6 Ways to Benefit Financially in a Bad Economy

home.jpgby personal coach David Bohl

With the economy in a slump and questions of whether or not we are in a recession, many Americans are worried about their personal financial situations. The good news is that you don’t just have to sit there and take it under the chin allowing the economy to control you. There are steps that you can take and things that you can do to benefit from a bad economy.

Invest in foreclosures

The housing market has also seen the ill effects of a bad economy. Property values are decreasing, homeowners can’t afford to pay their mortgages, and for sale signs are popping up all over America. Many homes are even being foreclosed upon, so there are banks and mortgage lenders all over the country that now own property and aren’t in the real estate business. They want to sell these properties fast and as cheap as they can. You can benefit from this part of the bad economy by buying and investing in one or several foreclosed properties. You can buy a home of your own at a reduced price or you can buy homes to fix and resell or rent.

Buy your dream home

If you have been dreaming of being a homeowner, now is the time. It is a buyer’s market, which means that affordable housing is everywhere in any local paper or online. The home that you wouldn’t have been able to buy one or two years ago is now being sold at such a discount that it is in your price range. Many of these homeowners need to sell their homes and are willing to be flexible and work out whatever terms are necessary to make the deal happen. This creates a winning combination–you want to buy a home and they want to sell it.

Start a business

With a bad economy situations present themselves that this country has not seen in years. New businesses are started to answer the need for something that is missing in the market. Maybe the business you have always wanted to open answers one of these needs. For example, many Americans have given up their car keys for bike lock keys. With more Americans using their bicycles as a form of alternative transportation, maybe it’s time to open the bike shop you have always wanted to open or partner up with a logistic firm like Transcoast Logistics. And with real estate being so affordable, you may be able to snag the perfect location too.

Sell a business

On the other hand, it may be time to sell your business. You may be in financial need for the cash that selling your business can offer you. Just because the economy has some rough spots does not mean that there aren’t people benefiting from the situation. If cashing in your chips and selling your business can dig you out of a financial hole, then sell it. Many investors are scooping up great business opportunities at market value and this is your chance to take advantage of the situation.

Become a consultant

If you are an expert at anything related to finances or the economy, now may be the time to use this knowledge and experience to your advantage. You can earn extra income as a consultant to companies or individuals who can benefit from the knowledge and experience you have to offer. For example, if you are a credit counselor at a local agency, you can use this knowledge to hold free seminars to teach people how to consolidate debt or fix their bad credit, or how does an IVA work. Many of these individuals may turn into clients for you. If you have mergers and acquisitions experience, you are a hot commodity right now. Use this knowledge to act as a consultant for the mergers and acquisitions of the financial institutions, banks, etc., that are taking place.

Take advantage of the steals and deals

From housing and cars to vacations and home supplies, there are great deals to be had out there. Take advantage of this time. If you have been saving for a vacation, now may be the time to look into it. Cruise ships, hotels, airlines, and more are all anxious to fill their rooms and seats. Some of the deals are so great they are practically giving things away. Home Depot recently announced that they are marking a huge amount of their inventory at 50% off to move it. Car dealerships are desperate to sell vehicles that have been sitting on their lots, so they are slashing prices. Big ticket items are on sale and now be the time to take advantage.

While there are drawbacks to a bad economy, there are ways you can benefit financially from the situation. Take stock of your personal financial situation, do your homework, and make educated decisions on how you can turn a gloomy financial situation into a beneficial one.

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Thanks to Barel Karsan for including this post in the Investing Carnival, to Fix My Personal Finance for featuring this post in the Money Hacks Carnival, to The Skilled Investor’s Personal Finance Blog for publishing this post in the Carnival of Financial Planning, to BankruptcyAccess.com for inclusion in the Bankruptcy and Debt Carnival: The Bailout Edition, to Ask Mr. Credit Card for posting this article in The Carnival of Twenty Something Finances, to Credit Cards: How to get Out of Debt for featuring this post in the Carnival of Twenty Something Finances, and to The Dough Roller for including this in the Carnival of Financial Goals.

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