there are many ways that can be done to overcome the recession, one of which must have additional income, because of price spikes, it is necessary to have additional income.
always thinking calm and productive is also important, because many people are stressed during a recession, even though he still has enough money for his life needs.
it is caused by an uneasy mind, causing great anxiety and panic,
Therefore, it is necessary to think calmly in finding a solution.
Topic: Can One Get Rich or At least Not go Broke During a Recession? - page 6. (Read 1136 times)
November 03, 2022, 08:49:36 PM
November 03, 2022, 06:06:33 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?
For people who have been saving funds before they lose their jobs, that would even open some door of opportunities like investing in crypto or in real assets that would likely to gain huge profits in the future. But for some who are less fortunate and who only depend their income from their jobs with no extra savings, one might hardly to recover and might stuck being broke for long time. The reason why we should not just depend on one single source of income, have a side job too so that when recession comes, and you lose your main job, you will still surely survive and won’t end up being broken. 
November 03, 2022, 05:53:09 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?
Honestly, it was hard when you are just relying on a single source of income. I know many people had also had the same experience with you but they took the opportunity to start making their business after a lay-off. That is why of instead being down because of losing our job, we have to think widely and look for something we can do maybe this could make our life even better than just being an employee. In fact, we can't just live forever as an employee so better make prepare ourselves not to rely on this and take other opportunities that will give us a passive income. There are of opportunities around - we somehow just ignored them. November 03, 2022, 05:51:00 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 hard to find opportunities when everything else around you is losing. Just like you, knowing your already jobless, that would mean very depressing too if you haven’t save or reserve any money for emergency funds. The only thing that this recession will open doors of opportunities is that if you have spare money to invest, otherwise you will suffer the consequences in life that even some end up quitting their lives. November 03, 2022, 05:36:51 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?
The fact you said that you just recently got laid off, you could face problems with your regular day-to-day expenditure like utilities and essentials just like what the others have said here. If you could find a way to solve that dilemma, and at the same time have enough to invest on assets that are not affected by recession, you are indeed safe. Thing is the statement made by Warren Buffet exclusively works for people who could afford to invest on something. If you couldn't you're in deep crap. 
November 03, 2022, 04:59:36 PM
I've seen several occasions whereby people get rich and along the way return back being poor and this does not necessarily have to have the implact from inflation, getting riches is synonymous to having enough money toncarter for present wants, but many get carried away by larvish spendings on liabilities instead of investing on asset, recession will be a shake to test the regidity of your financial capacitation and standings and what determines this is wjen you have a back up investment to sustain with despite current challenge, many fails to backup their imcom with alternative and take the whole risk onna single venture and when recession set in it becomes inevitable to handle.
Spending could be limited, that way people could get a better life but if your earning is low then there is no limited spending that could help you. That’s the problem in the world we have right now, you could eat noodles 3 times a day and still be a poor person with no savings, all because there are billions who are underpaid right now while there are like 1000 people with over trillions of dollars owned. That will make sure that people will stay hungry forever, as long as nations keep on taxing this high, and wealthy keep on stealing form us, it’s going to keep on being a trouble.You may adore Elon for example, but he underpays his workers every month, he steals from his workers constantly, and breaks unions as soon as there are talks. Stop admiring rich, and start working for the general public.
yourself better in terms of finances rather than on minding and keep on criticizing others peoples situation or just on being rich.You cant just changed that fact and it would be
better if you do put your focus into other things.
November 03, 2022, 04:08:05 PM
I've seen several occasions whereby people get rich and along the way return back being poor and this does not necessarily have to have the implact from inflation, getting riches is synonymous to having enough money toncarter for present wants, but many get carried away by larvish spendings on liabilities instead of investing on asset, recession will be a shake to test the regidity of your financial capacitation and standings and what determines this is wjen you have a back up investment to sustain with despite current challenge, many fails to backup their imcom with alternative and take the whole risk onna single venture and when recession set in it becomes inevitable to handle.
Spending could be limited, that way people could get a better life but if your earning is low then there is no limited spending that could help you. That’s the problem in the world we have right now, you could eat noodles 3 times a day and still be a poor person with no savings, all because there are billions who are underpaid right now while there are like 1000 people with over trillions of dollars owned. That will make sure that people will stay hungry forever, as long as nations keep on taxing this high, and wealthy keep on stealing form us, it’s going to keep on being a trouble.You may adore Elon for example, but he underpays his workers every month, he steals from his workers constantly, and breaks unions as soon as there are talks. Stop admiring rich, and start working for the general public.
November 03, 2022, 03:39:26 PM
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?
During recession only those who bought when prices were normal gets richer. Becoming rich is not a voodoo practice it requires gathering enough during the Summer so as to have enough to fall back to during the Winter when limited plants grow. There are no opportunities during recession the available ones get created by holders but staying above been broke will require a double effort because prices of everything skyrockets during this period and meeting up becomes impossible. 
November 03, 2022, 01:59:11 PM
Firstly it is sad to hear about your current job situation, this might be a problem if the economic crisis hits depending on where you live and how much household income there is.
I would still suggest you to get a part time job or a gig if possible, a somewhat daily income is necessary to get food on the table and you never know when more bad things might start happening because they happen without announcing.
Only when you daily necessities are sorted out, can you think about investment. In that less risky investments are going to see poor outcome in the recession. Rather plan for the long term and try to buy bitcoin if you can spare cash. But you also need to save fiat cash big time.
I would still suggest you to get a part time job or a gig if possible, a somewhat daily income is necessary to get food on the table and you never know when more bad things might start happening because they happen without announcing.
Only when you daily necessities are sorted out, can you think about investment. In that less risky investments are going to see poor outcome in the recession. Rather plan for the long term and try to buy bitcoin if you can spare cash. But you also need to save fiat cash big time.
November 03, 2022, 01:11:02 PM
First of all really sorry for your job mate, and I hope you and your family have the back up plans for the recession.
As far the other question is concerned, it's but obvious that Warren says the truth! The number one logic behind this is, current market being at discounted rates can make you very rich. For common people like me it may seem very hard to give away my money for stocks and share market, or may be I might think that it's hard to bitcoin at the current timings because I need to take care of daily needs first and then spend on stuff like that. However, those who are able to handle both the things appropriately can go well above in the rich list. It's simple, while others are saving, cutting the expenses and leaving the market, the only darer who invest money will be buying cheapest. Once recession is gone market will go unimaginably high and might give profits that we may not even get in next 5-10 years.
As far the other question is concerned, it's but obvious that Warren says the truth! The number one logic behind this is, current market being at discounted rates can make you very rich. For common people like me it may seem very hard to give away my money for stocks and share market, or may be I might think that it's hard to bitcoin at the current timings because I need to take care of daily needs first and then spend on stuff like that. However, those who are able to handle both the things appropriately can go well above in the rich list. It's simple, while others are saving, cutting the expenses and leaving the market, the only darer who invest money will be buying cheapest. Once recession is gone market will go unimaginably high and might give profits that we may not even get in next 5-10 years.
November 03, 2022, 01:08:50 PM
To be laid off from work in this economic crisis can be disorganizing to individuals' plans. They will be left with an option of selling their assets and borrowing money from family and friends to pay up children's school fees, utility bills and feeding. That's the time many commit suicide or plan evil, out of frustration.
The way to survive and never go broke is to sell up your assets or borrow from friends and have a business that will result in profits daily. You can do one of these businesses: boutique, supermarket, pharmacy if you are a chemist or a cement warehouse
The way to survive and never go broke is to sell up your assets or borrow from friends and have a business that will result in profits daily. You can do one of these businesses: boutique, supermarket, pharmacy if you are a chemist or a cement warehouse
November 03, 2022, 12:50:43 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?
Unemployment, rising cost of living, increasing food prices, falling stocks etc are mainly the symptoms of overconsumption of abundant. Just becareful how much you consume if you don't have means to sufficiently produce what you consume.
Invest in production of good things that are locally abundant in supply and high in demands. Be careful saving in fiat currency long-term.
November 03, 2022, 11:19:12 AM
The only thing you can do is keep looking for every opportunity because you still hope to survive if the recession worsens. If you do nothing and just wait, that won't provide any solution either. Therefore, we should use the remaining time to look for other opportunities because we still have opportunities that can help us survive, especially if this condition or recession worsens. And who knows, we may also get more than before. We can only try our best. We leave the results to God because only God has the right to our lives.
Waiting is scary for some people because we are risking our money and waiting for your money to be valued or potentially crash and make you even poorer is a big problem.I am not saying that it would be impossible to fix it, of course there are issues where it would make you wait easier if you do have the income for it, someone who makes 5k per month doesn't worry about the 1k they put in there, but if you make 500 bucks a month, and have 5k in investment then that money is a huge reason why you would be scared on waiting. We need to find a way to make the waiting more fun for people, and that’s what the staking world was created for, it gives you a good return for sure.
November 03, 2022, 04:49:13 AM
I've seen several occasions whereby people get rich and along the way return back being poor and this does not necessarily have to have the implact from inflation, getting riches is synonymous to having enough money toncarter for present wants, but many get carried away by larvish spendings on liabilities instead of investing on asset, recession will be a shake to test the regidity of your financial capacitation and standings and what determines this is wjen you have a back up investment to sustain with despite current challenge, many fails to backup their imcom with alternative and take the whole risk onna single venture and when recession set in it becomes inevitable to handle.
November 02, 2022, 11:43:54 AM
Normally recession is a time things are being tough for everyone. In the time of recession economy, businesses and companies struggle to make income. From the last recession I saw it even affected the government, it was difficult for government to fund the nation. The only business I know recession don't really have much impact on is the food and health industry. No matter how things seems difficult in a country people will always buy food and seek for medical attention for survival, so I think people who are in this line will benefit if recession takes place.
November 02, 2022, 10:48:25 AM
First off, during recession, a lot of investors take the opportunity to strategies on the unpredictable outcome of certain products or services which may be essential and unavoidable by every one and as such, they gather more useful information about the particular product that they want to take risk in putting their funds on with the knowledge that the prices of such products will greatly appreciate because the demand will be higher than the supply during the recession period.
In order not to go broke during the time of recession, take every opportunity to invest when others are complaining about the economic downturn and be open to getting information about the price of some essential products if possible buy and store in other to sell when the prices go higher I believe you can never go broke if you invest in a particular product that is greatly requested by most people even though it may take time for the prices to appreciate that's the billionaire's mindset.
In order not to go broke during the time of recession, take every opportunity to invest when others are complaining about the economic downturn and be open to getting information about the price of some essential products if possible buy and store in other to sell when the prices go higher I believe you can never go broke if you invest in a particular product that is greatly requested by most people even though it may take time for the prices to appreciate that's the billionaire's mindset.
November 02, 2022, 10:37:56 AM
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?
You are starting from the completely wrong assumption that you can compare yourself to billionaires who have so much money that inflation or recession are not a problem for them, because they live as luxuriously as before. Unlike you, who lost your job and are looking for a way out of the situation you are in, WB and the like worry about where they will invest their billions so that after the crisis is over, they will have even greater wealth.
Unless you have some genius idea in terms of writing a book that will become a bestseller, or you can come up with some genius invention that will make the world go crazy, I don't see how you can get rich. If I were you, I would start looking for a new job today and stop listening to the rich and their advice, because they are intended for those who have money anyway.
November 02, 2022, 05:34:16 AM
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.
True, the best step when we start investing is when the market is red as it is today, but most people do the opposite, namely invest when the market is rising because they hope to continue to rise and sell when the market is red, so both are wrong strategies.
November 02, 2022, 04:00:40 AM
The only thing you can do is keep looking for every opportunity because you still hope to survive if the recession worsens. If you do nothing and just wait, that won't provide any solution either. Therefore, we should use the remaining time to look for other opportunities because we still have opportunities that can help us survive, especially if this condition or recession worsens. And who knows, we may also get more than before. We can only try our best. We leave the results to God because only God has the right to our lives.
November 02, 2022, 03:43:31 AM
In recession there's few thing that most people will still need to buy, it's: food and medicine. A rich people can create a new business to sell a cheap food and medicine, this will make people buy from him. Not to mention poor people will take a loan or want to sell their expensive stuff, rich people can charge high interest and buy their expensive stuff in cheaper price. This will make those poor people doesn't have any choice and rich people will always win.
Jump to: