Topic: Can One Get Rich or At least Not go Broke During a Recession? - page 8. (Read 1313 times)

The fact recession still bites hard, doesn't mean the rich dont get any richer nor the poor any poorer. I believe being rich is as a result of careful dedication and prior preparation.
For one to not go broke in a time like this, it is of paramount importance to first and furmost have a source or two of income, no matter how meager it may be.
Also, save more where possible and spend less, consume less, try new alternatives for meals and outings, just try to do whatever you would have done lavishly, less and less lavish.
The opportunities abound where one is able to find a cheap and lasting solution to any one problem during these recession time.

Stop being only a consumer as remaining a consumer alone is one of the surest ways to ensure that you are at the receiving end of the effect of the recession. I don't know how much money you have, but if you are good in business, now can be a good time to consider starting one that is carefully thought out which renders important services or provides essential commodities.
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Recession won't bring opportunity, but it lets people identify their ability as well as find a way to survive. This might not happen with most people, but the one who were striving to be an entrepreneur or get out of his routine will take it as the time to study the market and succeed out of it. Even here failures will happen.

I experienced it during the lockdown of covid-19. Lot of tech people who got fired from their jobs came up with their own plans and this was just for their survival and now those have turned to be million dollar businesses.

Recessions can be huge sources of opportunity for people who are able to retain a job and keep their income going steady. You're able to pick up company stocks at much depressed prices which are likely to bounce back as the country moves out of recession and provide a solid income into the future. However that can be easier said than done, because typically companies are also looking to cut back heavily throughout this time and the highest earners can sometimes be a target of redundancy first. Other companies might simply be badly placed and end up going under, which leaves you in the job hunting market at the most inopportune time when you want to be investing.

We live head lives because the world is never fair. Particularly, the poor and the weak. Most gets preyed on and very few gets help but, the once that are able to provide needed or scares services always enjoys it all.
I won't say it's not possible for some people to go broke or run out of there means of livelihood because, its an expectation but, we would always survive. Its the way it is for man, no matter the situation, human beings would always fined a way to see it through and to the end.

Haven't been aware of the forth coming inevitable situation, one must be prepared by looking for means to provide what would be lacking, not just for his or herself but for the masses thay would need those and enrich themselves.

Covid-19 made nose mask, hand sanitizer and pharmaceutical firms rich, people who sell food items as well. So will the inflation create demand for certain products as well and as an investor or one who hopes not to get caught in between, its time to think.

Do you have a job? Do you have any income?
If you do, and you have some savings, a recession is much better than a bull market to make money. You will be able to buy cheap stocks and bonds (and crypto) and in a few years your stash will be much bigger than it would if we were in a bull market right now.

Take a look at this article
https://www.mrmoneymustache.com/2022/05/20/2022-stock-market-crash/

If you don't have a job now, there are also opportunities now. There are many options to try for a remote job, study in the internet and so on.

Sorry for this. This difficult economy is getting companies to minimize cost and to do that is to put some machines out or make one person to control more work and underpaid, this is bad.


It is not a bad thing. They say it that when one door is closed, it will open another opportunity to open another door. So get up and dust up from the memory. Learning a skill is another opportunity.


The reason that rich people get rich more in recession is they have the capital to buy up properties and other things from the people that have financial problem because of the recession. The things are sold cheaper than real market price in a robust economy. The hidden opportunity is if you can buy or invest in recession that is cheaper. Buying gold, commodities are cheaper that you can hodl longer until economy recover so you can sell but doing the buying in recession is difficult because money is not that flowing or easy.

There are many opportunities to grow rich during recession although this opportunities are patronised by rich fellows who could not get hit even if it fails. But for the average man, it is a situation where you need a plan that just has to work. The safest I would suggest is Agriculture holding. One needs to study his environment and past recessions to know what is mostly needed during downturn. Agricultural holding reduces risk if planed well.

As for not going broke during the period my suggestion would be one needs to plan ahead by possibly increasing its emergency savings since warnings of the downturn is always given before it arrives. The savings could help during the recession period when some things don't go as planed

In a recession, people are forced to sell their assets to bear their expenses. Warren Buffet talks about these opportunities. When people are selling you will buy and when people are buying you will sell. Rich people follow these simple rules. Now do not ask me where did you get the money. These are the skills most people do not have. You can buy and sell millions of dollars of properties without having money in your pocket. Human minds are very unique so use them.

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.

There's probably a lot more examples than what I've mentioned below but it's a gist of what to expect.

If you don't have a strong income straam you might see problems facing day to day expenses and then won't be able to harness all a recession has to offer...

And with that out of the way, recessions normally pose good opportunities for those with cash and liquidity. Good debt gets valued like it's toxic, good companies get valued like they're only going to survive 6-10 years (in some places), gold and other things considered stable go into bull markets - if you buy wheat and it drops in value - you've still got food. Bad news causes panic in markets, more panic than is necessary - you can make a decent amount by buying crashes and selling them back to the market when the price appreciates (but manage your risk with this one). The federal reserve released stress test documentation too which seems to either have been influencing the market or an accurate prediction (if you're interested in forex in any way particularly).

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These are risky ideas that should be originally tested with no more than you'd be happy losing down a grid - if you make profits, reinvest those instead of expanding too much and getting carried away. Placing high orders might affect how others trade or the price you buy at and that could invalidate what you're doing or make it harder.

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?