We know a lot of people are struggling in this financial downturn, especially if you are one of the many who have lost their job. It's helpful, though, to look at the bright side in difficult times. Here is our Top 5:
- A Buyers Market -- Housing prices were inflated prior to the crisis. Now they're coming down to a reasonable level. This is positive news for hopeful first time buyers like us. Since we would like to buy a house in the next two to three years, we will benefit from the downturn.
- Lower Credit Rates -- Credit card rates are going down. This will help us pay off our credit card debt quicker.
- Lower Gas Prices -- Lower gas prices lessens the strain of traveling to visit families and loved ones.
- Retirement Planning -- This one benefits us as well as those who are not close to retiring. We will be "buying low" for retirement. To make money in the stock market, you have to buy low and sell high. For our retirement funds to work to our advantage, we're thankful for every bear market before retirement.
- Education -- With every financial crisis comes opportunities to learn from mistakes. In particular, we learn to be thrifty when cash flow is low. Now, we will understand the frugality of our Depression-era grandparents..
4 comments:
I agree with you on the education. I have found easy ways to save money that I had never taken the time to do before now. Hopefully when the economy starts to turn up, I will continue to be smart and save money.
And yes, I am putting more in my 401K here at work now. I know that sounds bizarre with everything but I am able to buy more shares than ever before. This will be GREAT when things hit the up-swing.
I am trying to focus on the retirement when I get depressed by our falling home value :)
DKay,
I think it's very wise to put additional funds in your 401K right now. Most don't have the stomach for it in these turbulent times. But the best way to make money in stocks is to buy when no else is buying.
i struggle with guilt because my husband is actually making money because of the crisis.
he's a real estate agent and all of his clients are interested in foreclosures.
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