dcsimg

Taking Advantage of a Down Market

Taking advantage of down stock marketThe market is down, everyone is losing their jobs and no one is spending their money.  What does this mean for you?  It’s time to start investing and spending.  Here are some tips you can use to take advantage of a down market:

Refinance your mortgage

Do you have a mortgage right now?  If you do, have you checked out the mortgage rates lately?  It may be worth it to refinance.  Even if you save 1% on  your mortgage, this can mean thousands of dollars in the long run.  You’ll have to pay some fees up front and usually if you’re staying in your house for more than five years, it’s well worth it.

Buy low, sell high

The stock market is tanking, sure.  Have you looked at the past?  Stock market just go in cycles.  One year they are climbing, the other they are down.  If you are willing to invest some money today, your portfolio may look pretty attractive five to ten years from now.

Look for amazing deals online

When a lot of people are losing jobs, they need to make that extra cash somehow.  Start checking out eBay and CraigsList for killer deals on TVs, furniture and more.  Sure, people may need this stuff but when it comes to keeping the heating bill on, they would much rather ditch the couch rather than let the heat go out.

Look for a new home

If you’re renting and you currently don’t have a mortgage and you’ve been considering a home, go out there and look.  Looking doesn’t mean you have to buy but depending on where you live, you can same thousands if not hundreds of thousands of dollars compared to just three years ago.  Go find a real estate agent and let them show you the market.  Make sure that you compare housing prices to a few years ago to see where your city market stands today.

A down market is depressing to some but for others, it can be a gold mine especially if you’re buying a home.  Just think of it this way — If you can get a 5% mortgage rate and a home for $200,000 that was selling for $300,000 three years ago, you’re already saving $100,000 plus some.  As time goes on, the cycle goes up and you’re sitting on a nice profit.

Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

Bank Name: Your E-mail: Description (Please include URL):
We HATE spam as much as you, we don't sell your e-mail address!