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How to Build Wealth Fast in a Slow Economy

Posted on Feb 28 2009

By Shayne Hall

I don’t know about you, but I’m sick of hearing about doom, gloom, and the end of the world as we know it. I have all but stopped watching the news, and I refuse to get pulled into any negative conversations about where the economy is headed. The other side of the truth we seldom hear about, is that there are people who are getting rich in the current economy and others who are positioning themselves to prosper in a huge way when the overall economy swings back into a growth cycle. Let’s discuss a couple of ways to do that and have something to get excited about.

Although rarely discussed in the media, there are good investments in this contracting economy. There are always going to be places to invest and make a solid return on your investment in any cycle of the economy. There is no doubt that there are people in trouble right now. We have, of course, all heard plenty in the news about layoffs and un-employment numbers, bailouts, foreclosures, and record losses in the stock market. So where are the good investments, you ask? Here’s a hint: think things people need or perceive that they need. You only need to look at the recent sales figures for cosmetics and alcoholic beverages to see that some businesses thrive in difficult times. Also, consider investing in companies that help you save money on food, transportation, energy, or entertainment in some way because people are looking for ways make a dollar go farther buying things they have to have, or perceive that they need.

But before you go putting all your money into the above investments, I want to make the point that, while you may profit by investing in those areas today, it would have been better had you invested there 12 to 24 months ago. That way, you could have taken advantage of selling your other investments at a high point, taking profits on those sales, and re-investing into these other recession-proof businesses.

So where does that leave you? Well, what “good buys” can you find right now (investments that are undervalued and on the market at deep discounts)? Think about foreclosures, mid-price rental properties, section 8 rental properties, and stocks that have taken a hit of 50% or more, but were once leaders in their sector. These are the type of investments you should be seriously considering, because these bargain-priced investments have great upside potential.

In my next article, I’m going to examine another method of building wealth in this troubled economy. One path that may be the solution for those people that have little money to invest…a home-based business.

Shayne Hall is an entrepreneur, sales, marketing, and financial services professional living in Lafayette, Louisiana. You can read about him at http://www.shaynehall.com

Shayne is also a Branch Manager with United First Financial, empowering people to take full control of their financial life and win the money game. Learn more at http://www.gpstozerodebt.com

Article Source: Shayne Hall
EzineArticles.com

1 Comment

  1. Great post. I think stocks and real estate are at once-in-a-lifetime bargain levels right now for those in a good enough financial position to capitalize on them.