Can One Get Rich or At least Not go Broke During a Recession? - page 3.

Mauser

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Quote from: Jody.Drummer on November 30, 2022, 01:37:26 AM

Making the right decision must really be made in this case and of course when referring to this, every action must clearly be calculated carefully so that we are not wrong and feel sorry at the end.
Facing a recession will obviously be a bit of a hassle but at least in this kind of case keeping the business running well of course would be great by minimizing the existing budget.
It is still possible to become rich in the midst of a recession, but only for some people and of course those who have the capital and finances can make it happen, but for businesses in small circles keeping the business running while bringing a little profit is more than enough according to me.

You could argue that people who have enough finances and capital to take advantage of cheap offers during a recession were already rich before the recession started. Companies who sell essential goods are usually less severely affected by a recession and will keep to operate like before. Any business owner of such a company will be doing fine during a recession. It is mostly the smaller business that are affected stronger by a recession. When things are getting really bad than politicians like to save big companies first as there are more workers involved and more potential voters to be convinced. That is why I agree with you, for small business owners surviving a recession should be the main goal. Trying to become rich during a recession is so much more difficult than during a bull market. There are not many anti cycle businesses were we could invest easily. My main goal is now to save as much as possible to have capital available when the recession is over and to profit from rising prices again.

Punakawan

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Quote from: Golfler on November 29, 2022, 03:56:25 AM

Quote from: xSkylarx on November 12, 2022, 05:57:56 AM

Quote from: Golfler on November 12, 2022, 03:58:21 AM

Quote from: CageMabok on November 12, 2022, 03:35:43 AM

Quote from: Pejoh Asu on November 11, 2022, 11:03:44 PM

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

I am hoping for your very best in your store and also in life. I know this recession is very huge and has affected us all. I don't know when this will end, but I will keep fighting. I know it is easy for me to say this, but trust me: try everything and keep fighting since you'll win in the end. We as consumers are also struggling, but we keep fighting because if we don't, we will end up losing and eventually lose the battle.

I will definitely try my best to survive, but this time is really difficult. My family members have also been laid off by the company recently. Maybe next year will be better, because many people say that economic recovery will begin in 2024, and encryption will start to take off.

In 2024 it is still more than a year and of course we have to go through difficult times, indeed economic conditions are increasingly difficult because of the many problems such as pandemic and now found a new variant, we must be smart and be able to use all resources in order to increase income, maybe we must lose time for a hobby or relax but to survive sometimes we have to be busy.

Jody.Drummer

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Making the right decision must really be made in this case and of course when referring to this, every action must clearly be calculated carefully so that we are not wrong and feel sorry at the end.
Facing a recession will obviously be a bit of a hassle but at least in this kind of case keeping the business running well of course would be great by minimizing the existing budget.
It is still possible to become rich in the midst of a recession, but only for some people and of course those who have the capital and finances can make it happen, but for businesses in small circles keeping the business running while bringing a little profit is more than enough according to me.

Lubang Bawah

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Recession is a difficult thing to survive especially to increase the wealth of or get rich, but I was inspired by the documentation of the film that at that time occurred war and inflation was very high, then he made a food product and it turned out that the food was liked by many people, this was natural because When the war of course the production of large and agricultural factory cannot be effective so that by making processed food will get a good response, the point I want to convey is many things we can do to increase wealth even with difficult conditions.

Fatunad

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Quote from: 348Judah on November 29, 2022, 08:37:39 AM

Nobody is above the capacity of being broke since we have different means to financial source that cones in for us and they may not be on a regular basis, and also if we are to consider the need arising on a daily basis there is a great variation between what we have been spending as expenses to what we do now ever since the onset of inflation that has hold down many business economy, the means for survival each individual adopted as a rescue means is just the only means to help prevent being broke while those left with no alternative got broke because of inability to meet up with the required standard for sustainability of business and other sources of income one depends on.

So this one simply implies that you should really be finding other sources of income so that you could able to handle up your expenses plus you do able to save up at the same time which is really
that crucial and important on everyday living.We are really that struggling because of this inflation and recession which if you dont have any various sources of income and you arent
that too mindful with your spending and budget then you would definitely be ending up on getting broke.The ones who are really able to survive or withstand is into those
individuals who do have various sources of income or something like that.

Jatiluhung

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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.

I don't really know much about the tourism business. but I guess as inflation gets higher and a recession finally sets in then I think there will be less people taking vacations to spend money. because everyone from the lower middle class will save more on their expenses. but for the upper class the recession may not be such a big deal. even when inflation is high and recession occurs, rich people will buy more property whose prices will be very cheap. even now property prices seem to begin to decline. and high class people will take advantage of it. so that for the lower middle class it may be difficult to be more advanced in their business during a recession and even surviving bankruptcy may be their main focus. but for the rich in the upper class, they will be busy using their money to invest more when the prices of all stocks, crypto and property fall.

Bitstar_coin

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If you have a stable job that brings in monthly income, I believe you can prioritize your standard of living to be able to survive recession. The only way you can get rich during recession is if you are a politician or hold any public office especially in highly corrupt countries. otherwise, your focus will be on minimizing your expenditure.
By and large, If you don't have a stable job, it will be extremely difficult to survive recession, so it is important to secure a job or find a way of earning monthly income, if you are a family person, it will be twice difficult.

naira

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Quote from: LogitechMouse on November 29, 2022, 11:19:25 AM

Yes. We've seen many businessmen still thriving despite the fact that all of us have been struck by the effects of the pandemic.
I mean the rich can get richer by just taking advantage of the situation. Businessmen already knew what to do when a recession comes.

Now with regards to not go broke, I can already feel the spike of the prices of the commodities. Our country isn't on a recession (far from it TBH), but what I'm feeling is the spike of the prices that makes me always think twice of the things that I'm buying. I'm not broke as of this moment because I'm not into a point where I need to beg for money, having a hard time financially, or borrow to my relatives just to have money to be used to pay bills etc.

Getting rich during a recession is only for the already rich businessmen because they can take advantage of the situation however, if you are just an average person then at least your main goal is to just not go broke, or you will suffer, and I believe many people aren't broke and still surviving right now.

Usually such people control nearly 10% of state finances and indeed play an active role in every business sector. The economy has its ups and downs but what stands out are those who are rich in all sources of income. The impact of an increase in human resources which is relatively still in the poverty line is getting worse. In a recession situation there is not much we can do from the lower middle class because it depends on job vacancy policies.

In addition, the current recession-hit finances were only realized earlier by those who knew about the economy, but not by the day laborers. So anticipating by securing assets is much easier for the rich.

LogitechMouse

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Yes. We've seen many businessmen still thriving despite the fact that all of us have been struck by the effects of the pandemic.
I mean the rich can get richer by just taking advantage of the situation. Businessmen already knew what to do when a recession comes.

Now with regards to not go broke, I can already feel the spike of the prices of the commodities. Our country isn't on a recession (far from it TBH), but what I'm feeling is the spike of the prices that makes me always think twice of the things that I'm buying. I'm not broke as of this moment because I'm not into a point where I need to beg for money, having a hard time financially, or borrow to my relatives just to have money to be used to pay bills etc.

Getting rich during a recession is only for the already rich businessmen because they can take advantage of the situation however, if you are just an average person then at least your main goal is to just not go broke, or you will suffer, and I believe many people aren't broke and still surviving right now.

348Judah

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Nobody is above the capacity of being broke since we have different means to financial source that cones in for us and they may not be on a regular basis, and also if we are to consider the need arising on a daily basis there is a great variation between what we have been spending as expenses to what we do now ever since the onset of inflation that has hold down many business economy, the means for survival each individual adopted as a rescue means is just the only means to help prevent being broke while those left with no alternative got broke because of inability to meet up with the required standard for sustainability of business and other sources of income one depends on.

xSkylarx

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Quote from: Golfler on November 29, 2022, 03:56:25 AM

Quote from: xSkylarx on November 12, 2022, 05:57:56 AM

Quote from: Golfler on November 12, 2022, 03:58:21 AM

Quote from: CageMabok on November 12, 2022, 03:35:43 AM

Quote from: Pejoh Asu on November 11, 2022, 11:03:44 PM

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

I am hoping for your very best in your store and also in life. I know this recession is very huge and has affected us all. I don't know when this will end, but I will keep fighting. I know it is easy for me to say this, but trust me: try everything and keep fighting since you'll win in the end. We as consumers are also struggling, but we keep fighting because if we don't, we will end up losing and eventually lose the battle.

I will definitely try my best to survive, but this time is really difficult. My family members have also been laid off by the company recently. Maybe next year will be better, because many people say that economic recovery will begin in 2024, and encryption will start to take off.

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.

Lambe Ndumble

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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.

Golfler

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Quote from: xSkylarx on November 12, 2022, 05:57:56 AM

Quote from: Golfler on November 12, 2022, 03:58:21 AM

Quote from: CageMabok on November 12, 2022, 03:35:43 AM

Quote from: Pejoh Asu on November 11, 2022, 11:03:44 PM

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

I am hoping for your very best in your store and also in life. I know this recession is very huge and has affected us all. I don't know when this will end, but I will keep fighting. I know it is easy for me to say this, but trust me: try everything and keep fighting since you'll win in the end. We as consumers are also struggling, but we keep fighting because if we don't, we will end up losing and eventually lose the battle.

I will definitely try my best to survive, but this time is really difficult. My family members have also been laid off by the company recently. Maybe next year will be better, because many people say that economic recovery will begin in 2024, and encryption will start to take off.

South Park

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Quote from: Dickiy on November 21, 2022, 10:53:44 AM

Quote from: Davidvictorson on October 31, 2022, 12:13:18 PM

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

It's quite easy to say, you just need to maximize the abilities you currently have, that way you can offer products or services that you can do. I don't recommend learning new things to start a business, because it really takes a long time.
That way you just have to manage your finances and manage the risks that will be taken.
Profiting during a recession is nothing but buying stocks when things are down, taking advantage of the bad news to go short, and buying Bitcoin for your future financial health.
Many rumors say that this recession will not last long, so be smart to take advantage.

It is important to prepare ourselves for anything that it may happen, I really hope the recession is not long as there are many people that are simply not prepared for it, however what if the global recession is a long one? We must remember that the war is still ongoing and the economic devastation brought by the pandemic is still in play, if yet another crisis hits the economy at the time we are not sure if governments are going to be able to handle it, so we must prepare for it.

Dickiy

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Quote from: Davidvictorson on October 31, 2022, 12:13:18 PM

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

It's quite easy to say, you just need to maximize the abilities you currently have, that way you can offer products or services that you can do. I don't recommend learning new things to start a business, because it really takes a long time.
That way you just have to manage your finances and manage the risks that will be taken.
Profiting during a recession is nothing but buying stocks when things are down, taking advantage of the bad news to go short, and buying Bitcoin for your future financial health.
Many rumors say that this recession will not last long, so be smart to take advantage.

Swordsoffreedom

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Quote from: Balmain on November 13, 2022, 01:57:02 PM

Times of crisis are a great opportunity for innovation. While most companies or people struggle to stay afloat, some companies or people look up and see opportunities. They develop new products, new services, new uses or markets for existing ones and make process innovations. It is not easy to see opportunities in crises. The reason for this may be that there is a fire in the middle and you lose your thinking power in the middle of the fire. The most important thing is to take precautions before a crisis occurs. If you save enough or create passive income you can manage yourself for a while even if you are unemployed. This keeps you afloat in times of crisis.

In my opinion, sometimes a recession or crisis isn't such a bad thing and now I really see it as an opportunity to rise up and catch up with others. In times of crisis a lot of people will have a hard time and they start to get discouraged when the work goes down but it is also an opportunity for us, as long as we know how to seize the opportunity. Just like in business, when your competitors are in trouble, that's your opportunity. Or like investing in bitcoin, when the market goes down people sell in panic but there are a lot of people silently buying at low prices and just wait until the bull season, those who buy at low prices will become rich, those who sell in the bear season will be losers.

KennyR

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Quote from: trendcoin on November 20, 2022, 06:15:22 PM

Anyone who correctly evaluates the recession period will certainly become rich, but I have a lot of question marks on this subject. When markets balloon, many indicators inform about risk. For example, the RSI draws trends with negative peaks (negative divergence), the volume of the market weakens, but there is no indicator that we can measure the level of the recession period. So, every period that we think we are in the buying zone may not actually be a buying zone. That's why I don't think it will be a period that everyone can benefit from, as it is a period with a lot of uncertainty.

Evaluating the recession too a difficult task same as predicting the low bottom of bitcoin. Most of the time recession looks like whether it is really affecting the economy nor it has just slowed down the growth. In recent years majority of the countries have experienced economic hardness, and to be on the safer side having emergency fund allocated is the better way to keep our lives undisturbed. This could make us rich or atleast help us overcome the situation without getting broke.

trendcoin

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Anyone who correctly evaluates the recession period will certainly become rich, but I have a lot of question marks on this subject. When markets balloon, many indicators inform about risk. For example, the RSI draws trends with negative peaks (negative divergence), the volume of the market weakens, but there is no indicator that we can measure the level of the recession period. So, every period that we think we are in the buying zone may not actually be a buying zone. That's why I don't think it will be a period that everyone can benefit from, as it is a period with a lot of uncertainty.

dunfida

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Quote from: Gozie51 on November 20, 2022, 03:45:07 PM

Quote from: Golfler on November 12, 2022, 03:58:21 AM

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

This is pathetic and downcasting to hear but you are not the only one in this and that is one thing you have to know. The world is getting more difficult to live in as poverty is causing frustration and depression all over the place. People are taking their lives by themselves and that is the effect when someone can't survive this hard times. As for cryptocurrency and your hodlings, I hope you know that there have been prediction for more bear for bitcoin and if that happens, you know the situation of your coins will be more affected. You could either peg them with usdt.

When you are on a situation where you are really that down neither on your physical business and your online assets neither of the markets including crypto then this is where emotional handling would take place.

Yes, its never been easy to deal up when emotions gets already involved this is why you should really be that mindful on what are the things that you should gonna do instead of panicking and freaking out.

Sustainability is what we do really mind off, this is why on the time that you are making money then its always been ideal on making yourself to invest into other things
or simply finding other sources of income so that you would really be making yourself that prepared.

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Quote from: Golfler on November 12, 2022, 03:58:21 AM

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

This is pathetic and downcasting to hear but you are not the only one in this and that is one thing you have to know. The world is getting more difficult to live in as poverty is causing frustration and depression all over the place. People are taking their lives by themselves and that is the effect when someone can't survive this hard times. As for cryptocurrency and your hodlings, I hope you know that there have been prediction for more bear for bitcoin and if that happens, you know the situation of your coins will be more affected. You could either peg them with usdt.

Topic: Can One Get Rich or At least Not go Broke During a Recession? - page 3. (Read 1313 times)