There are many people struggling right now to pay their mortgage and other bills because they either lost their job or bought a house they could not afford. However, for every person struggling right now, there are a majority of people who are doing just fine in this economic climate. Yes, most of us saw our retirement accounts rapidly decline, but there is plenty of time to recoup those capital gains lost. Many financial blogs are focusing on those of you who need help the most, but the rest of you are being left out. So, here are five money tips for those of you who are NOT struggling with money right now.
- Don’t Be Complacent. Continue to save money and make career moves to make your job or business more secure. It’s easy to get comfortable in your situation, but realize that something unexpected or bad could happen to you at any moment. I’m not trying to make you paranoid, but preparing for bad times is very important when it comes to financial planning.
- Continue to invest in the stock market. If you are under 55, investing in the stock market right now could help you recoup your losses and gain big if the market goes back to levels it hit last summer. I still believe the market is undervalued right now, and it its volatility is due to investors trading based on emotion and news headlines.
- Look at real estate investing. It’s no secret that there are huge discounts on real estate right now. Real estate is a tangible asset and a decent long-term investment. If you can find a steal, go for it, and rent it out. My opinion is that real estate will get us out of this economic slump. As soon as houses start selling again, prices will go up, and builders will start building again. The jobs and stock market will follow.
- Reflect on what you did right. You are doing well financially for a reason. You either made a good career move, saved up a big emergency fund, and made wise financial decisions. Always remember the good decisions you made in the past, so you can replicate them in the future. Wealthy people find a system for creating wealth that works, and they repeat that system over and over again.
- Give To Others. Is there someone who needs help in your church, neighborhood, or at work? I don’t want you to enable someone, but if you know of a single mom who is struggling or a friend who got laid off at work, don’t ask them to help. Simply deliver or send them some money anonymously. Most people won’t turn down anonymous money!
If you know people who are struggling, don’t help them feel sorry for their situation. You don’t need to feel guilty because you aren’t struggling with money. Instead, be proactive and help them remain positive during these times. Unfortunately, the people that do everything right with their money or have a secure career, get left out during harder economic times. There’s no problem with that. Just be grateful and know that you are making good financial decisions!