9 ways you can take advantage of this terrible economy
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.
6. Learn
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. Lyved is not responsible for your actions.
42 Responses to “9 ways you can take advantage of this terrible economy”
Leave a Reply
Please keep your comments positive and respectful. All others will be deleted.
Popular
- 20 Websites That Can Change Your Life
- 75 questions to ask yourself
- 20 Ways to Change the World
- 9 ways you can take advantage of this terrible economy
- 9 Simple Strategies to Getting Things Done At Work
- 25 Simple Tips to Improve Your Health and Fitness
- How to just do it
- 15 questions I want to ask you and the world
- How to graduate the School of Hard Knocks with a 4.0
- Seven, stupid, simple ways to be green and save green
Recent
- 5 easy pieces to piecing together your purpose in life
- What have you accomplished in 2008?
- What YOU can do for your country
- Congrats Mr. Obama! But don’t forget your promises
- Did you vote?
- 15 things to never do in life
- Freaking Out: 5 Career Success Myths
- 9 ways to battle poverty when you’re “poor” yourself
- Pay it forward
- The Story of a Sign
Subscribe
Subscribe to Lyved for free by RSS to read articles with your favorite feed reader. Or subscribe to Lyved for free by email to get articles sent straight to your inbox. Enter your email below and click subscribe:
July 28th, 2008 at 12:03 pm
I’ve seen a lot of articles like this floating around, but you’ve managed to actually provide some useful practical suggestions.
All of these suggestions are great advice. I especially liked the point about investing in green technology. That’s something I’m currently looking into. If you have any recommendations or resources, let me know. =)
July 28th, 2008 at 12:11 pm
I especially liked your comment break bad habits and modify your lifestyle.
With the credit crunch I am having to alter my lifestyle dramatically, trying to save money at every opportunity. For me this has become a positive aspect. Now I am getting fitter due to walking and cycling everywhere.
Keep posting good advice!
July 28th, 2008 at 12:15 pm
I agree with Jonathan.
Solar technology is something to look at to invest in.
http://www.Investopedia.com is a great resource to get into stocks (it goes over fundamental / technical analysis , etc — it is very in depth)
Your article didn’t mention the FOREX. One can make some money from trading foreign currencies with US dollars. http://www.Babypips.com has a great step by step to get into foreign exchange.
July 28th, 2008 at 12:24 pm
Glad this was useful Jonathan!
That’s awesome Hayley. Most wouldn’t consider it something because they hate to change but you’re embracing it.
Thanks for the info Krazd.
-Andrew
July 28th, 2008 at 2:15 pm
A gentler happier slower paced America with no oil nation parasites to support is upon us if we just let go and let it happen! In the long run, electric cars will be so much cheaper that the current rat race we Americans run. When we are no longer taxed taxed by the oil barons, we will be able to relax to a 6 hour workday, four days a week to survive! The days of the OPEC parasite nations are numbered, we will no longer be enslaved, we will be free to enjoy and extra 16 to 20 hours a week we currently work to support the parasites! Plug in electrics for all! Down with the piston engined bandits! Horah for public transit! May our passenger trains increase, and may we live happily ever after in an oil free environment!
July 28th, 2008 at 6:42 pm
Excellent post Andrew. Just dugg for you
July 28th, 2008 at 6:53 pm
Thanks Syed!
July 28th, 2008 at 7:10 pm
Great article man ,the economy will eventually get better so cash in now on the suggestions mentioned in the article.
July 28th, 2008 at 7:47 pm
Also, Repo men and pawn shops have some pretty good times during down economies!
July 28th, 2008 at 8:34 pm
The housing market will continue its downward trend not despite the new housing bailout bill, but now largely BECAUSE of it. I won’t even think of investing in real estate for now, and probably not until 2011-2012. This will take a long time to sort itself out. And I have invested in real estate successfully in the past…
So suggestion 1 is definitely out…
But your 2-9 suggestions are awesome. Thanks!
July 28th, 2008 at 8:37 pm
Wow, that is fascinating stuff. Very cool ideas indeed. thanks for sharing them with us.
JT
http://www.Ultimate-Anonymity.com
July 28th, 2008 at 8:47 pm
[...] Lyved » 9 ways you can take advantage of this terrible economy Some great tips for some bad times. (tags: howto tips finance) [...]
July 28th, 2008 at 9:00 pm
And all this time I thought that the font of all wisdom could only be found on a bumper.
July 28th, 2008 at 9:27 pm
So when the economy is bad, change jobs, buy a house and go on vacation… Basically splurge and spend all your money…
HMMM
July 28th, 2008 at 9:40 pm
I ran across this article on DIGG. Excellent article Andrew! All positive steps one can take to change their financial situation. This is much better than just sitting back on your backside and doing nothing but complaining. As this article suggests, get busy and change your circumstances for yourself.
July 28th, 2008 at 9:54 pm
Thanks Katrina!
July 28th, 2008 at 9:58 pm
I would have to agree with W. these are great ideas but because the economy is bad, it is difficult to do these things. Especially for people my age who are a few years out of college still finding it hard to find a decent job. It would be great to invest in a house but you have to have money for that. Getting a hybrid car would also be great, gotta have money for that too. Vacation would be wonderful to splurge on but again with the price of gas, most of my paycheck goes to that.
July 28th, 2008 at 10:13 pm
Green is the way to go if you want to make money. Real estate is great, but not if you have little money to invest.
July 28th, 2008 at 10:17 pm
Very true Brent. Some of these ideas do cost money.
July 28th, 2008 at 10:35 pm
Great article - half the things on your list are things the wife and I are doing right now.
Its unfortunate the foreclosure bill got diluted by Bush to be almost worthless to new home buyers. We were holding out on buying a foreclosure hoping the credit for buying them would come through. No go, its only an interest free loan and only for first time homeowners.
But for you first time homeowners, take a look at the new bill. It could help you out, especially to finance remodeling a fixer upper.
July 28th, 2008 at 10:52 pm
Lyved » 9 ways you can take advantage of this terrible economy…
Under present terrible economic condition and the nation’s housing crisis, oil increase, real estate market isn’t good, stocks are down and etc, but still there is many ways that we can take advantage….
July 28th, 2008 at 10:57 pm
I would be very cautious about number one. Although Real Estate prices have fallen in many areas from their peak - they have a lot farther to fall before the market corrects. If you buy foreclosures now, be prepared to hang onto them 5+ years before you will see any significant return on your investment.
July 28th, 2008 at 11:03 pm
Invest in green technology and found more green energy. Gas will be cleared up!
July 28th, 2008 at 11:04 pm
I think a good sound investment at this time would be flipping foreclosures like you discuss in your article. Three years ago I was working for a construction crew that did just that, and this was buying the houses at premiums as this was during the final year of the housing boom. We were still cashing in quite nicely. The key here is to make cheap upgrades, upgrades that bring in 5x more cash than what it costs to create.
Now the market is right for you to take advantage of the shear amount of houses flooding the market from foreclosures, and you can buy them at rock bottom prices.
July 28th, 2008 at 11:10 pm
[...] economy sucks. So? Get over it and take advantage of it! read more | digg [...]
July 28th, 2008 at 11:19 pm
Chris:
What about the families homes that you bought, made “cheap upgrade” that were “5x” more profitable, and flipped for more than they could ever afford?
I dont think a bit or morals would kill anyone, but I dont expect for peoples characters to change during an economic crisis, either.
See beyond the $$$ investments of other peoples suffering and you’ll find something profound and something really worth investing in. I guarantee it.
July 28th, 2008 at 11:40 pm
[...] The economy sucks. So? Get over it and take advantage of it!http://www.lyved.com/business_money/9-ways-you-can-take-advantage-of-this-terrible-economy/ [...]
July 29th, 2008 at 1:12 am
Fannie Mae says real estate prices will deflate another 30% over the next few years, and this is seen as a optimistic outlook by many in the industry. The time to “stake your claim” will come later, the market is still on a decline. Purchasing now is trying to catch a falling knife. Buy when the market is at its lowest.
A hybrid will run you around $30K dollars, and maintenance of batteries can be fantastically expensive. You may find this is not a time to take on thousands in debt to save hundreds in fuel. A fuel efficient used car will give you savings without monthly payments, even if you have to sacrifice MPG bragging rights.
Starting a business in the same sector where others have failed; do companies only go under because of mistakes? Many large companies subsist on a razor-thin margins. Best Buy exists because people are pressured into buying unneeded warranties, if this stopped the company would crumble. Only a few industries will continue to profit as the market tanks, like mining and pharmaceuticals.
Loving your job doesn’t pay the bills, ask a schoolteacher. If working costs you more money than it makes, you’ll be on the streets. It doesn’t matter how much you love weaving baskets, three states away. Look for understaffed sectors that won’t suffer in a downturn. Mechanical work, medicine, plumbing, and waste disposal are sure bets. Those guys really get paid!
Moving out of America is a great idea, perhaps somewhere with more financial integrity that’s commodity rich.
As for educating yourself, I agree wholeheartedly. Investigate the current inflation numbers (the M3) and the policies of the Federal Reserve. Learn about banking, and what is causing bank failure. Research the causes of rising commodity prices, especially food. Understand how heightened international tensions affect the price of crude. Research the Constitution and Bill of Rights, and count how many laws being passed are in direct violation of these documents. Find something interesting in what others consider mundane.
Boy, I’d sure love to be able to afford a vacation! Send me a postcard from wherever you end up. I’d recommend Los Angeles, an unemployment rate of 7.1% means you’ll be getting unprecedented bang for your buck.
Letting your voice be heard is a great idea. Once you’ve found an underexposed topic, inform the community. Keep your views relevant by immersing yourself daily in study to maintain your expertise. If you cannot commandeer a microphone or computer keyboard, use word-of-mouth to propagate your views.
Bring an abrupt halt to all frivolous spending habits, make a budget, and rededicate yourself to getting out of all debt. You cannot be truly prosperous without first repaying your obligations, and minimizing your exposure to perilous situations that would force you to borrow.
Greetings from Digg!
July 29th, 2008 at 5:21 am
These are all great tips… many of us have been checking ‘em off the list for the last year or so now.
Take advantage of the economy, don’t find yourself being taken advantage of it.
Get your finances in order and start making a difference in your life for the better…you’ll end up finding yourself riding the wave on the right part of the “S” curve.
Michael
http://www.halfhourworkweek.com
July 29th, 2008 at 5:31 am
[...] To read more, visit the link: http://www.lyved.com/business_money/9-ways-you-can-take-advantage-of-this-terrible-economy/ [...]
July 29th, 2008 at 6:32 am
[...] Lyved » 9 ways you can take advantage of this terrible economy (tags: tips money list ideas howto finance economy business advice) [...]
July 29th, 2008 at 8:05 am
“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.” … one out of nine good ideas — not a good average … but at least the one good idea is worth sharing …
July 29th, 2008 at 11:07 am
This is ridiculous… All these suggestions are things that the investor class can quite happily afford to do, while the majority (who are hardest hit by economic hard times) have no hope of achieving any of these things.
You’re basically making the problem worse.
July 29th, 2008 at 11:49 am
Or as most of the nation does in times of recession, turn to alcohol.
A couple of things…
Think of a recession as a time to learn how to save. I grew up in the late 70s and early 80s during one of the worse recessions of my lifetime. The most important thing I learned during that time was if you can’t afford to buy it with cash then you don’t need it.
Credit is burying people under a weight of hopelessness. Sure it’s great to impress your friends when expensive toys like big SUVs, plasma TVs, and high priced appliances. In the end no one will be impressed when you’re not only still paying for something that broke 5 years ago but paying 3 times the posted price.
As for green investments, green technology is in its infancy. Investing in it is like spinning the roulette wheel. One minute your $40/share solar company is bringing you tons of dividends and the next you’re trying to decide whether to hold on to it at $.03/share. There are to many emerging technologies out there; solar, wind, ethanol, hydrogen, tidal, etc… No one know which will come out as the winner, and no one will know until the discovery is already made. By that time, unless you know someone on the inside you’re not going to profit enough from it to be worth the effort.
Stick to already established industries who will benefit from green technology; recycling, automotive, and utilities. By recycling the aluminum soda cans my family drinks, I am able to take them all on a great vacation every year. Look at automotive companies who are not only making green vehicles but who are also using green technology to make them. And find utilities that are beginning to show signs of getting away from coal and going to other means of generating power; hydroelectric, solar, wind, etc…
Good luck, those who survive are those who evolve.
July 29th, 2008 at 12:29 pm
I apologize for the second post but I wanted to comment on some of the comments I’ve read hear.
commie pinko: “All these suggestions are things that the investor class can quite happily afford to do”
Everyone can be investor class. All it takes is one good $500 to $1000 tax return to start. Instead of spending that money binge drinking or buying designer handbags, put it into a real investment. Most people don’t believe they can invest because they’re bogged down with debt from bad decisions. Well then, get yourself out of debt. The only way to see the light is to step on the first rung of the ladder.
Steve: Great response! “Moving out of America is a great idea, perhaps somewhere with more financial integrity that’s commodity rich.”
With the faltering economic and political climate in America there is a chance that we could be living in a very bad place in the next couple of decades. Not trying to be a doomsayer, but history has shown that this is a likely outcome.
AvangionQ: “..another way to invest is to explore purchasing a hybrid or electric car”
This is a bad idea. The return on investment is way to long and risk of failed technology is way to high.
I had a friend who would talk up BetaMAX when I was younger. It’s the new technology, it’s better then VHS, he’d say. In the end he was stuck with an useless technology. It didn’t matter that it was better technology, all that mattered was that VHS tapes were bigger in size. Imagine trying to find someone to fix the batteries in your hybred car after the technology is years dead.
There’s also return on investment issues. How long will it take you to make back the $30k you spent on the hybred in gas savings? It isn’t until then that you actually start saving at the pump. You’re probably better off economically staying with the gas hog SUV you currently own.
The same goes with Solar. You spend $40k to install a solar system that only saves you $50/month on your electric. By the time you’ve made back the money from the investment and actually start saving there’ll be technologies that have a much shorter return on investment and save you more money. For another $40k that is. You’re probably better off sticking with what you already have.
Chris: “I think a good sound investment at this time would be flipping foreclosures like you discuss in your article.”
Unless you’re good with your hands, which a lot of people aren’t, this isn’t sound advice. Unless you can do the work yourself you’re not going to make back much on a sale. Sure it’s great to spend $50k on a $100k house, but if contractors cost you $60k to get it up to par you’ve just lost $10k.
Like I said in my previous post. The best thing anyone can do in this climate is break the habits of living off of credit and learn how to save.
Good luck!
July 29th, 2008 at 10:22 pm
This is the time to make money, just as Donald Trump. If you have enough to invest at this moment great deals can be found.
July 29th, 2008 at 10:32 pm
I agree with the Green investments. And I have been looking into XSUNX Inc or ticker symbol XsnX?
They make window film that works to collect solar power.
Working in commercial development I could see how covering an entire office building could be a great application.
Any thoughts?
July 30th, 2008 at 2:56 am
[...] Source [Lyved] Filed Under Banks, Business, Consumers, Credit and Debit Cards, Debt, Economy, Security [...]
July 30th, 2008 at 10:57 am
I will would like to add one item #10 to the list: Learn how to sale or improve your sales skills. Everybody is in sales in some for or fashion. The better you are at selling, the less likely you will be affected by any economy. If you become great at sales you will not only survive but thrive in a slow or bad economy.
Mark Tewart
http://www.marktewart.com
July 31st, 2008 at 6:08 am
Hey everyone, awesome article.
Ironically enough, I’m currently in the process of doing 8 out of the 9 things listed here. I started this process two months ago, and it has literally changed my life.
This guide is seriously the solution to the “current state of the economy.”
Want to know more? Contact me at cshanes@gmail.com and we can chat, I love sharing information.
August 1st, 2008 at 1:40 pm
[...] 9 Ways You Can Take Advantage of This Terrible Economy -You can either be a glass is half empty kind of person, or glass is half full when it comes to the economy,and I prefer to be an optimist. There are opportunities everywhere, and if you think about how you can take advantage of them, you’ll be a step ahead of the rest. [...]
August 4th, 2008 at 7:08 am
[...] Lyved » 9 ways you can take advantage of this terrible economy [...]