The numbers are in – economic experts have predicted that in 2010 the economy will still be on the down side. During these trying times, we tend to look for ways to alleviate the tight situation. A lot of people will always welcome those fast and easy prospects of improving their lot. It seems that the so-called gurus on financial success are having a field day in the midst of increasing desperation of a growing number of people in searching for ways to pull themselves out of their present financial predicament. When people get into trouble because of job cuts, payment defaults and foreclosures, these so-called financial experts will always have the solutions.
Here are the 7 most popular quick-fix solutions that we normally hear from them:
1. Go into stock speculation
It is being hailed as our ticket to overnight financial windfall. It is a given that there is money in stock trading. You only have to make the right choices and invest on right ones. In most cases, it is wise to look for small companies as we all know that blue chip companies all started small. Your stock portfolio will grow as these companies expand their businesses.
If you are looking for the right way to improve your finances, then stock speculation is not a sound option. Stock speculation is done without much research. You are actually gambling instead of investing. You have to understand the fact that if indeed this is a great option for those wanting to get rich, then everyone would be forming a beeline to get a piece of the action.
2. Become a Real Estate Flipper
Buyers are king and this is the best time for real estate flippers. Let’s see – rates and house prices are still in the low levels while inventories are high in most real estate markets. It is the best time to take advantage of the fallout of the bubble burst. Buying cheap properties will yield gains by as much as 25%! You can even use your real estate property to leverage a low interest home equity loan to purchase cheap properties. You will surely laugh your way to the bank once house prices start to pick up.
There is no indication that the real estate market will bottom out any time soon. Buying now is a totally sound decision if you are looking for one that you can call your own. Otherwise, you end up speculating again with the expectation that you will be able to unload the property in the near term. You are playing with fire and inviting disaster of colossal proportion. House flipping can lead to financial ruin so very careful when you leverage your present equity to finance a “bargain” home.
3. Become a blogger
The Web is awash with “proven” techniques that will help you turn your blog into a veritable cash cow. You don’t have to be another Fyodor Dostoevsky to generate strong following. All you have to do is throw in some really profitable ads and write posts and you are ready to go. It’s that simple.
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