There’s an old adage that proclaims that the "rich gets richer and the poor get poorer," and that’s never more true than during a recession. Many of the techniques that can help make you wealthy in a thriving economy also work during a recession.

Being smart with your investments, ignoring group psychology and constantly evaluating your future can make you money no matter what the overall economy looks like.

But there are also some specific suggestions that can help you become rich during and after a recession. As these ideas show, it’s not always the massive changes in your life that can make the biggest difference. For example, small alterations in how you invest during a recession can pay huge dividends when the economy recovers.

Bob McNamara, a personal finance expert based in northwest New Jersey, tells his clients the best move they can make is to increase the amount of money they put into their 401(k) plans.

"The thing to remember is that the American economy is cyclical. It’s going to have ups and downs, and a downturn gives you the chance to invest in otherwise healthy companies at a discount," said McNamara. "Money you invest now can buy more fund shares than it would have a year ago. And as the market recovers, that portfolio can bring a substantial gain."

If you’re an investor who regularly purchases individual stocks, a recession is also a time to snatch up select stocks at a bargain. This method of investing, called “value investing,” recommends targeting stable, well-established brands that are likely to do well during the next five to 10 years. Focus on companies with low debt, steady earnings and solid growth. Then buy shares in companies on that list that are currently selling the furthest from their 52-week high price. While this method isn’t foolproof, it will help ensure that you are positioned to take the best advantage of an economic upturn.

But McNamara also cautions that while it’s important to take advantage of the downturn, you don’t want to bet everything on an upturn. "Even the most aggressive investor should only devote a small portion of their assets to such a bet," he warns. "The thing to remember is that the rich got that way by successfully balancing risk and reward."

A recession can also be a perfect opportunity to make a substantial profit in real estate. While the daily news headlines are focused on the many consumers stuck with bad mortgages, real estate industry analyst Rob Anderson says that it’s also the chance to take advantage of other people’s misfortune.

"Despite the current housing slump, many houses are still being sold every day,” said Anderson. “And if you are able to make a purchase, you’ll often be able to acquire something well below even the current market value. By holding on to that property for a few years, you can often make a substantial profit."

Career Changes

Barbara McKenzie, a psychologist who focuses on career issues, recommends that everyone take a close look at their work and personal lives during an economic downturn. "A bad economy forces you to think about the future. It’s a valuable opportunity to review your priorities and make some decisions about where you want your life to be. While a recession might not be the time for most people to start their dream business, it is the perfect time to lay the groundwork for the future."

McKenzie also recommends that small business owners lock in prices and services with their suppliers.

"Bad economic times mean that many companies are looking for a guaranteed revenue stream," said McKenzie. "But that also means that you can lock in a price that won't increase when the economy improves. That savings can be substantial, and it can give you a huge advantage over your competition."

But all three experts said that even the smallest changes in someone’s life during a recession can pay huge dividends as the economy improves. "My brother is getting ready to take his entire family to Orlando for a vacation," said McNamara. "And I’ve tried to convince him that he should vacation closer to home and use that money to make some investments. In five or 10 years, nothing will be left of that $4,000 vacation other than some photos. But using that money for investments now will leave (him) with ($20,000) or even $30,000 in the bank down the road."