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 the 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.