1) The prime rate is down. This means that if you have any student loans, even private, they will be cheaper if you haven't consolidated. Right now, my federal loan payments are nearly $200 dollars cheaper and my private loan payments are nearly $100 dollars cheaper. And, I have time to sit and wait and see if the rate in fact goes down again.
2) Homes are cheaper. I have been looking at real estate and it looks a whole lot better than it did when I was about to graduate law school. Condos that were going for over $200k suddenly are in the $180's. While I do feel bad about someone's lost value, I am glad that this means my 20% down payment will arrive faster, and I will be out of renting sooner than even I had planned.
3) The evolution toward the outcome driven workplace is accelerated. Face time is going away even faster. Because of high gas prices, employers are more likely to allow workers to work from home. Which is good for young workers, who tend to be less into face time and more result driven. This means that we can be with the ones we love AND meet the deadline. Without the antiquated need for our employer to watch us work.
4) Young workers haven't invested much yet, so they can play around with finding the right market mix for themselves to ride out the economic downturn. Right now, one of the safest places for money is a savings account. Many investments portfolios are tanking right now. My 401K has been steadily losing money since the beginning of the year. I would imagine that it is down by about 10% by now. However, I can shift my focus. Now I put less in the 401K and IRA, and put that money in my traditional savings accounts. And I am young, so I have time to get it right.
These are just a few things that I think are actually made better by the current economic climate. While there is a lot of doom and gloom, benefits do exist for young workers who are trying to meet their personal, economic, and career goals.
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