternative fuels and green technology. If you’re active in the stock markets, perhaps you should consider doing some research on emerging green companies. If you’re not an active trader, another way to invest is to explore purchasing a hybrid or electric car. It might be costly now, but in a few years you’ll be happy.
3. Start a company
Sure, there are a lot of companies shutting down but this maybe the right time to start a company up. Here are some tips to think about if you want to launch a start up:
– Look for an industry or market with a large number of businesses closing. Are the big competitors shutting down? If so, you’ll have less competition.
– Research the reason why they closed.
– Find a solution and an opportunity in what they did wrong.
– Many of the companies shutting down are large corporations. So one of the best things going for you is being small but thinking big.
4. Switch careers
I know exactly what you’re thinking or even saying right now, “well there are no jobs, and my job’s safe.” Is it really though? Do you like what you do? Is there a long commute? And many expenses? You must ask yourself questions like these. Wouldn’t you rather be your own boss? Or have a job that you enjoy so much you don’t care what you get paid or what it costs you to get there?
5. Move somewhere you’ve always wanted to
A location or town you’ve dreamed about living in might be at its most affordable right now. Seize this window of opportunity to make a big change.
During times like these there is plenty that you can learn. Such facts as:
– Where the US gets most of its foreign oil from.
– How much gasoline the US uses.
– How big of a role the media plays in driving up fuel prices and striking fear in the public about their finances.
Become aware and educate yourself. You can prevent yourself from letting any future economic troubles giving you trouble.
7. Go on vacation!
Many people are skipping vacations because prices aren’t affordable for them. But you shouldn’t let that hold you back. While everyone else is staying home you can live it up and enjoy yourself with smaller crowds.
8. Get your voice out there
If increasing prices, the bad economy, and politicians are making you frustrated, then take action. Harness the power of new and old media to voice your opinions. Offer new ideas and solutions, be controversial, and be a leader.
9. Break bad habits & modify your lifestyle
Old habits die hard, but they might die quickly in a tough economy. Think about walking or riding a bike instead of driving everywhere. You’ll stay fit, save cash, and help out the environment. It’s a win-win-win situation.
Photo by Brent and MariLynn
*Note: These are views and opinions expressed in this post. Not concrete financial advice guaranteeing success. Bspcn is not responsible for your actions.
You make a good point — The real estate market is excellent right now for buyers!
There is always money to be made, often the down swings are just as over done as the upswings.
There is no greater skill required in making money in a down market as there is in an upmarket, it’s all about seeing the angles and understanding the pricing differentials.
This downturn is a particularly good time to buy as more people than usual thought making money was a mugs game, hence things are even cheaper this time, but not cheap enough yet… watch for the key economic precursors to new growth and get in then, or possibly gauge the potential drop and build this into your current buying offers. The economic indicators are all pointing south at the moment so we’re still sinking towards rock bottom… and remember, bottom feeders will make the most :).
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