When the economy stops expanding there is less money to go around. Everyone tries to get more out of less.  We pay less for products and services and then try to extend their useful life.  So how can you tap into this trend to make extra money during a recession?

Help People Extend Product Life
One way people will be looking to cut costs is to buy fewer things, which means making what they currently have last longer. Chances are you know more about a particular product or service than the majority of people in your town, or even the whole country.  You can make money helping people extend it’s useful life, saving them money.

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The Chief Economist of the International Monetary Fund, Olivier Blanchard, and several IMF economists have proposed … that governments should offer what they call “recession insurance.” Companies and/or individuals would buy insurance policies, pay a regular premium for them, and receive a benefit if some measure of the economy, such as GDP growth, dropped below a specified level. …

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During this recession many drivers are worried if their Utah auto insurance rates will be increased. Many drivers could be shopping for less costly auto insurance coverage to save money during this complicated time. Auto insurance companies think about saving money during a recession just like drivers do. As their investments lose money they may allocate these losses along to their customers as a premium increase. During a recession insurance fraud goes up and insurance companies can allocate these costs along too.

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