Most people don't think of the benefits of an economic recession. They see the growing unemployment and slowing economy and assume it's all bad news. But even when 10% are unemployed, the other 90% are still earning a living, and for that lucky 90% there is good news. Here some things to consider.

Same Income + Lower Prices = Wealthier

If you have the same income, but you get to pay less for some - or many - of the things you buy, you are effectively wealthier. It's like getting a pay raise.

To find the best deals, look to those areas of the economy that have been hit hardest. For example, the price of some vacation packages have been cut in half. Or, if you have been waiting to get a car, this may be the time. Alternately, if you can spend less on necessities, this could be an opportunity to use the savings to start setting aside more for the future, or to pay down debt.

Real Estate Gets Cheaper

Real estate prices are dropping at the moment, but even in recessions that don't lower prices interest rates go down. Either way you have an opportunity to buy a home or other property for less. You might also be able to refinance your current home and lower your payments.

What about the loss of value you suffer on your house? If you are not moving soon, it may not matter. Petition for lower property taxes based on the new lower value. Then wait, and the value will eventually go up again. Also, keep in mind that if you had plans to upgrade, you'll save more on the more expensive home that has dropped 20% in price than you'll lose on yours.

Stocks Get Cheaper

A good recession usually drives down the price of stocks. That certainly has been the case this time. No one can predict with certainty where the stock market will go from here, but you can be sure that if you buy a few good mutual funds when the DOW is at 8,000 you'll be doing better than those who bought near 14,000, right?

If you still have a job or business income, there are some real benefits in an economic recession. If the recession has hit you personally in the form of a lost job or lower business revenue, try to see it as an opportunity to explore new ways of doing things. Maybe you'll find your dream job or discover new ways to grow your business. More than one person has gone from good times to rough times only to find that the path lead to an even better future.