Topic: Can One Get Rich or At least Not go Broke During a Recession? - page 2. (Read 1136 times)

Not really, the recession has been going on long before we were born in this world, but because humans used to have a simple lifestyle, when a recession occurs they have the choice to survive and not affect economic resources as a support for life.
A small example, in the past people had a large yard, where they planted several crops such as vegetables or had a large field that could be used to grow all their food needs. So when a recession hits, they have food availability to meet their basic needs as a support during the recession.

A recession is more closely related to food, because this is a necessity that cannot be avoided. If the example I mentioned above is still being practiced today, then rest assured that society will not be affected if a recession occurs. But unfortunately, nowadays we are used to living instantaneously, recessions take place and cash is no longer in balance, so meeting basic needs will be much more difficult to control.

I am sure that if there is a recession and inflation, it will be quite difficult to increase sources of income, especially in the current conditions, jobs are quite difficult to get, if someone does not have skills and is not willing to take risks.
While I agree, not many people understand the concept of cryptocurrency investing, let alone talk about cryptocurrencies that are still fairly common without specifically mentioning one such as bitcoin.

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.

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.

Well noted. But if there is not quite a vacuum in the head, and judging by the fact that we are talking about a person who can earn, then there is a brain, then finding assets for saving is not an issue. From primitive gold to assets such as cryptocurrencies, real estate, etc. There would be something to save!
And if you are serious - then the best times for earning are either some kind of breakthrough and market growth, or, on the contrary, sharp stagnation/world crisis/pandemic/war - remember the history of the formation of major capitals

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.

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.

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.

The tourism business requires very large capital if the location is not located in a more strategic area. But for those who live near the mountains or the coast, yes it's definitely good to get a business up and running in these tough conditions. However, it should also be noted that at times like today not everyone can afford to open a tourism business.

Because in addition to the capital which is not small, the number of visitors also needs to be considered because everyone always prioritizes the most important needs before spending more money at tourist attractions.

During the pandemic, I have also seen many people become rich within a year. While people were looking for ways to save their lives, many people risked investing and working and in the end they actually got the desired reward. Many people around me get rich because they see the needs of people during the pandemic, they invest in the production of masks, hand sanitizers, disinfectant sprays...all are essential necessities during the covid 19 pandemic.

It can be said that recession or crisis does not mean that everyone has difficulties, opportunities are always available in all cases, sometimes other people's difficulties are their own opportunities.

Saving from now on is not too bad because if indeed you are a business person, you will definitely need a lot of capital, which must be prepared to minimize problems that will occur later, even though you can say that this has taken too long because you should have prepared it from the start, but it is better to prepare from the beginning. now rather than never because it's quite clear that this will have an impact on all walks of life, it doesn't matter if it's a small or big businessman, the only difference is the impact felt because small business people will feel the impact far more than big ones.
On the other hand, with the current conditions, there is really nothing that can be done for them other than by strengthening the reserve fund so as not to make it even worse and the business will continue to run because it is certain that when a recession arrives, not a few of the business people start to feel that finances are dwindling so they don't there is nothing to do but give up and that is of course the worst decision and should be avoided.

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.

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.

Difficult but possible. I am sure that even the poor families have ways to survive a recession because if not then they will die. Trying to increase our wealth during a recession must be a silly idea because we are already struggling to buy our basic needs so how much more of trying to make more money?

Mostly people are jobless and then the demand for business are low because the price of the goods are at their all time high. The story that you share is inspiring. There's also a similar story like that but the plot happened during the covid pandemic. It was like a blessing in disguise because it helps people to become creative and unlock their hidden talents.

Hearing about lay offs always put me off. I’m sorry to hear that you’ve been let go.
As to your question, in a recession, it is difficult if not almost impossible for the average individual to become rich. The only people that gets rich anytime, every time are high management CEOs of multinational corporations and politicians that are as crooked as they come. Your options at the moment is to sadly not to go broke.

Where entrepreneurship isn’t available as in this case, skills are very much needed. If the OP had any skills, he could get by fairly as there are some short term job offers that needs skilled workers.
During a recession, folks(mostly politicians in my opinion) that deal in insider trading are the ones that become millionaires during recession.

Hopefully, you’ve got some savings to fall back on or even better, you’ve got about 40 BTC  that you’ve been holding for years stashed somewhere

Getting rich is as important as maintaining the wealth accumulated and one of the things that makes one not to go broke is consistency in business and the flow of income towards the business direction which one the doing for sustainability, we cannot expect a single business not to have a backup and yet maintain regular flow when there's volatile economic situations just like the one we are into presently.

Unique facts always occur that when there is difficulty and recession, there are many opportunities that can be created, for example when Covid then the opportunity to be rich is the production of masks and liquid washing hands, and many people are rich when there are difficulties including economic recession, so always do what research the market needs.

Any recession is a process that leads to:
1. Increase/increase in prices for essentials and "cheap" daily products.
2. Reducing the price of investment objects - real estate, trading floors, transport, etc.

Further, since we are at the crypto forum, and many people know what trading is, and know how to behave when the situation changes - make a decision - what to sell and what to buy!? Keep in mind that a recession is not forever.

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.

When the COVID-19 begins,the recession was begins.Then it was survived over 2 years,most of people was suffered to eat their three times of meal.It was happened even in the developed country.People with huge backup was escaped from such things.Because they spend the holding money for the longer period of time.Russian war was the second things and make the people to further economic loss.Most of the people was affected due to the dependence of oil from Russia and traffic over it.

As others have said, let's focus more on earning money now, as in the previous pandemic we lost a lot. There is no time for relaxation right now (just rest if you're tired) or vacation if we still don't have enough money. I know a lot of people really want to stroll around the world because it is already open, but we still don't have enough money to do it, and it isn't worth it to spend the money. It is well worth your time to invest in developing your skills right now, as the demands of online or remote work are increasing, so instead of strolling, try to spend your time learning.