Can One Get Rich or At least Not go Broke During a Recession?

Jatiluhung

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Quote from: Smack That Ace on December 02, 2022, 01:05:45 AM

Certainly, knowledge needs to be prepared, but in my opinion, we need to have courage; knowing how to seize opportunities is the important thing. Knowledge is one thing, but when we experience reality it is another, sometimes the knowledge we learn in school or in books cannot be applied in practice, we need to improvise to suit the situation.

Starting a business or investing does not guarantee success, but if we hesitate, do not have the courage to start, we will never succeed. So, for me, business requires bravery as well as taking risks.

And that's the reality that happens in the world of business and investment. everything will never be separated from a risk. whether it's a small risk or a big risk.

courage in taking steps is necessary in starting a business or investment. However, it must be accompanied by careful thought and analysis. we must not act rashly and hastily. because a risk can be reduced if we are willing to bother and take the time to do a careful analysis before deciding. we have to see a potential first before deciding to enter. and sometimes the risks and potential rewards are always worth it. we just have the courage to take that step.
and most successful people are those who always dare to step up and don't give up when they fail. they continue to learn from experience.

Sir Legend

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The fact that happens during a recession is that the rich are getting richer, and the poor are getting poorer, businesses with strong capital support make it easier for the rich to increase their wealth during a recession because their competitors are unable to compete and stop, as long as we can see the opportunities that exist in the market then we can become rich or at least survive the economic recession.

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Quote from: salad daging on December 02, 2022, 02:36:27 AM

I always separate business and investment in bitcoin separately for financial management so that I can differentiate and not be equated.

Me too, we have to make sure these two investments are separate from each other, it's like we are diversifying our portfolio. Bitcoin is a volatile investment and to earn profit from it we need to hold it for a long time so we should only invest with idle money and should not be considered as a source of income for our daily living expenses. And business is our main job as well as the main source of income for our life, so make sure they are kept separate to make sure our life won't be trouble.

TheGreatPython

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Quote from: tygeade on November 30, 2022, 04:36:52 AM

Quote from: xSkylarx on November 29, 2022, 07:10:35 AM

I know it is really hard for you, but you have no choice, so you need to fight. If you lose hope now, it will be difficult to stand up. Try to relax at this time, don't overthink it but still make your best effort to have solutions to the problem, and go to your friends and other relatives to ask for help since this is the time you need them. I know you can't sleep easily now, but trust me, you need to relax and think of some good ideas. This happened to me twice before I was laid off, but I asked for help from my relatives, who helped me, and I am now back at work.

That is the inevitable road to success basically. Sometimes we all have horrible times in our lives, sometimes it's about finances, sometimes it's about health, sometimes it is even about death of loved ones and we go into a sadness pit. However, since we are alive, that means life will eventually get better, with time all gets better if we want to.

If it is about finances, you may have a horrible year, but then you could keep on grinding and working really hard, and then you can get out of that trouble eventually, maybe it will take time, but many people managed to do it, so can you. That is why we need time to be our ally, not our enemy to keep growing.

That is unfortunate reality of things. Most people who became rich either inherited it from their family and grew it a lot higher, or they came from absolute nothing and then built something out of that. People like me, a HUGE group of people, who have "some" things but rich, not super poor, we do not have the ambition to blow it all up and try to get rich.

When you have absolutely nothing and super poor, you don't care about the worst outcome, because you are living in it, and that's how you become rich, when your parents are already rich, you have a chance to fail and still be fine, but when you are like me, it's hard for you to give up the standard of living you have, for a chance to have better, and risk being in worse.

Tallupooh

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I think in these difficult economic times, work is not easy. price increases and so on. Today's business is rather difficult, sometimes many are bankrupt. unless someone is persistent and has a strong determination, he will continue to rise even though he has been bankrupt several times.

I think an easy job now is to be an online seller of goods. However, it also does not know. because, selling online also has to always have lots of promos so that the goods are known to people.

currently many are bankrupt but not all. because people's conditions are also different. In essence, all work is the same, because everything needs process and patience.

Crypto Legend

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When economic conditions deteriorate such as the occurrence of a recession, we will feel everything becomes difficult, to survive with an growing burden of course it will make us frustrated, but as humans we must be sure that many things we can get when there are difficulties.

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Quote from: Smack That Ace on December 02, 2022, 01:05:45 AM

Quote from: blockman on December 01, 2022, 05:28:33 PM

Starting a business or investment is all about taking risks, you're unsure at the end of the day if you'll be successful or not. But you know what, the thing here is that when you start any of those, you should have the knowledge to start with so that you know what and which path you're taking. Without which, you're really just gambling and the essence of experience is there but it's up to you whether you'll extract the lessons or not afterwards.

Certainly, knowledge needs to be prepared, but in my opinion, we need to have courage; knowing how to seize opportunities is the important thing. Knowledge is one thing, but when we experience reality it is another, sometimes the knowledge we learn in school or in books cannot be applied in practice, we need to improvise to suit the situation.

Starting a business or investing does not guarantee success, but if we hesitate, do not have the courage to start, we will never succeed. So, for me, business requires bravery as well as taking risks.

You're right, in order for one to start his business he needs to have the courage to take risks. And not everyone has that when it's all about starting a business or an investment.
Not all are brave enough to deal with it because we all want assurance of what we're about to do that will be a successful thing. But nothing comes to that in an instant and it should be done through a process.

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Quote from: Lambe Ndumble on November 29, 2022, 05:35:48 AM

When a recession of course many people become dizzy because of the price that continues to increase, but this is a good opportunity to create a business even when recession, a unique tourist business is a very good and profitable thing because people need different things and a good choice.

Recession is a time of opportunity for some business, like business that the masses will demand for it for survival daily. In recession the price of food gets increasing , with the increase people don't stop to demand for food rather people still buy food daily. In the recession some business makes good reasonable amount of profit, while in the same recession some business struggles just to stand because in the recession people try to adjust their standards of living to only consider food and shelter as the most paramount.

EarnOnVictor

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Just like the Covid-19 pandemic that caused panic in the world and forced people to lock themselves behind doors, one could make money during recessions. The Covid-19 period, as bad as it was, some still became billionaires because of it, this is why we need to think beyond the circle of our comfort in any situation. Personally, I don't believe in paid jobs, but if one would be employed, such should have alternatives. To achieve this, people should have multiple streams of income, and online activities should be part of it where monies would be flowing into our accounts from different channels no matter how small.

Also, creative people could start showing that talent in a unique way, and generally, we should find a problem to solve with what we know best and earn a decent amount for it.

Smartprofit

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Quote from: BRINIRHA on November 30, 2022, 04:09:53 PM

Quote from: Smartprofit on November 30, 2022, 03:47:10 PM

Yes, in my opinion, there are chances to get rich during a recession in the global economy.

During a recession, many companies will go bankrupt.

However, other companies will survive and gain the customer base and resources of those companies that did not survive the recession.

For example, people will stop buying new shoes. Instead of buying new shoes, people will repair their old shoes. People who repair shoes and clothes will be able to increase their income.

In general, the quality of life of people will deteriorate. At the same time, individual businessmen will be able to succeed.

there will always be those who fall and there will always be those who survive the recession. and those who will benefit are those who survive. as you said some parties might be able to take advantage of the recession to become a good opportunity. But I think it's only a minority of people who have been able to turn the recession into an advantage. because during a recession the majority of the people are going through more hardships. and usually those who can survive during a recession are those who have large capital savings such as the elite. so that the rich will be more likely to be richer. while people who are not financially capable will be increasingly depressed.

During a recession, money capital is destroyed. However, the mind, knowledge, skills, intellect, organizational skills do not disappear anywhere.

For example, IT developer Pavel Durov (the creator of the VKontakte social network and the Telegram messenger) recently announced plans to create a new decentralized wallet and a new decentralized cryptocurrency exchange.

Recently, the FTX cryptocurrency exchange crashed. Many people went bankrupt and lost their capital. However, it is during recessions and bear markets that great companies are created. It has always been so.

Therefore, you need to analyze the market very carefully, looking for such new promising companies that will achieve amazing success when the recession ends.

Marcellin9

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Every challenge is an opportunity. It's about the knowledge and skill and effort that is needed. A lot many investment gurus had said invest when the rest are bleeding. Because they had the level of expertise that they can earn when rest were losing. But yes it take knowledge and patience for that.

Agree. Most often in life, we know many problems and solutions but the difficult part is that most people lack the knowledge/skills/experience/courage to respond to bring solutions to reality. Knowing and Achieving are total different things in real world. I guess during hard times, we have to deal with anixety first in order to survive. Too many people died on the road to achieving because of anxiety or fear.

salad daging

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Quote from: Smack That Ace on December 02, 2022, 01:05:45 AM

Certainly, knowledge needs to be prepared, but in my opinion, we need to have courage; knowing how to seize opportunities is the important thing. Knowledge is one thing, but when we experience reality it is another, sometimes the knowledge we learn in school or in books cannot be applied in practice, we need to improvise to suit the situation.

Starting a business or investing does not guarantee success, but if we hesitate, do not have the courage to start, we will never succeed. So, for me, business requires bravery as well as taking risks.

Never be afraid to do business or other investments. We really have to have the courage within us to do it, of course all of that requires careful preparation from previous planning.
I know it won't be easy but believe that if we do without any doubt we can definitely achieve what we are aiming for, of course, namely success, so I myself have taken courage in my business even though we will face a recession but I will not give up as long as I am sure of what that have been run in my own business to stay standing to keep this business operating.

Even though it doesn't guarantee success, you see, many people have done business, but they have been successful in the future, if so, why can't we? While all of our business marketing plans and strategies have been carried out, it only remains to improve our skills to become even more famous in managing a business with our own business.

I always separate business and investment in bitcoin separately for financial management so that I can differentiate and not be equated.

With courage will make us more confident about our business.

Smack That Ace

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Quote from: blockman on December 01, 2022, 05:28:33 PM

Quote from: Hamphser on December 01, 2022, 04:41:28 PM

Not all do ends up on a success though which it is really having that risk whether you would fail or succeed so its a matter of risk taking in the end of the day.You cant really be that so sure if the plans you do have

in mind will really bear up a fruit or would really be just totally losing those money instead.Its one of the reason on why people do really hesitate nor have second thoughts on dealing with business or other venture

because they are really that hesitant on the capital or money that would be spent up.They are afraid on losing it and thats why people do really miss out those opportunities because
they dont really take up the risk.So its a personal choice whether they could bare it up or would just depend on their day job just like on what others been saying on here.

Starting a business or investment is all about taking risks, you're unsure at the end of the day if you'll be successful or not. But you know what, the thing here is that when you start any of those, you should have the knowledge to start with so that you know what and which path you're taking. Without which, you're really just gambling and the essence of experience is there but it's up to you whether you'll extract the lessons or not afterwards.

Certainly, knowledge needs to be prepared, but in my opinion, we need to have courage; knowing how to seize opportunities is the important thing. Knowledge is one thing, but when we experience reality it is another, sometimes the knowledge we learn in school or in books cannot be applied in practice, we need to improvise to suit the situation.

Starting a business or investing does not guarantee success, but if we hesitate, do not have the courage to start, we will never succeed. So, for me, business requires bravery as well as taking risks.

blockman

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Quote from: Hamphser on December 01, 2022, 04:41:28 PM

Not all do ends up on a success though which it is really having that risk whether you would fail or succeed so its a matter of risk taking in the end of the day.You cant really be that so sure if the plans you do have

in mind will really bear up a fruit or would really be just totally losing those money instead.Its one of the reason on why people do really hesitate nor have second thoughts on dealing with business or other venture

because they are really that hesitant on the capital or money that would be spent up.They are afraid on losing it and thats why people do really miss out those opportunities because
they dont really take up the risk.So its a personal choice whether they could bare it up or would just depend on their day job just like on what others been saying on here.

Starting a business or investment is all about taking risks, you're unsure at the end of the day if you'll be successful or not. But you know what, the thing here is that when you start any of those, you should have the knowledge to start with so that you know what and which path you're taking. Without which, you're really just gambling and the essence of experience is there but it's up to you whether you'll extract the lessons or not afterwards.

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Quote from: blockman on December 01, 2022, 03:59:19 PM

Quote from: Fatunad on November 30, 2022, 06:39:14 PM

Quote from: blockman on November 30, 2022, 04:54:45 PM

The rich got richer during the pandemic because they've seen every opportunity that they can make. I've seen people that have got nothing but still made that much money during the height of the pandemic. They looked for suppliers of alcohol and face masks and then sold them during the peak as the supplies were having some issues back then and the demand was too high. That's the type of people that really sees every opportunity in different situations, like the term and quote about selling lemons and making lemonades.

This had been always the reality on which rich people do even gets richer since they do have the capacity on taking advantage into something which they could really easily adapt nor take up those businesses
which does really suit out for a certain period or situation which make use of that for their advantage.This is why its pointless on making out argumentations that they shouldnt be doing that.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

They're intelligent no doubt and that's why most of their businesses are successful. But many of them too are taking advantage of the situation of others in able for them to succeed.
Needless to say, the rich become richer because they have the experience on how to run a business and they know what they must do. Just use them as an inspiration and if they can do it, you must be better at something too which can make your passion into a source of living, I've heard of stories like that.

Not all do ends up on a success though which it is really having that risk whether you would fail or succeed so its a matter of risk taking in the end of the day.You cant really be that so sure if the plans you do have

in mind will really bear up a fruit or would really be just totally losing those money instead.Its one of the reason on why people do really hesitate nor have second thoughts on dealing with business or other venture

because they are really that hesitant on the capital or money that would be spent up.They are afraid on losing it and thats why people do really miss out those opportunities because
they dont really take up the risk.So its a personal choice whether they could bare it up or would just depend on their day job just like on what others been saying on here.

n0ne

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Quote from: posi on December 01, 2022, 08:44:52 AM

Quote from: Fatunad on November 30, 2022, 06:39:14 PM

.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

Indeed, when a crisis occurs, we should not seek to withdraw in self-defense such as saving or cutting spending, all of those things are worth doing, but we should also reach out, step outside our comfort zone, and look for new opportunities are available to us. To me, other people's difficulties are my own opportunities, opportunities do not come to you, but seek them yourself. Similar to the current bear market, bitcoin is cheap and you have to decide if it's an opportunity or a problem to ignore.

Agreed, rather than limiting our spending it is good to find additional opportunities to cope up with the needs. This isn't possible when we're at the recession period. In recent weeks the job cut by the corporates have reached its peak. This means, already there is a big increase in the number of people losing their opportunity. Now when we get into competence it make things go worse. As mentioned, someone's difficulty is our opportunity. If we take it that way then it is possible.

blockman

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Quote from: Fatunad on November 30, 2022, 06:39:14 PM

Quote from: blockman on November 30, 2022, 04:54:45 PM

The rich got richer during the pandemic because they've seen every opportunity that they can make. I've seen people that have got nothing but still made that much money during the height of the pandemic. They looked for suppliers of alcohol and face masks and then sold them during the peak as the supplies were having some issues back then and the demand was too high. That's the type of people that really sees every opportunity in different situations, like the term and quote about selling lemons and making lemonades.

This had been always the reality on which rich people do even gets richer since they do have the capacity on taking advantage into something which they could really easily adapt nor take up those businesses
which does really suit out for a certain period or situation which make use of that for their advantage.This is why its pointless on making out argumentations that they shouldnt be doing that.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

They're intelligent no doubt and that's why most of their businesses are successful. But many of them too are taking advantage of the situation of others in able for them to succeed.
Needless to say, the rich become richer because they have the experience on how to run a business and they know what they must do. Just use them as an inspiration and if they can do it, you must be better at something too which can make your passion into a source of living, I've heard of stories like that.

len01

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Quote from: 19Nov16 on November 30, 2022, 11:41:33 PM

Recession is a very difficult thing we refuse, economic recession occurs because of dependence with many things that make human needs more complex, the easiest thing to be able to fight the recession is to continue to increase the source of income, and Cryptocurrencies investment can be the main choice to be able to overcome inflation.

I'm not sure if investing in crypto will help someone survive a recession. because we know that crypto fluctuates when there is a recession we should be able to continue to make money to survive or at least not go bankrupt but instead investing in crypto is like entering crypto which is full of the risk of losing more money and making depression.
the best way if you really want to continue to benefit during this recession is to try daily trading in crypto but still with proper analysis. otherwise it will be the same

Party24*7

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Quote from: Sang Prabu on December 01, 2022, 09:13:29 AM

The presence of cryptocurrencies provides good opportunities for investment so that in a recession condition then everything is not a problem, we deserve to be grateful because we know cryptocurrencies and can earning in many ways such as trading, farming, staking and so on.

Yes, cryptocurrency should also be seen as an opportunity to make us rich during the current economic crisis. Many people are scared and panic selling but if someone sees the potential of cryptocurrencies, they can invest now. As long as the economy recovers and the market goes crazy, whoever holds it will become rich from now on.

virasisog

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Quote from: posi on December 01, 2022, 08:44:52 AM

Quote from: Fatunad on November 30, 2022, 06:39:14 PM

.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

Indeed, when a crisis occurs, we should not seek to withdraw in self-defense such as saving or cutting spending, all of those things are worth doing, but we should also reach out, step outside our comfort zone, and look for new opportunities are available to us. To me, other people's difficulties are my own opportunities, opportunities do not come to you, but seek them yourself. Similar to the current bear market, bitcoin is cheap and you have to decide if it's an opportunity or a problem to ignore.

Being content with what we have during this period will not be enough. We should double our earnings as much as possible especially if we have a family to support and sustain. We should find ways to earn better than the ordinary season. Everything is rising and getting expensive these days so we must also be tough to deal with it.
Earning more, saving, and investing will be wise things to do than focusing on how to endure and survive the recession. Look for more opportunities and never get tired of hustling.

Topic: Can One Get Rich or At least Not go Broke During a Recession? (Read 1313 times)