Topic: Recession? How to face It? - page 2. (Read 1222 times)

There is nothing much easier to recover from post-recession or inflation because collective awareness is needed for this problem to be resolved. If our age is at the maturity level where we already have a family that needs to be supported then there will be a big impact when inflation or recession occurs because we have the responsibility to meet the costs of life that we live with our family. Preparations for dealing with inflation and recession cannot be done once the event has occurred because it will be quite troublesome to deal with it. We have to have a plan and a financial plan long before it happens, the aim is so that we can control the severity caused by the event and most people don't think long before it happens.

Like the previous discussion, how a person has a good financial plan for living life, has savings and other preparations to deal with it if this event occurs. Sometimes waiting for the government to find a solution is not right because we have responsibilities that need to be prepared for the family as a daily staple food. This is the collective awareness of each individual to reach the stage that needs to be done and there is always a way if someone has a thorough plan to face it.

It is true that going from inflation to recession is a complicated and long process, and recovery does take time. Even though the government tries, it's often hard for them to solve such complicated economic problems right away. It is very hard to turn around a situation that is already going badly

As you rightly say, facing the socio-economic problems, especially after a global crisis, requires a constant understanding on the part of everyone. Pandemics, recessions, and wars have all happened at the same time, leaving people trying to make ends meet. Finding side jobs and working more hours are two methods that many people are using to stay alive. The next question is how long this can go on for and what will happen in the long run

Whether a recession is the same as an economic crisis or not, I think it has a very bad impact on all of society. There may be riots such as looting of food in supermarkets by residents who cannot afford to buy food and are trying to survive. The economy is the heart of human activity, therefore when a country's economy collapses due to a recession, it is likely that it will only cause the country to experience ruin.

What I fear is not food, but the uncontrolled anarchic actions of citizens who want to survive. I am more afraid that people's emotions will get out of control and start to make the atmosphere even more chaotic.

To anticipate this, I will allocate some of my assets into several investment instruments such as gold, Bitcoin and shares related to development. I use gold as the safest hedge, hopefully Bitcoin can protect the value or even grow the value of savings and shares for building construction. I plan that when the recession is over the price will increase because it is certain that demand will also increase.

You're one of the lucky few to have a lot of income streams so you can keep yourself afloat in a time where recession is imminent, a lot of Americans aren't as lucky as you are, I've watched the movie The Big Short and a lot of the Americans were homeless when the bubble popped and the recession started. I feel bad that not everyone has the means to make multiple income streams or has the opportunity because I do agree with you, that it's a good idea to have more income streams so the effects of recession is alleviated. I'm not from US so I can't really accurately say how to survive that but if I am right, there should be some kind of help that's going to be given to people that's affected like unemployment benefits or other stuff like that and so my tip based on what little that I know about the stuff in recession is for everyone feeling the effects to try and make sure that you take all the government help that you can get.

Well, preventatively or repressively, it may have been done, but to deal with this situation, collective awareness is also needed, as you said. And actually, after a recession occurs after inflation, of course it will take quite a long time for the economy to recover so that it is back on a better track. And the government has also made efforts in this regard. It's just that sometimes something that has already happened becomes more difficult to deal with. This is different from when we already have thorough preparation from the start. But the current economic crisis, inflation and recession do not give everyone enough time to make preparations. Because everyone has just finished dealing with the Pandemic. And this crisis occurred as a result of the post-pandemic impact. So it's natural that currently not many people are ready for the current situation. Coupled with war and conflict in the country, everything is getting out of control. All we can do now is just try our best to survive individually. Either by increasing working hours by looking for side jobs or something else.

That's very true, the right solution is to open your own business but still look at opportunities to maintain stability and money circulation even with a small profit.
At a time when the world is currently experiencing many problems that have a big impact on all sectors which make it very possible for the economy to be disrupted, especially among the lower classes due to job loss, you have no other choice but to put your hope in yourself by opening your own business.
These things have to be thought about from now on, even though we have not been affected or experienced these bad things, because we will never know what will happen in the future, so we must be ready to face bad situations like that.

The solution is to open your own business with existing capabilities because when we need to face these impacts from now on, it must start by creating our own business to be able to overcome these problems. Because when some people get laid off from the company where they usually work, the solution is to continue working under any conditions by opening their own business in order to maintain their income to continue living their lives because being unemployed will trigger more problems in life.

Maybe there is one more solution that needs to be added to the several solutions that you have explained, namely that we must continue to have work as usual in any form as long as the work can provide better results for us personally. Because everyone will not be able to manage their finances if there is no source of income through their work, so for this final solution there must be additional work because more sources of income come from that. Meanwhile, saving, investing and having insurance are technical parts that must be done after we receive income from our work in life or after the source of income becomes clearer.

Saving and working hard are efforts that everyone must make, but working hard is not enough if it is not accompanied by smart work. Inflation and recession have killed several sectors and caused economic decline for people to make money. In the end, people's lives have become increasingly difficult because they are unable to meet their needs. Fighting inflation and recession is not always about saving and working hard because it requires collective work from the government, society and suppliers of goods in the market.

Adjustments between several conditions that occur and if a recession and inflation occur are caused by several events, then there are preventative solutions that can be carried out by society, the government or certain parties who have responsibility. Inflation and recession will destroy the economy of every country that experiences it and will spread to other sectors that are much more widespread. At this stage, the condition of fulfilling needs becomes an attraction that will continue to worsen and the prices of basic necessities in general will experience an uncontrolled increase.

When this sector experiences severe pressure, conditions will get worse because people in general will find it difficult to face the pressure of high selling prices for basic commodities in the market. The solution is like our previous discussion and the role of the collective is a way to deal with this condition because without collective awareness, this condition will take a long time to resolve.

Recession is a period where you can reinvent yourself. Because, since there aren't all that many job opportunities during the recession period, that means that we are going to end up with a lot of people who are unemployed, and finding a new job will be very hard and you are going to end up with results that are not that good when you seek another job.

However if you end up with finding any job that you want, not just what you worked before, but what you want to work in, then you can start from fresh and not really make that much different money. So that would be a great time to reinvent your whole life, and that's what recessions are good for.

Basically it is going to suck and be terrible so if it is going to suck at least make it worth to suck by finding a job you want to do, otherwise why would you want to look for a job that you hate while also having no chance getting one quickly? It is not going to be good for you on the long run at all.

The recession and the impact of the war between Russia and Ukraine are a frightening specter where commodity and oil prices continue to increase, but meanwhile employee salaries remain the same without experiencing a single cent increase in wages so that the wages earned cannot meet existing needs. . However, if they decide to stop working then they have to think twice because finding work is currently very difficult.
And it is true that in current conditions many companies are experiencing bankruptcy because they are unable to compete and solve existing problems. Companies that still exist are reluctant to increase their employees' salaries even though their needs continue to increase, companies are reluctant to increase salaries because they are aware of their own condition which is currently in the stage of company financial recovery due to the Covid-19 pandemic and now they are again shocked by the existing economic problems, this is what makes companies reluctant increase the salaries of employees because their finances are not yet stable.

Things are becoming worse and the government may be trying to cocktail the actual circumstances but the effect is still not working. The government can only provide the necessary basics amenities to her citizens although that may be different from region to region where the government provides funds for her people even when they don't have a job. This is a tough time when we need to work on our spending because things are getting worse will time and we don't even know what will be the market condition in months coming. The war between Russia and Ukraine had become a bug catastrophe to other countries in term of gas, food etc.

Recession is something that has happened times without numbers and it is something that can still happen anytime which nobody can tell when,  one thing about Recession it always happens as a surprise to people,  it takes people unaware that is why even with the experience of Recession in the past people still get unprepared whenever recession take place.  I don't really blame people who are not prepared for recession because it occurs as a surprise and the recession is a season that many people are been affected .

The problem during the recession is that many businesses are closing and many investments are going down. If someone who relies completely on those affected businesses and assets of their have been terribly affected by the recession, that stable cash flow won't be stable anymore.
That's the hard part for those who have been completely reliant on this and that's not a problem because that's really one of the keys to becoming stable in this world and having a solid foundation with your cash flow and passive income. But whenever these incidents come that the recession will just go through with any assets and business that you own, you'll be affected on it but as long as you can keep up with what's happening on the global market and you're skilled enough to adopt. It is possible that you'll find another way to have that stable cash flow or else you'll have to sell all of those assets that you have as well as the closure of your business even if you don't want to. The recession is savage and if you have come unprepared for it, you'll deeply feel sorry that there seems to be no hope at all with it.

Cutting your spending on unusual things is one step for you to survive. When you've got that much stuff that you don't need and you are spending money on it, it's not just worth it at all.

The impact of a recession is very big, like it or not, we have to prepare as early as possible to face a recession. Because many workers will experience layoffs. What affects the poverty rate is increasing and the unemployment rate is also increasing which will directly impact on decreasing capital income.

In my personal opinion, the solution to survive the economic crisis is to save money from unnecessary expenses. Second, have an additional source of income just in case. Third, if necessary, have an insurance policy to deal with emergency conditions. And finally, increase investment. Always look back at your investment portfolio, if global market conditions start to decline then immediately rearrange your investment portfolio into a safer form such as bitcoin. Lastly, perhaps the most important thing is to continue living your life as usual and don't panic.

We should really be that indeed smart and wise when it comes to this because if we arent really that prepared then we would definitely be experiencing the bitter things specially if we do speak about recession or inflation.
Yes, its true on which rich people cant really be that easily affected when it comes to this scenario which they could really be that easily be able to adjust or survive considering that they do have other income
or stream of money earning things on which its really that supporting them on the time that it would really be that happening. This is why it would really be always that wise to do on making
things to be prepared rather than caught up yourself off guard.

Being wise and being mindful is the best approach that you could really be having. Facing it out might not be simple as it sounds but doesnt mean that it would be impossible on doing so.
There are really just that people who are really that wise on preparing things on whats ahead.

I think rather than saying they didn't prepare well then I would probably say that they were confused about how to prepare for it.
Indeed for some people it will be easy but for some especially for those who are poor then they will not be able to do that other than being desperate to accept without preparation. It is not that they do not want to prepare, it is just that they are confused about what they should prepare because after all, before the recession they already had difficulties with their economy so that when the recession occurred they realized that the conditions would definitely be worse but on the other hand they also could not do anything other than accept and face it.

Yes, it is important to face a recession to be able to stabilize our cash flow, because without this everything will fall apart. Maybe this is a good way to stabilize our cash so that we can manage our finances when an economic recession occurs. I learned this from my experience when the Covid virus occurred several years ago.

1. Increase emergency funds. It's best to start recording expenses and income.

2. Increase investment. If we haven't started investing, it's best to invest immediately, the easiest investment is gold because it's easy to disburse when there's a sudden need, and don't forget if you have extra money to invest in bitcoin.

3. Consider your career because the career we are focusing on must know, this could be long term or only temporary. For example, in a temporary career we can look for additional income.

4. If you currently have debt, it's a good idea to note down how much debt needs to be paid. Pay in installments. and live frugally and lastly, don't get into debt again.

5. Don't let expenses be greater than income. So that our income is greater, continue to increase creativity... Continue to learn new things, have additional income so that you can increase your income better, and still live frugally

Hopefully the finances we currently have remain stable.

you are right about that and as much as possible we have to manage our expenses and income well, we can make expenses because after all we have to fulfill primary, secondary and tertiary needs but what we need to pay attention to is to make sure that we buy things that are really needed and not just a desire.

investment is one way to deal with a recession and is known as an effective way to increase income, but in this case we are required to be more careful in determining where we will invest so that we can guarantee that the investment can still provide profits amidst the threat of recession and Of course, to be able to do this you need to be wiser and smarter.
and one more thing, as much as possible we must avoid long-term debt because clearly this is very risky and will cause us to be in debt in the future because when a recession occurs, interest rates will increase, causing the value of our debt to increase.

What is most needed during a recession is a stable cash flow. A person must be able to ensure that they have a stable cash flow that can meet their needs and to save/invest in shares or other investment instruments. Without a stable cash flow, it might be quite difficult for someone to survive this recession, because the prices of goods will tend to fluctuate and a person must be able to meet their primary needs first.
And then cutting spending on things that are not important is necessary and allocating the money to things that are more necessary or saving it.

The problem is, is not entirely clear what the "recession" means. It has been used so loosely (especially in recent times) that it can have different meaning to different people. We've seen so called experts and journalists referring to recession in situation when economic growth has slowed down, but still was positive.
And I don't understand why so many people believe that constant, uninterrupted growth is somehow a natural situation and any deviation from that is a tragedy. To me, it's kind of expected to see some periods of both, ups and downs.
And again, the mass outcry and comparing recession to some sort of cataclysm is usually vastly exaggerated. I've seen the effects of 2008 recession but I don't know anyone who would be affected by it in any significant, long-term way.