Credit Crunch — What Credit Crunch?

Did you spend time walking down any shopping precinct before Christmas last year? I don't know about your but I saw masses of shoppers wandering around with great big bags under their arms, and no sign of long faces …

One man's misfortune is another's opportunity, as my father used to tell me, and now is not the time to sit down and bemoan your lot! Are you aware that following the Great Depression last century, more millionaires were created in the period following that time than any other corresponding time in history!

Doesn't that give you a clue as to how you should react to the constant barrage of doom and gloom you get bombarded with every time you open a newspaper, or watch or hear a news bulletin? Many people, when they look down along their High Street plastered all over with Sale signs, get caught up with the fear that it will never end, and that everybody is on the way to the scrap heap. Well, some will go, and it is a shame to see stalwarts like the Woolworths chain looking like coming to the end of a very long history, but failure of that level is usually down to failure of management to move with the times.

But look at the opportunities and the effect this has on normal people lives. My wife, last year, lost over 70 pounds in a determined effort to gain the body she (and me) have only dreamed of for years, and that of course, produced another obstacle for her … She had nothing to wear — literally ! So she started out looking for a replacement wardrobe, and of course, around Christmas and New Year its the season of great parties, dinner dances, posh frock does and the like. Well, with the sales starting earlier this season, she started doing the rounds of all the high class stores, looking for her dream dresses.

She knew what she had in mind, and she knew what price she was willing to pay. Eventually, after several repeat visits (moan — being a woman has its advantages — a mere bloke like me has to endure hours of dragging round what seems to be the same stores time and time again), she found what she liked, at the price She had in mind, and so ended up a very happy bunny with a really great looking selection of dresses to match her really great looking new shape.

Now, the point here is that in whatever walk of life you are involved in, whether it is replacing your wardrobe, or buying a new car, or buying a new house; getting involved in buying investment property, or even shares in a High Street Bank, there will come a point in time where the price offered reaches your expectations, and you go for it. Sure, you may not always buy at the lowest point, but you have got what you want, at the price you are willing to pay, and are very happy with it.

Just before Christmas, the Sunday Times in the UK reported that thousands of investors had been hurt by a 'Buy to Let Property Fraud', and in the same paper, the Madoff investment scandal had rocked the financial world. Hopefully, this sort of activity will in future be curbed by better regulation, so now is a really great time to re-evaluate how you look to your future finances. As long as you can afford your purchase, and that is important, then you will have countless hours of enjoyment, if it is a consumable item you have purchased, or if it is an investment, your confidence is high enough to comfort you then OK , it may take a few years, but in the end, you will be the one sitting on a greatly appreciated asset, with your future financial stability assured.

All of a sudden, the cost of that Holiday Villa in Spain, or even the Caribbean, has dropped to such a level that you just have to go for it. And you know what, as more people like you take this action, then slowly but surely, confidence returns to the world, and as long as we keep our eye on the level of debt we acquire, everybody fares well again. There are millions of us sitting around with money in our pockets (or under the mattress if we have gone off banks) and now is the time to look at any obstacles that are holding us back from talking action.

The rich of tomorrow will be those who found ways of overcoming obstacles in their way to a better life — and in doing so will pull the world out of this temporary period of doom and gloom.

You never know — like the time of the last Great Depression — you could be next in line for millionaire status …

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