Everthing is Doom and Gloom at the moment, everyone is buying into it, feeding it making it real. But if your over 40 like me, have we not seen this before, we survived it and we will again. This is not new every few years the bubble bursts, this is recession is no different.
I'm reminded of a joke I heard recently: What do you get if you play a country song backwards. Answer is your get back your truck, your dog comes back, your wife comes back and they don't repo your house. I am sure there are variations on this joke out there.
But the important thing I got from it is this, if you had all those things you will get them again, just find your way top rewind your life or just wait, these things will happen again. At the moment the media is playing it up, it sells papers, they are trying to get the most out of it before it goes away.
Think about it, your house is worthless now, you cannot sell it, in the short term a problem, but only in the short term. Look over the last 30 years, property has always been a good investment. But times like this it is time to think outside of the box, maybe as a new buyer or divorced, you cannot get a mortgage without 25% down, even if you wanted too. Maybe there are other solutions, just cast your net wider, look at other kinds of properties.
I live mainly in Bulgaria now, you can still buy properties here for less than 15K, sometimes a lot less. Now is the time for bargains, maybe you want a new start, are close to retirement or just need to increase that deposit for when the time is right to buy your property at home. You cannot buy in the UK or USA, why not make that partial deposit work for you, buy abroad, in Bulgaria it is mainly a cash society, so will be far less effected by the recession. So we will see the recession end far sooner, leading to house price rises. So that deposit in the bank didn't grow at all, but what about your house in Bulgaria. That rose dramatically, which can either be sold on or kept as collateral towards your house back home.
The facts are this leaving your money in the bank in the UK or USA, will make you nothing just pay for the bankers next bonus or party, they are the only winners from your money being there. But the time to invest is now, this recession will be over far quicker than you think, will you be a winner or loser from it?
I must admit I for one will continue to enjoy my life here in Bulgaria, enjoying an easy life with much higher standard of living. So maybe for some of you that will be your answer too. I have talked to many out here who started off with a holiday home before they realized that here they could live very well on a tenth what it takes back in the UK and with 10 months a year of sunshine.
But what ever you decide, think smart do not listen to the same old advice, it is time to make yourself a winner from this recession. While you allow it to swallow you and keep you down, you cannot change your life. But once you realize the obvious that it will end, then you can start to plan that happy successful future and be all you can be.