Getting Rich in a Morbid Economy

The government informed us yesterday that we're running on a 9.5% unemployment rate. Uh-oh; now what? No doubt, that percentage will creep into double digits in the months and quarters ahead. Brace for it today and, in fact, embrace it.

What do I mean? What I'm saying is that you should re-position yourself as much as possible to profit from the eventual recovery. Some are already seeing green shoots sprouting here and there.

How do you re-position? I can't tell you how. What I can tell you, and what you may have already heard before if you're keen on creating wealth, is that there are three ways to getting rich in the States:

First, owning real estate. Does this still work, you may ask given the recent defiling of homeownership. I can tell you undoubtedly that real estate is still a viable formula. Real estate in its purest form means land. I don't mean the tangible property that sits atop of land but the actual physical parcel of Earth. The key factors in your quest for the ideal piece of real estate should be (1) location and (2) potential appreciation. Obviously, the big hurdle here will be the capital requirements of purchasing prime land. If you're a little short on capital, find diamonds in the rough.

Second, investing in equity markets. Not everyone is qualified to walk down this path. In fact, very few are and those who don't realize this limitation will be in financial ruins sooner than history can document. This is not a get-rich-quick venue. This is not for the faint of heart. This is not for those without desire, commitment, and a voracious appetite for risk. Don't go down this path if you lack any of these traits. But, if you do possess these traits, then explore this option.

Third, owning a business. Out of the three avenues to wealth, this is the easiest one. Ideally, you pick an area that you are interested in and start working on a biz plan. Pick it to death but don't be afraid to put a few ideas on a test run to see if any flies. It may take several years before you reap what you sow but when you do it snowballs. And, to boot, you set yourself up for other ventures that may come down your pipeline. You need to be business savvy or have someone who is to be by your side.

These are tried-and-true paths to riches. Even though we may be in the worst of times since the Great Depression, there are boundless opportunities as ever before. Hit the road.