Topic: Can One Get Rich or At least Not go Broke During a Recession? - page 7. (Read 1317 times)

Rich people always have ideas and can take advantage of opportunities to be rich, they have positive thoughts and always look for things that are useful to increase wealth, when inflation, of course, many people need money so they will lend money with high interest so that their wealth continues to grow.

For millionaires getting richer is a click away and this recession is not even a threat to them but an opportunity.  But you could also do what they are doing if you just play it well.

I'm spending less this time and just minimizing anything as possible. Work more and spend a noddle for a meal. This may just be too much though.
Looking forward to the future is more important but health is importanter.

Yes, a millionaire who invest Bitcoin during recession and hold it until the economy already recover and start to grow. This is an easy money for them, they didn't need to spend whole time to work or make something new on their business, they only need to buy every dip of Bitcoin. This is why we should start to accumulate Bitcoin right now before Bitcoin price surge and many people will say it's too late to buy Bitcoin.

Of course. This is my case. I wouldn't say rich, but I certainly haven't gone broke in this crisis and I have increased both my income and my net worth, despite the general decline in financial asset valuations.

Controlling what you spend, spending less than what you earn, trying to earn more (either because you get paid more with your main job, or because you look for side jobs that give you other sources of income), having an emergency fund and investing, investing, and investing repeatedly will improve anyone's financial situation. The only thing missing here is giving, which is gradually becoming a more important part.

It is not about buying a couple of yachts and a desert island. It is about improving your economic situation from your current economic position. And anyone can do that, especially in developed countries.

Make no mistake, Warren Buffet and that other guy do not actually refer to the likes of us. They're not talking about the ordinary man who lost his job, drained his savings, reduced his consumption, and so on and so forth. They're talking about those who have the money in the middle of a recession. And they're not the ordinary working class who are wage dependent or daily wage earners. In the end, in whatever bad situation, it is the poor and vulnerable who are always at the receiving end.

If I had saved enough USDT from my last bull run gains, I would have been holding some bitcoins and buying properties by now but no, I joined the moon boys in shouting viva to the market and here I am regretted my inaction but we keep pushing regardless. If one has enough liquid cash during recession, one can buy cheap assets and sell them when the economy recovers and become extremely rich.

Find stable job first so you will not go totally broke and become totally useless during a recession. However, if this recession has laid you off from your job, then you can always develop your skills and find good jobs online that will be needing your area of specialization. No need to wait for some job offers, learn to look for them as recession will never hinder us from landing into good and well compensated jobs as long as your totally fit for it.

The most important thing in preparing for a recession is not to survive to stay rich, but to survive to stay alive. It should be remembered that every country with a capitalist economic system can predict a recession or crisis. Because from the very beginning the economic flaw of capitalism was inflation. The only thing they can do is speed it up or slow down the crisis.

Therefore, in order to survive during the recession, it is necessary to balance the stability of the store of value. In the midst of unemployment, layoffs were then beaten with an expensive cost of living. The most basic preparation apart from emergency funds was mental preparation.

The people, who have valuable skills will never go broke. It doesn't matter how hard the recession is.
The people, who don't have any valuable skills and work on very basic jobs(like janitors, for example) will always be close to poverty and close to getting flat broke.
There's no secret formula about how to become rich. Just work hard, be consistent, invest in yourself, learn new skills, use your brain, invest smart, try to find and exploit new niches on the market. At the end of the day, you would still need luck, no matter how hard you work.
Don't be afraid of failures. Failure can be a path to success, if you learn from your mistakes and improve yourself.
The vast majority of the people, who lack proper education and skills are pretty much doomed to fail. They will never escape the "poverty trap".

This is really a trying time for most of our compatriots at a time like this with inflation hitting higher than before with past administrations. Sometimes I wonder how those without a job even cope when those with a job barely survive on salary. This is why as a matter of emergency no one should stick to one source of income. I hope you get back on your feet soonest.

Talking about staying afloat during recession, one should get into business and into essential products. Products and services that people won't be able to do without. If you like trading, this is the right time to perfect your strategy. Spend more time at your game. This is why I'm trying my hand on Futures. It's an exciting exercise, provided you don't over leverage your capital.

You have to search for the one thing that people cannot go without and you invest in that, because whatever happens to the global economy, people will have to buy that...and if you are the supplier of that.. you will become very rich.

I would buy a farm or even a small piece of land and I will cultivate my own produce to sell on the markets. You will be amazed to see how much tomatoes can be grown in a small greenhouse. (Open field cultivation can produce 100-120 ton/ha. Table tomato cultivation in greenhouses can yield up to 500 ton/ha.) 

Opportunities for Rich can certainly happen at any time, even when there is a difficult economic or economic recession like the Pandemic period some time ago it turns out that many rich people are getting richer, I have a colleague and then come out and with a capital of around $ 15k for the production of masks in the early Pandemic and now He became rich.

The shifting nature of supply chains and economies, creates opportunities. Thanks to shifting demand and need.

Gasoline prices rise. People seek alternatives. Having a good alternative product in stock can be a million dollar opportunity. Transportation options like electric scooters might be in high demand at the moment for city regions. Accessories like trailers that can be pulled by electric scooters to haul cargo might also be in demand. Mopeds with engine sizes 50cc and smaller need no insurance, which could put them in high demand on the fossil fuel side of things as people seek alternatives to cut monthly costs.

Food prices rise. People seek alternatives. Someone with extra field space and time might plant crops to sell locally at higher than normal market prices. There are people who buy a $5 pack of carrot seeds to grow carrots which they might sell for $50 to $100 for a 10x to 20x profit. Food prices being what they are now, margins are higher due to prices being elevated.

Disposable income is on a decline, which can make it harder to attain profitability. The target demographic of consumers is narrowed and swings in favor of higher income bracket.

I think most can guess in which directions markets and demand are headed. It might be profitable to stay one step ahead of the current crisis.

Recessions is the great way to buy cheap stocks , they say ...
It is the great opportunity to become rich to buy undervalued crypto , they say ...
The property price went down at its lowest and you can take that opportunity to have a long term investment , they say ...

But what if after you bought the stocks at the cheapest possibility , bought crypto and the properties but then all of sudden everything went worse ? The price dropped even lower. Huhh?

If listening to those successful investors, it only means that you buy all of those cheap stocks that you see. And as we're in the crypto market, buy those cheap cryptos that you're seeing today.

They're cash ready and if you've got some cash ready to be made for investments, you should do it during the recession or the most common status to us which is the bear market.

And if you don't want to get broke, just do the typical financial advise like spending and living frugally.

The quote OP is talking about doesn't mean you'll become rich in a recession. It's an opportunity to stack up for another couple years. We don';t know how long this will last. For all we know it could end next month if Russia decides to stop the war and sanctions are lifted. It could also end when the FED stops this circus with rates. We all know they're fighting a lost cause and will either have to pivot or crash the market. In both cases they've lost.

I've been buying bitcoin since Spring when we went to 30k and I'm planning to continue if we fall to 18k again. I don't care at what level we are, I'm buying everything sub 20k and if I run out of money I'll DCA using my earnings.

You can make money if you have cash, but without it then you're better off working to make ends meet. During these times, necessities will be highly priced, and to be able to make something out of it you can buy wholesale items and sell it somewhere with some markups. It will be understable given how everyone is scrambling for goods and not everyone can buy wholesale anyway. It may be unethical at best but it's still better than trying to trick people out of their savings.

Every situation in life is an advantage to some people. Some people will definitely make their great fortune during this recession. The nature of the business you do will determine if you will be broke during recession or not. Investing into food and agriculture may be a way out of being broke during recession as no one can do without food.

Yes if there business or income flow come from importation which heavily rely on USD or they are affected to much on covid 19 effects. This could happen and current recession should be taken seriously by each investor since this could hurt them badly and if they don't have back up plans towards this for sure what mentioned by you on this thread will happen. Also government should have plan to help the investors so that they cannot feel a heavy damage towards the global crisis happening.

Yes hard times are really the time for innovation and creation ability to come up. If you get push to the wall, it will make you stronger and you bounce back better. You are correct during the covid-19 many individuals has to feed to through online and making different content. There is a business of comedy I think has developed and find it way online by making people to laugh, it develop the time of covid-19 many youth find their comedy talent and they started to make comedy skit, they post it on Snapchat, Snapchat, YouTube and some in Facebook. This is helpful to the youth and the economy also.