A Troubled Economy Breeds New Opportunities

When it comes to the current economy, there is a lot of doom and gloom. However an exciting upside to this is the possibility of new career and investment opportunities.

This is a great chance to discover hidden passions. Look for ways you can monetize your dream of owning your own business or doing something you really love. Maybe it is time to stop dragging yourself to a job you don't like for an income you can't live on.

Your future product or service may be more affordable, but sometimes, price is not even the real issue. If you can deliver superb customer service, you can build a pretty solid business no matter the fees you charge. Many people become frustrated by the automated call centers that pervade our society and being able to offer a real person on the other end to answer concerns will set your business apart.

While you are in your full-time current position, you can create a company on a part-time basis. Build it to an income-producing venture by saving part of the earnings and reinvesting part into the business. Taking this route provides you with a spare tire in case you are downsized and a way to boost your finances for the future.

Another way the recession can be your friend is by investing in the market. I am not going to advocate one thing over another here – you need to speak with a financial adviser to decide what is right for your situation and your risk tolerance. But remember the old show The Price is Right? Well that's Wall Street right now.

Before prices shoot back upwards, as they inevitably will, take advantage of the fact prices are low and create your wealth accumulation plan or add to the one you have in place. Just like you would buy certain items on sale, think of Wall Street in the same way. Why pay more for it later?

Even though, there are some troubling things about the recession happening all around us, there is another side to it, which is completely in your control. Take advantage of the free small business seminars and workshops in your community college, recreation centers or those hosted by local banks. They will help you with ideas, drafting a business plan or even funding your dream.

Make an appointment with a good financial adviser and set up a personal and a business financial game plan for you and your family to see what you
need to do make the recession work for you.