5 Ways the Economic Downturn Could Help You
As much over-hyped doom and gloom as there is in the blogosphere and the mainstream media right now, I would like to highlight a few examples of a silver lining in the dark storm cloud that is our current bear market. Generation Y needs to stay positive, as we always do, and focus on these areas.
1. More Shares for Your 401k Dollar. Yes, I realize your 401k has most likely taken a hit but, as young employee what really matters is whether you can make shrewd investments now and get more value for your dollar that will payoff later. Right now, most stocks that your are investing in via your 401k (unless the Democrats decide to end the 401k program) are at bargain basement prices. Buy low, sell high.
2. The Opportunity to Learn From the Full Business Cycle. Effective employees and managers can work and flourish through the good times and the bad but, in order to do so they need to experience them both. A manager of mine likes to use the example of a cyclical business that ebbs and flows with new innovations, you need to be able to learn how to cut costs and be extremely efficient in the lean times while also knowing how to spend the money properly when you have it.
3. An Opportunity to To Trim Your Own Spending. What better time exists to learn the difference between your own needs and wants than an economic downturn? As much as it stinks, we all can benefit from learning better budgeting, even when we have to.
4. A New Appreciation for What Wall Street Can’t Take Away. Sometimes, during a bull market, we get so focused on profit taking and money making we lose focus of the things that really matter. Micheal Hyatt, a publishing executive, had this experience and shared his list, here is part of it:
“I have several profound friendships that encourage and challenge me.
I have meaningful work that I would do even if I wasn’t getting paid.
I have incredibly competent co-workers whom I truly love and respect.
I have a church that grows dearer to me with each passing year. (We have been members there for 24 years.)
I have a relationship with God that is endlessly fascinating and fulfilling.”
5. A Better Deal on Your First Home. You may not be able to get a 0 down ARM loan with an exploding interest rate but, a wise Gen Yer can find great real estate deals on their first home. For a great place to start, check out our Dream Home series.
Do you see other upsides? What is your experience so far? Share them in the comments!
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