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Are There Opportunities During a Recession?

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There are always opportunities during tough economic times, just as there are at any time. But then there are some opportunities that exist because of a recession. This is being written in 2009, and I can assure you that some people will prosper in these tough economic times. To be one of them, you have to start to think like they do and take advantage of what you have.

Turn off the stream of bad news on the television if that is coloring your thinking too much. There isn't actually that much "usable" information that you can get from these sources in any case. You'll hear about any really "big" news, and the rest is just drama you don't need to be a part of.

After you stop feeding yourself a diet of negativity, start developing new perspectives and better habits of both thought and action. Start to look at problems as opportunities, for example, and see every setback as a valuable lesson. Many of them will be more valuable and less expensive than the ones you get from any university. Choose to be in the right places at the right times and to take action when you see what can be done.

Develop the thinking patterns of a lucky person and you'll find ways to make the coming years good ones. Now, here are some examples of the opportunities that are out there during this recession and even because of it.

Opportunity: Businesses Failures

We should never wish for the failure of others, but that doesn't mean we can't take advantage of the opportunity it offers. In tough times poorly-run businesses fail, as do the businesses of those who just aren't creative or adaptable enough. Those that do creatively adapt can pick up market share. Even if you do not increase sales or profits at the time, you can position yourself to do better than ever when better economic times return.

A recession also teaches valuable lessons about expenses that are excessive. If you can cut your costs in your company you may come out the recession with much more of that top line going to the bottom line. You make the business stronger, more secure, and ultimately more profitable.

Opportunity: Stocks On Sale!

I hesitated for years to invest in stocks, almost getting invested in early 2008. I'm happy that I procrastinated now that there is a "half price" sale. Without trying to guess where the market is headed next, we can guess that it's better to invest when it is lower than when it was at record highs.

Opportunity: Houses Are on Sale

Homes cost less now, which you may not see as an opportunity if you already own one. But start looking at these things differently if you want different results! The drop in prices offers the chance to have property taxes and possibly your insurance lowered, right? And the current low interest rates mean you might be able to refinance your home and pay less each month.

Most people see the negative in the real estate slump, but those who create their own luck find opportunities in these problems. The examples above of paying less for a loan, insurance and taxes mean you pay less for a home regardless of what the current value is. You lost equity in the downturn? Well other houses went down in value too, so make back everything you lost by buying a few rental homes while they are cheap.

Opportunity: Valuable Personal Lessons

Learning lessons the "hard way" may not sound too inspiring, but many people have come back from bankruptcy to become wealthier than they ever were. Some have lost jobs only to discover what they really want to do with their future. If economic hard times come in any case, why not make them into turning points on the path to a better future?

Consider the opportunities during this recent recession for many people to learn about the perils of consumer debt. They can now learn how better handle money from this point forward. Why not rearrange priorities, identify what really matters, and build a sounder foundation for personal and financial success? It's an opportunity for individuals, but also for a country. We can see this as a time to build an economy that is not based on ever-increasing debt, but on sounder principles and foundations.



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