Times are a bit slow right now. Vacations may be on standby. The usual activities are on hold. That could mean that you simply aren't spending as much as you usually do. That could mean that now is a good opportunity to consider investing in other things, using that excess now to produce even more when the economy picks up again.
What are viable options right now? On the whole, most people could consider the following three things a solid venture.
1. Obtain Rental Property
Look around the area for residences that are available for a reasonable deal. Good real estate investors know that they should buy low in order to gain as much profit as possible. This could be through networking or by locating unlisted places that are about to hit the market or are going through foreclosure. You'll want to inspect the occupancy to ensure it's not going to require massive fixing.
2. Buy Stock
The market has been falling, but that creates chances. On your own or with a financial planner, begin to research companies that have the potential to turn around or increase their revenue during the next few quarters. You might be lucky enough to buy low. Be patient with this though as you'll have to ride the recession out a bit. When the turnaround happens, it could prove worthwhile for you.
3. Start a Side Gig
Have you been slaving away at a job you don't like? Now could be the moment to make your big dreams happen. Take that extra cash, and use it to create your passion. This side job could be a way to bring in even more additional revenue. Plus, you might find it takes off, getting you out of work you never liked.
Those spare dollars could be the catalyst for a major adventure. Think about what excites you, and make the most of the moment.