As the economy continues its upheaval, the word thrifty seems to be on many people's minds. Is it absolutely necessary to be thrifty in times of economic uncertainty? There are many schools of thought on the subject, and while at first glance, it may seem like the only economical choice, there is another way to look at it. Speculation is an age old practice, and in times like these, those that are willing to take risks may end up either losing their shirts, or making out like bandits.
While it only makes sense to apply some measure of thriftiness to your everyday spending, now may be the perfect time to start thinking about investments. For example, with the housing market downturn, there are thousands of properties that are now in foreclosure, or that are running short sales. If the property is in reasonably good condition, you may be able to pick up one and flip it as soon as the market stabilizes. Or, you can pick it up as a rental property, since this market is currently booming.
Instead of immediately hunkering down during an economic crisis, it makes sense to start thinking about opportunities that you could be purchasing. Those that are into investing on a serious level know that when the markets get tough and the shakier investors bail that there is real money to be made if you can hold out and make smart decisions. The key is learning how to make those smart decisions and taking calculated risks that can pay off in the future.
Granted, if you are not in a position to start making investments now, you may want to hold off. However, it is important to change up your mindset a bit and start looking at times of economic crisis in a different way. These are the times when fortunes can be made by the intrepid, and with care, it is possible to do quite well. Speculating is obviously not for everyone, but for those that are willing to take that risk, it can pay off handsomely.
So, how can you apply this to your everyday life? Instead of immediately clipping coupons and stopping all spending, think about funneling some of your unnecessary spending into other avenues. Take a look at the big picture financially and see where you could be making money instead of hanging on to it or throwing it out the window. With the help of a financial advisor, you could use this time as your own special turning point towards financial stability.
Being thrifty has a time and a place, but it doesn't need to apply to your finances across the board. Take some time to consider what you could be doing with your money and take the necessary steps if you feel that you can bear the risk to perhaps get into investing or at least developing some secondary income streams that could provide you with more security in the future, as well as right now.
Photo Credits: 1
Originally posted 2008-10-22 05:02:39. Republished by Blog Post Promoter
Related Posts -
How to Create Multiple Streams of Income The Easy Way Every single one of us would be thrilled to have more money coming into our homes every month. If you’re relying on one or two paychecks as the primary earnings for your income, you can relate that it’s pretty tough to get ahead. Everyday expenses chip away at our standard...... -
Finding The Right Financial Balance If you are ready to get serious about managing your finances, it is vital to find that perfect financial balance that will help you reach your goals in less time. In many cases, simply finding that balance can make all the difference in how you view money and how well...... -
Learning Basic Money Management Skills Whether economics is your idea of a great way to fight insomnia, or you just didn’t get the benefit of learning about money management early on, it is never to late to learn the basic skills of proper money management. We highly recommend taking a brief course on finance if...... -
Planning For Retirement Late in Life Not all of us have had the luxury of spending the last 20 years to secure our financial future. Most of the time, through no fault of our own, putting aside money for retirement takes a back seat to handling emergencies or schooling for our kids, or simply the daily...... -
6 Steps to Get Back on the Right Financial Track Millions of Americans have found out this year that they are in dire financial straits and this came as a shock to most. Whether it’s a new variable rate on a mortgage, higher gas prices or just the higher cost of living, many of us are not as financially secure......
Related Websites -
Obama At House Republican Retreat In Baltimore: FULL VIDEO, TEXT [/caption] Video of President Obama's remarks to the House Republican retreat in Baltimore on Friday, Jan. 29, 2010 and Q&A With GOP Lawmakers: Complete transcript of Obama's remarks as recorded by the White House: 12:10 P.M. EST THE PRESIDENT: Thank you. Thank you very much. Thank you. Please, everybody be...... -
Separate checking accounts, or keep them joint? I've read a number of articles dealing with the dynamics of personal finance with couples, and one suggestion that pops up pretty regularly is keeping separate checking accounts for discretionary spending, or even for regular monthly bills that are in one person's name or the other's. The big motivations for...... - Get Money Smart, Spend Less, and Save More this Month - Tough Money Love Style These are Money Strategies I Actually Use Although I am dedicated to personal financial planning, I concede that I am not a pure "frugalist" or money "hacker." I particularly lack a desire to find the best credit card deals because I dislike credit card companies. I like to think of myself as......
- easy ways to make money - The Info One Should Learn Earning money is one of the primary needs for people. Everybody have to support themselves and their families, spend money on various things of comfort, clothes, food, vacations, as well as pay the bills. So, more people look for new sources of income. One of such new sources is the......
- Start The New Year Off Right With Some Budgeting Tips. Thinking about making 2009 your "start-over" year and making your finances a priority? If so, I think it is one of the most important moves you can make. Sure, joining a gym and getting organized are usually top choices for New Year's Resolutions, but tending to your financial plans should......
- Identity Crisis Superhero Modern Age 1980-Now Comics Collectibles
- Tokens Hard Times Exonumia Coins Paper Money
- Tee Times Green Fees Golf
Categories:
Money, Personal Finance, saving
Tags:
1 comment so far ↓
I think it’s great to be thrifty–but we all need a certain amount of wisdom and discernment as to when to observe austere thriftiness; because there are times when we really need to spend and we have to be open and adjustable to that.
It all depends on our priorities… sometimes we’re absolutely thrifty over certain necessities like food–which personally I find rather weird. I really think more than being thrifty, we should be healthy about our food purchases. There’s a difference.
I think thriftiness shouldn’t be viewed on a micro-scale level, instead it should be seen as a macro-scale issue. The micro-scale perspective is important only because we only get to the macro-scale with the daily grind of the micro decisions made.
Cheers!
Leave a Comment