Taking Advantage of Being Young

I was reading an article on MSNBC News about Generation Gap in the recession. It talks about how much money people in retirement have lost and how much 35 and younger have gained.

In this type of recession those who are retired or near retirement have had to change their way of thinking. Most have grown up with the idea that you work for a company for 30 or more years and you retire with a nice pension and health benefits. Not realizing that the health benefits could change and they could lose so much money when the stock market fell. With rising health care cost, the elderly are the hardest hit.

On the upside, the younger crowd is taking advantage of the situation by buying their first new car, first house, and investing in the stock market. It is much easier for the 30 and younger crowd to buy a new car with the cash for clunkers deal and a new house with a tax credit of up to $8,000 for buying a new home. With stocks prices so low, younger people are able to get into the stock market and potentially make money in the next 20 years.

Me, I am in the middle. My car didn't qualify for the Clunkers for Cash and I already own a home, so no new home owner tax deal for me. I do have some money in a 401k that is finally making some money. We are taking advantage of lower interest rates and refinancing our home, which will save us a big chunk of money that will go into a savings account.

The article did say that the 30 and younger generation has been hit the hardest with layoffs. One advantage of being considered middle age. Most of us still have jobs or have the experience and school to get a job. Those 20 to 30 and 55 and older are having a more difficult time keeping or finding jobs.

No matter where we are in age or what type of economy we have, there are ways to take advantage of the situation and look on the bright side of things. How can you take advantage of a slow economy?