How to Become Filthy Rich During Economic Crisis?
Popular media is painting a very bleak economic outlook. It is a time when people are confused about their savings and economic future. There are also people out there who see every challenge as an opportunity to make money. It is like Forex market to them. You can make money both ways, up or down. I have listed below the reasons why people think that this is best time in history to make lot’s of money and become filthy rich.
1. Invest in Stock Market
Stock Markets are belly up and prices are really hitting the floor. There are some really cheap stocks out there.. i.e. Google is available at bargain prices.
Economy is going to get out of recession in few months or an years time and you will get capital gains of up to 10 times of your investment.
2. Become a Producer
World population is growing. It will keep growing at this pace or faster unless people stop marrying for any reason. So starting a business that produces staple items that people need for every day use is a good idea like always. You can see you business flourish and demand for your products unaffected by economic situation.
3. Invest in Bargain Properties
Due to current housing slump, there are some great properties out there that are available dirt cheap. Investors have already started buying them. If you move smartly and quickly, you will be able to double or quadruple your investment in a very short period of time. Historic prices of the house should be a good indicator for you for making a buy or no buy decision.
4. Invest in Municipal Bonds (Yields are Historic High)
Liquidity crunch like the current one is best time to invest in City Govt. Bonds i.e New York or LA. The yields are at historic high (touching 8% in some cities). If you don’t want to take risk, It is a great opportunity to invest and still get premium return on your investment. It’s the safe heaven you have been looking for.
5. Invest in Emerging Economies
Economic melt down is global but all places are not equal. There are economies out there that will still grow at double digit pace. These emerging markets in Asia and Africa are still very lucrative. Historically, smart investors have seen up to 500% capital gains in some areas. This option is risky but the rewards are great too.
6. Invest in Staple Commodities
Demand for food and other staple items like palm oil, coffee, medical supplies will continue to rise in future. Supplies will always lag behind demand. and the demand is in-elastic for these items. you should be investing in those when they dip as the dips are always followed by a rally in prices. Gold, Copper and other metals are also a good option. but know what you are doing when you make investment in such commodities.
7. Become a Psychiatrist
With millions of people defaulting and facing difficulties in managing their financial situation, people are bound to get into mental and physical troubles. Psychiatrist will be among those making tons of money in these times as people are already flocking toward their offices. It is already hard to get appointment from any good doc these days…
I am eager to hear what you think and if you can and want to share other ways to improvise this list, please feel free to comment.
Dollar Quest 