Make money in a recession

Are we in a recession? Many financial "experts" say we are not, but taking a look at what is going on around around us - the stock market plunging, layoffs, etc. - it is hard to agree with them. The key is to not be afraid, but to be smart. There are plenty of ways to make money in a recession.

The first thing to do is to get your finances in order. Follow these guidelines:

• Don't spend more than you make.
• Pay off debt.
• Put money into savings.
• Prepare for the worst, but hope for the best.

The second thing to do is to realize that recessions are simply an economic reality. There is no avoiding them - they will come eventually. In the past 25 years, we have had 2 recessions (in 1990-1991 and again in 2001). In the 35 years prior to that, we had 8 recessions. Recessions can and do happen. They do not usually last very long (usually a matter of months, not years). You have to be prepared to ride it out.

The third thing to do is to remember this: there are always people who make money in a recession (or a depression, for that matter). The key is that you have to be ready to act when a recession occurs. For example, if you have money to spend and real estate prices drop, you can snap up some super deals and make a nice profit in a reasonably short period of time.

Finally, you need to be able to make money in a recession, and you cannot rely on a job to provide that income. Jobs are notoriously unstable in a recession. For true financial stability, you need to work on building multiple streams of income before you lose your job. You need to have multiple streams of income that you can do from anywhere - anywhere you have a computer, that is. :D

I can help you develop those multiple streams of income, if you would like. Simply click on my link to the right (in the sidebar).