Guest Author - Sharon Michaels
When the economy is less than robust, donít get discouraged about creating wealth. Itís still a good time for making money. It may take a bit more discipline and creativity but if youíre serious about financial freedom, there are many opportunities out there to create a nice nest egg.
Here are a few suggestions to get you started on your wealth-building journey -
1. If youíre thinking of investing or are currently investing, this may be the time to buy certain stocks at a bargain. Call your broker or financial advisor and ask their advice. As always, do your homework first. The key to a balanced portfolio is balancing risk and reward. And please remember to risk only the amount of money you can safely lose. The key is to secure your future not create stress in the present.
2. If you have the money and are willing to wait out an upturn in the real estate market, this may be the time to buy real estate. The bad news on the real estate front generally revolves around the consumer mortgage and foreclosure crisis. As sad as it is, this can be good news for the savvy real estate investor. Houses are still being bought and sold, no matter the market. The key here is Ė financially can you and are you willing to sit out the market until values begin to strengthen?
3. This may be a good time to look into various multiple streams of income. Have you considered a network marketing business, a home-based business or looking at eBay to sell those unwanted items. No idea is too small or too silly. Creating wealth is about thinking out of the box.
4. Look in your own backyard to create wealth. What can your family do today to save more, invest more and build the foundation for a financially secure future? Instead of that holiday or vacation, how about staying closer to home and banking or investing that money? Instead of eating out, how about cooking more homemade meals? All that money saved can be used for future investments. Even small changes in spending can make and save you money.
No matter the current state of economy, itís how you choose to deal with the changing upís and downís that determine your financial future. When you think about it you have two choices: You can either choose to be proactive or reactive. Taking the proactive approach means asking yourself, ďHow many ways can I create wealth during these uncertain economic times?Ē Your financial wealth could very well hinge on whether youíre looking at the economy optimistically or pessimistically.
**Please check with a financial professional before making financial decisions. This article is not intended as investment or financial planning advice.**
Hereís a link to a book you may want to take a closer look at and/or purchase on Amazon.com -
Smart Women Finish Rich Smart Women Finish Rich
You may want to take a few minutes to visit my website www.SharonMichaels.com for more empowering suggestions, tools and tips.