Turning an economic crisis into opportunity

If you are looking at the recession and what it did to your finances, you are probably like a lot of other investors as they lost a lot of money thanks to the recession. When the country has an economic crisis, those with a lot of debt are usually those that really get hurt. Many of them will lose their homes and other things and it can be a struggle to find solid ground to put your feet on again. If you are in survival mode thanks to the recession you will need to look for new ways to start saving and investing your money properly. The good news is that when the country does go through struggles, it does pose different opportunities to investors and others that are seeking to earn money and grow their accounts.

Foreclosed homes are some of the investments that you need to consider. These properties tend to come with some of the best options as they will include low asking prices and you may be able to talk the lender down another $20K or more just because they are desperate to dump the home before it costs them more money.

In addition to foreclosed properties the stock market is another place that you can invest money into and watch it grow in a few years. Look at the stock market and how it is performing. Instead of taking your money and investing in gold, which is at an all-time high, your money needs to go into stocks that will bounce back in a few years. You will be able to see a generous return if you have the mentality that slow and steady wins the race!

Hire a great financial advisor, which usually ends up being the smaller investment firms. They are often built on trust and honesty, which is something that you won't see from the larger firms that just want your money. The smaller investment firms will understand your situation and will be able to create an investment portfolio that is made around your investing needs. Meet with about 5 different financial investment advisors and really talk to them about your situation and find out what they feel is the best route for you to take. If you are in debt, you need to look for an advisor that will say to you that it is important for you to pay down the debt before you invest. Not one that wants you to contribute a certain amount of money to investing as this can put more financial strain and stress on you.

Are you in debt? If you are the best thing to do is to cut your expenses and start putting as much money as you can toward that debt. The more you put toward the debt, the easier it will be for you to get out of debt in a hurry. Consider your situation and if you can, take on a second job that is part-time. There are tons of call centers and collections offices that are hiring and practically anyone can get a job there. It doesn't matter what the job is, just get one and do what is right for your family and your financial situation.

Watch for CDs as they can often come with higher interest rates during an economic crisis in order to keep money in the bank. Look for CDs that have a guarantee in the event that a bank does fail as this has happened many times to thousands of people that invested only to see the bank fail and their money gone.