Since the subprime home mortgages took a dive in 2007, the economy as a whole has seen better days. Now, 5 years later, citizens still listen intently to the economic report each month. How many people are still unemployed? What type of jobs are available? What’s our National Debt looking like? Yes, these are important questions, but I encourage you not to dode on them.
What If the Reports Are Bad?
What if the reports come in and they are nothing but doom and gloom? What is your initial reaction? Do you say, “Well, at least I have a job. I’m one of the lucky ones.” and leave it at that? Just because the “professionals” say that life will be a struggle for the next couple of years, I say you should ignore them completely and shoot for the moon anyway. What do you have to lose?
My Personal Example
My wife and I got married on July 2, 2009. Soon after the wedding bells, we were both working full-time and making what we considered to be “a lot of money”. Granted, we were fairly fresh out of school and never had full-time jobs before, but we were still making more than the “average household income,” and felt entirely blessed.
Even with this “terrible economy”, my wife and I were able to advance ourselves in our careers and we’ve also each started a business on the side. I have established a few websites online and she’s started her own photography business!
Since 2009, we’ve doubled our income! That’s right, in this “down economy”, we’ve taken life into our own hands and increased our income by more than a more than a typical manager’s salary. Can you believe that?
How Did We Do It?
With the economy the way it is, people often question how we could possibly increase our income by so much, but it’s simple really.
(1) The first step to increasing our earnings was to ignore the economic reports. These reports are simply an average of the entire nation and have little bearing on what our individual income is.
(2) Explore the market – We took note of what was currently earning money for others as well as what was needed. My wife knew a ton of people that plan on getting married soon, and since she’s had experience with photography and loves the art of a photo shoot, why not start up a business and make a little money in the process? For myself, I loved to write about personal finance, and there were sites everywhere that were already making money, so why not me?
(3) Advance in Our Careers – Some of our increased earnings came from our day jobs as well. I switched jobs and received an increase in pay, and my wife started new work as well. What’s our secret? Work hard, display your skills, and don’t be afraid to share your ideas.
Don’t let the reports of doom and gloom get you down. There are people out there that are doing great financially – it is possible to have success in a bad economy! Just keep an eye out for those opportunities and jump on them as they passing by.
Would you say that the economy is affecting you negatively, or have you fought against the “sky is falling” reports?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.