Beyond the Resume: Ideas for Building Wealth in a Bad Economy

istock_000003269650xsmallIt seems like every time you turn on the TV these days, the stock market has sunk even lower and the housing market isn’t looking so hot either. People are getting laid off from their jobs almost on a daily basis and with it being an election year, everyone in America is looking for some kind of a change (no matter who wins the election).

Well, go ahead and take a big sigh of relief because I have some good news to share with you. Even though we’re going through a bit of a rough spot doesn’t mean you just have to throw up your hands and deal with it. Learn how to build your own wealth in a bad economy–and realize that it’s about more than what shows on your resume. Take matters into your own hands and take action now.

Start a side business

You’ve always dreamed of being your own boss. And while now may not be the time to quit your job and go 100% on your own, it may be the time to start a side business. It’ll allow you to pursue your dream and make a little extra money while you’re doing it. You’re probably thinking, start a new business when so many businesses are failing? Yes, you heard me right. Think about it for a moment. Even in a bad economy, there are opportunities to be had and you have to grab them. It comes down to the basic supply and demand rule, so think about how you may be able to benefit from a bad situation.

Maybe you’re a marketing manager. In this economy, one of the first cutbacks that a company makes tends to be their marketing department. Fortunately for you, these companies still have to market their products and services. They just can’t afford to employ the marketing people full-time, plus benefits, plus, plus, plus. So what about becoming a marketing consultant to these companies? It’s a win-win. They need marketing services and you have marketing services to offer. You may make enough money on the side to put it all into savings and investments with Rosland Capital who will take care of your money and eventually earn you money. You may even find that it is lucrative enough to take it full-time.

Take a minute to think about your talents. Then take a minute to think about how you can profit from these talents.

Lower your spending

We all spend frivolously at some point in our lives. Do you really need a Starbucks every day? Or is it really necessary to spend $200 a month eating out at restaurants? The answer to both questions is no. One of the easiest ways to build your wealth is to stop spending it all! Keep tracking of your spending for one month. Then go line-by-line on your spending sheet and see where you can cut. You may find a couple hundred extra dollars, a few thousand dollars, or 20 extra dollars. Whatever the amount, start socking that money away instead of wasting it. And don’t mistake cutting back your spending for giving up living, either. There are plenty of free and low cost ways to entertain yourself and fill your coffee fix (or whatever fix you have).

Don’t make your exit from the stock market… stay calm

If you have money invested in the stock market, the odds are good that you’ve seen it decrease in the past year or so. This is not the time to panic, sell off all your investments, and start stashing money under your mattress. Panic sell-offs are just making a bad situation worse. The market is cyclical and goes up and down. Your wealth will go back up when the market goes back up–and eventually it WILL go back up. This is not to say that you should just sit back and watch your money disappear either. Evaluate your investments once a year and make necessary changes to watch your money grow. Now may be the perfect time to invest in a company that was too expensive before. It’s kind of like the stock market is having a sale. You can get into investments at bargain basement prices.

Even when times are rough, you can take action and turn the bad times into good ones for you. It’s not always about running off and getting a new job to increase your income and increase your wealth. Sometimes it’s about creatively thinking of ways that you can take advantage of the bad economy and turn it into a positive for you.

Please subscribe to the Slow Down FAST RSS feed: feed_icon_28×281.png

5 Comments on “Beyond the Resume: Ideas for Building Wealth in a Bad Economy”

  • This is a good point .. .I just added an affiliate program to my site to aid anyone looking at making a serious side or alternate income.

    All you or your readers have to do is to signup to be an affilaite and we give them an affiliate url they will be using

    Thanks for the post

  • We live in an expanding universe of conscious growth and awareness. The economical ‘crisis’ is really a service to the collect consciousness of everyone involved. It might as well be called the ‘economical service’. The problem however, is that this is looked from at from a perspective pain. Adversity (continued difficulty) is where pain derives, but I feel it really comes down to Diversity (a variety in differences).

    I have expanded hugely in conscious growth through Adversity and I do give it credit and value, but I have reached a point in my conscious awareness experience, where Adversity can be avoided through the filter of Diversity. I find that the expansion is still huge and much rewarding without the ‘pain’ of difficulty.

    When I push myself to grow through Diversity, Adversity seems to disappear. Perhaps Adversity is designed to push people forward when they stop growing consciously?

    Pain is not needed, it’s only a perspective that is lacking an awareness of what is unfolding. In my experience, life doesn’t have to be suffering, quite the opposite indeed.

    In fact Diversity is so important for growth that is actually an emotional need. This need is the essence of excitement and creativity. To feel a sense of surprise. To feel the invitation of something new. To add variety to your life. To feel the feeling of stimulation and growth.

  • Nicholas,

    Well said. A way in which I look at this is that new awareness creates ambivalence. We’re conflicted and fearful of the uncertainty we’re experiencing, and need to gain comfort through resolving that ambivalence. We need to consciously decide that status quo doesn’t work, that we have an innate need to grow, and that we will never be finished – we’ll never arrive at an end destination. Once we resolve the ambivalence of this – our constructive discontent – if you will, our fears will be more manageable, thus allowing us to live more in the moment. Additionally, any isolation we’re feeling because we have to be alone to look deeply within ourselves will allow us to gain peace of mind.

    Thanks for sharing your considered thoughts.

    David

  • I concur with your thoughts. I think is very important to keep your head and chin up high and keep afloat during this period. It’s not easy though to pull thru.

    I am in the process of reviving my online jewelry business, applied to b-school, and really absorbing all sorts of technology thru setting up a blog etc to build on knowledge. I think it’s important to keep the cash flow tight too and most importantly to have friends and family around for the support.

    I feel it’s going to be a long bleak winter, but it doesnt mean that it will be a complete dark spell, if you keep yourself busy and make milestones out of the day in search of opportunities.

  • Gltzer,

    Good for you! It appears you’re maintaining both a balance and a growing edge.

    David

Hi, Stranger! Leave Your Comment...

Name (required)
Email (required)
Website
Message