Topic: Can One Get Rich or At least Not go Broke During a Recession? - page 4. (Read 1313 times)

Having to close down your own store is both economically and psychologically distressing, I hope for the best in the upcoming years.

I would suggest you to get into some alternate jobs for a short period, if feasible. Delivery services are very common nowadays and common youth are getting into it along with older people just so they can run a living. When times get tough, you have to turn tough too to cope up with it.

Bitcoin and investments in crypto will see a downtrend, this should be a lesson to not invest in altcoins but keep the maximum in bitcoin only.

We need to have other savings to buy the coin price which is much lower and I recently added another asset to increase BTC in the portfolio, so it is another effort that we can use to prevent recession in financial management. We have gone through difficult economic times after the pandemic and now is the time to recover the economy in terms of crypto investing but we have to consider the risks before you decide to get involved in crypto investing.

It is possible to make money during a recession however for that you need to have money already saved, most likely what he means by that is that during a recession even good assets go down in value together with the bad assets, this means that you can buy them for a huge discount and then simply wait for the market to eventually recover, this is something we are seeing in this market already in which the price of bitcoin is down and the smart investors are taking advantage of it in order to buy all the bitcoin they can.

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.

I have really believed in the quote that millionaires are made during the recession, obviously recession is bad for everything and everyone in general, you lose jobs, your investment sucks, prices of everything is going high. But i have seen a lot of people making fortune during recession as well, those people do a certain things differently from others. Like a person should always invest in averaging and should keep it's funds idle, in recession time one should enter the market so that you can find best prices of assets. Second thing is always keep multiple source of income and especially those which are minimally correlated to each other so that you get income from Atleast one of the source always.

Sorry to hear this buddy, we are facing very difficult times right now and losing our job and main source of income is terribly. Hopefully you will find something new quickly. I have thought about possible opportunities during recessions myself and to be honest with you, I didn't come up with a great plan. Becoming rich during a recession seems nearly impossible in my opinion. Almost all prices feel this year, it was very hard to find something that didn't drop double digits so far. The only way for us to profit of it would have been to short the market, but this seems to late now. Prices are already low and going short into the market now can lead to big losses when the recovery picks up. The same is for selling our assets for cash and wait for prices to fall more to rebuy them cheaper. Right now I wouldn't be selling though, this should have happened at the start of the year when Russia invaded Ukraine. Also without a job you need to be more careful with your investment, maybe you need money in the future and could be forced to sell some investments at a bad price.

Yeah, they'll definitely tank it and that is why some companies are now starting to lay off some employees just like what we heard recently from Meta. Business owners just gotta do what they gotta do in order to keep their company alive.

This is truly the lesson on why people should not feel "too comfy" in their jobs regardless if it was a reputated company or not. You are an employee in the end and one day, you'll need to pack up your bags and leave once your higher-ups told you to do so.

We can't deny the fact that life is tough during the recession period and it's like a survival trial for everyone so we have no choice but to fight our own battles and find ways to continue living. There are still a lot of opportunities that we could grab during this situation but those opportunities won't be the ones to search for us so it needs effort for us to find them. Accumulating and improving skills will be a good preparation so grabbing more opportunities for us will not be hard. We only have to be more disciplined in handling our finances and be more motivated to double our earnings so we can afford the things that we need.

It is such a bad and boring period that you can't forget to pay every single bill, and sometimes you even fail to do that. People need to realize that there are billions in the world that fail to survive, and live on a salary.

Most people do not have money left when the month is over, their salary is not enough to live, they make debt each month, it’s a horrible way to live but unfortunately that’s how people live most of the time. That means, if you can't even have money left, and you grow your debt each month, how could you become an investor? What are you going to invest? You don't have any money to invest at all. This is the biggest trouble everyone has these days during recession.

Must be able to minimize expenses to deal with an impending recession, in other words, buy basic necessities to fulfill daily life, reduce vacations which can spend a lot of money just for fun. Do research to buy several types of crypto coins that are suitable for short-term trading so that you can have daily profits instead of the layoffs that you experience, Half of the money you have should be manageable for future savings by investing long-term in a potent, high-trading-volume cryptocurrency that is recession-resistant.

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 think that the Recession is like hunting/shopping season for the elite (people with lots of money). they will compete in the hunt to buy every thing that has good potential in the future. like hunting for property that will fall in price during a recession. because there will be many people who sell property but there will be few enthusiasts. so prices will continue to decline due to lack of interest. well that's where the elite people will enter to buy from the lowest price. Now, it's not just property that will experience a price drop. but the stocks will be the same i.e. the price will fall very badly. but here is the opportunity. our task as ordinary people should be able to see the movements of the global elite and predict their movements and also study them. not that we have to buy what they buy. because our abilities may not be able to match them. but at least we learn from them, that is, we must be able to see hidden potentials and see opportunities for the future. well there is no doubt that new rich people will be created and they are the ones who are good at seeing a hidden pearl. and they invest in it. and yes the answer is investment.

but unfortunately for the lower classes will be very difficult during a recession. perhaps the lower classes will also be able to see the potential for the future in a hidden pearl. but they are forced to prioritize their daily needs. so actually a recession will actually widen the gap between the rich and the poor. I hope the economy recovers quickly.

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 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.

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.

It's because they're only relying upon their employment and that's their sole source of income. This means they don't have any other source and they only have one source for everything. It's sad but also humbling at the same time and has given us a lesson that we shouldn't rely only on one thing if it's our source of income. They're living their day-to-day life as if they're really dependent on it and this is a situation that is no secret to most. Salute to those that still made their ways out of it despite with the hard situation that we've gone through.

A recession could make it harder for people without jobs and incomes.
And it is indeed a good opportunity to get rich for some people who are financially prepared, and they choose to invest in cryptocurrencies to make a profit by predicting market trends.
This is called the rich get richer and the poor get poorer.

During the recession, with companies laying off employees and factories closing down, many poor people have become even poorer. They have no source of income and can only work and live on commissions every day. The daily life of the rich has not been affected. They may acquire Housing, and other economic growth, this is also an investment of the rich.

There is a great opportunity in freelancing. Being able to work remotely for more than 5 clients or companies is a blessing in disguise. Even if there is no job security, there must always be food on the table. All the 5 and above clients will not lay you off simultaneously, especially if you are good at what you do. Gig works is rising and people are trooping in, getting some skills and establishing your niche in the freelancing jobs could be your passport to escape brokenness during recession.

With this you can be investing at your pace, and take advantage of other opportunities that may present itself.

Is it possible to make money in a crisis or recession? CERTAINLY !
There are indeed moral restrictions... But not everyone pays attention to them.
It must be understood that a recession leads to a sharp and prolonged decline in living standards and incomes of the local population. The population, which gave "reserves" for future periods, and short-term problems. Believe me - I'm sure no more than 1-3% of the population makes and contains reserves for 1-3 years. The rest have reserves for 1-3-6 months, but no more. So the point of consumption of stocks will come very quickly. And this means that many will first sell, very cheaply, at first the most useless things (clothes, household appliances, etc.). Then, they will move on to "strategic reserves" - currency, precious metals, investment coins, etc. And this is the time to buy cheaply, that after a while it will be possible to sell for its real and not dumping price.