While much of our country faces tough economic times, some segments of society are in a position to actually profit from the current situation. Those who can benefit in today’s economic environment include…
Those entering the housing market
If you’ve been waiting to buy your first home, or if you sold a house a while ago and have been waiting on the sidelines, you’ll be able to profit from the drop in home prices. You’ll now be able to get more for more money. You’ll be able to devote a smaller percentage of your take-home pay to your mortgage, freeing up money to meet your other financial goals.
Those years away from retirement
Whether or not you currently have cash in your retirement accounts, you’ll be able to fund your accounts for 2009 with cash. Use this cash to take advantage of the lower prices of mutual funds and/or stocks to buy investments you’d like to hold for the long term.
Those on a budget anyway
Students and others living on a fixed income are now not the only ones watching their pennies. Instead of feeling deprived, and seeing others spend money freely, many more people are also trying to live on a strict budget. It’s easier to live within or below your means if those around you are also.
So when you hear the media drone on about how horrible things are, remind yourself that things aren’t terrible for everyone.