Topic: Recession? How to face It? - page 4. (Read 1222 times)

Except it does affect everyone, even those with passive income avenues as you're trying to put it. Picture this my friend, you're a tiktok influencer talking about passive income and how to live off of that. You're urging your viewers to look into rental properties, you've invested in these as well. But what you failed to remember is that it's the height of an economic recession, and people aren't so eager to really spend more money than what they could, even if it meant living in a nice rental property such as yours. Now all of your real estate properties are on the shitbox, and you're basically contemplating whether you're supposed to sell these properties off or not, but you know you would be at a loss since it's the recession and no one's going to buy your houses. See everyone's affected when recession happens, no one is safe from it except the 1%

Saving money , learning money management and also having some Bitcoin would be a good start during a recession but all of these must be made before it really hits its boiling point. Other than this , there is really nothing to do because I remember the 2008 crisis and so on and it wasn't pleasant at all with financial situations.

Personally , I think we will avoid the massive recession but we will see the effects of it in the next coming years in all domains , in every country , on every continent. Some of them will be less affected and some will be more affected but that is up to each and every nation to protect their citizens.

Yes, it's true, in the next few years we will face difficult years and a recession. There have been many disasters, earthquakes, especially now that there have been wars in several countries, of course this will have an effect on the global economy. An economic recession in a country will definitely happen and it is impossible for us to avoid it.

In my opinion, we have to be more careful in terms of spending, don't spend on consumptive things, because income may be limited. Moreover, in the previous year we were twice affected by the recession. The point is, we have to be careful in spending, we have to have bitcoin assets and savings. Take advantage of Internet technology to develop skills so that we can make money via the internet.

Recession is a disaster that affect the economy, but when we consider the rate at which this is felt on a country compared to how the people are being affected, it will be seen that people habe gone far with the experience of the negative influence through what inflation had caused, recession usually occur beca of the government poor economy performance which yielded it results on the people that depends on the government, i hope they all can relate well to this and understand the role they play contributing to the economy failures.

What I want to know is which country are you referring to? Because everyone needs to see evidence of several countries that are dependent on other countries for the commodities you mean and also several countries that are able to provide these commodities to other countries. So you need to say which countries are related to each other so that everyone can continue to prepare themselves to be able to face inflation or economic recession which may still occur for all countries. And the matter of continuing to invest, not being wasteful and continuing to look for sources of income, I think that is something that everyone should continue to do under any circumstances.

You're right, we should prepare for bad things, not the time to get depressed or panic. But I think we don't need to find a way because there is no other way but to find more income and save as much as possible. Apart from that solution, we do not have any solution to help us survive in times of crisis and recession.

But it will be quite late if we start those things now. We should save and increase our income even when we live in a stable economy because unexpected things can happen at any time, not just recessions or crises, which are the only threats we face.

It's still not fully clear if we are heading towards a recession or not. In some countries there will be a technical recession this year, whereas other countries manage to keep in the 1-2% GDP growth rates. Nonetheless the global growth is slowing down and the economic outlooks are negative. It's important to prepare for the worst-case scenario to have some options to lower the burden on our family. Financial stability is after health the most important thing to look after before and during a recession. The priority should be to secure our monthly pay checks and to make sure that our job is going to remain stable during the recession. That is why I try to keep a good communication with my colleagues so I hear as soon as there are some issues. Just last month I heard that they are going to be layoffs by a friend in HR. The townhall meeting is only coming in November, but it's good to be have informal communication and be prepared. I am already starting to look for a new job just to be prepared for the worst case. Even if it's only a small job that I can do on the side or on the weekends the additional income is going to be helping out a lot.

Economic challenges in the future will be increasingly difficult, it is not strange if inflation or economic recession occurs because currently more and more countries are very dependent on commodities from other countries so that when problems occur it will create a chain of problems, what we can do of course is invest , not wasteful and continue to look for sources of income.

It is true that discussions of economic recession are now frequent in the media. However, the same problem has been created all over the world. While this kind of news affects somewhere but not everywhere, its advance guidance has been massively disappointing. Some are cutting all their expenses in preparation. There has been some downward impact on business. No new investment is taking place. Unemployment continues to rise. Rising commodity prices are depressing people. This type of panic should be overcome. In recent times, due to war, the ongoing process of economy has been interrupted in almost many countries. Now we should prepare ourselves at this time instead of being disappointed. We have to create an environment where we can live in the difficult times. Everyone including the government has to come forward at this time. So we need to figure out how we can face this economic recession without fear and panic.

The period where you lose your job until you find a new job is the hardest and the weirdest part of the world and not usually all that common as well. I have worked all my life, with some months in between when I did not work and I can guarantee you that I did not had any financial trouble during the non-working parts of my life whereas I had huge huge huge financial trouble during the times when I worked.

The main reason for that is the fact that I always had a small savings during the non-working part, like the company pays you when you leave, and I knew that I was not working so there was no income, and I spent very very  very little, like barely anything, just surviving, nothing big, not even spend big on food, very tiny amounts.

However, when I am working, I know that I have a salary, so I get to end up spending even more because I trust on the money that will come soon enough and that was the issue that I faced with and that caused some trouble.

Diversification is needed now. Even before the recession happened. And now it certainly needs to be paid more attention. Because diversification can also minimize risks and maximize profits at the same time. For those who are familiar with financial management, carrying out portfolio diversification is a common thing to do. But for those who are still not used to or not disciplined in financial management, it tends to be difficult to do. They sometimes always prefer to take big risks in order to get bigger potential profits.

And nowadays I prefer to press it on everyone to become multi-talented people. Well, we have to start exploring other skills that can help us be better prepared for more difficult job market challenges when a recession is occurring. with the many skills that we can have, the opportunity to earn more income can also be large.

I've been hearing people talk about a looming recession for a decade now.  Literally it's been about that long.  Working in finance, being a financial advisor, this is obviously a topic that I deal with on a day to day basis. All I know is that the markets god up and they go down and that will never change so just make sure you've got a well diversified portfolio that can "handle" any market downturns.

Economic downturn can be a curse in life if not planned ahead. Many people are discussing that economic recession will come and it will be on a very large scale. Many people discussing the same topic means that something like this is definitely going to happen in the future. As experienced economists are warning us in advance, we need to be alert about this as well as do some pre-planning to overcome the economic downturn. It is natural that people will lose their jobs when there is an economic recession, so after losing a job, you have to think about how to get good financial support from some other means. If we have alternative businesses and if we can save money for the future as well as invest in a site then I think we will be able to weather the economic crisis.

Their upper class people may experience considerable losses such as due to decreased profits in their businesses. But still like you said they won't starve. So the impact of the recession for them is still within safe limits for their lives. This is different from lower middle class people, where the impact of a recession can even threaten their welfare. for example, many of the lower middle class have lost their jobs due to mass layoffs that occurred due to the closure of a company or a reduction in employees by a company. So, when unemployment increases, the crime rate usually also increases. Even today people are starting to take out loans to meet their living needs. and it is a very worrying situation.

In summary, everyone must continue to work hard in order to be able to fight economic crises and recessions on a global scale, because when crises and recessions occur, almost everyone must think about themselves without complaining and getting rid of the feeling of laziness that is still nestled in their bodies. . In fact, the problem is that you have to keep working hard, not only during recessions and crises, but in general, everyone has to work hard under any conditions so that they can be better prepared to face economic conditions when they change for the worse.

The recession that occurred that year was something that had never been expected before because that year was also characterized by pandemic conditions, which immediately caused many people to be unemployed and also people who could not leave the house, so those who had food and drink stocks More people will feel very safe and those who usually often work from their own homes will also be comfortable enough to continue living in conditions like that in 2020. So this is a condition that many people cannot deny at that time.

In terms of emergency funds, you actually have to always have them and prepare them when it is still easy to get money, because when it starts to become difficult for us to get money, emergency funds will always be more valuable for survival. So in conditions like now everyone has to continue looking for income in order to be able to make preparations for unexpected things and one of them is an emergency fund as you suggest.

Indeed, poor people will really feel the impact of the recession because they will have more difficulty meeting their needs compared to before the recession. For those who know when a recession will occur, it will be easier for them to prepare their funds to be able to face a recession so that they will not feel worried whenever the recession occurs. So whatever the current situation, it would be better if we knew how to manage finances and prepare emergency funds so that when a recession occurs we can still meet our own needs.

Recession is just liquidity issues and it also it has to do a lot with the war . Still today we can see it going on and this becomes more natural more often .

Yes, you are right that those who are most affected or who suffer the most when a recession occurs are poor people. Because they don't even know about the Recession but they are the ones who feel the most difficulty in the recession. Meanwhile, rich people even receive information much earlier about when a potential recession will occur. So the rich people started making preparations early.

Meanwhile, poor people don't even understand the term recession. All they feel is that life is becoming more and more difficult. So they don't have time to make preparations and even if they were informed from the start I doubt they would be able to make preparations. Because for them, even in normal economic conditions, it still feels difficult. So when a recession occurs they will definitely have more difficulties. That's very sad. But we can't do anything about that.

What you said is true; the poor, not the wealthy or members of the middle class, will be particularly impacted by the recession. The wealthy individuals may experience the unpleasant impacts of the recession, but they definitely won't go hungry.

But the poor are the ones who will be defeated by the recession attack, so what needs to be done is to be strategic and prepared in all situations. For example, one of the best things to do is to save money for the future, even if there is no good to be ready all the time really.

But one of the funniest things about recession it comes as a surprise most times, like the last recession that took place in 2020 it was as a surprise though before then inflation was increasing but people never thought recession was around the corners too. If people are able to see recession when coming I think they will do the possible best to store foods and to save emergency funds during this critical period.

It is very good to always prepare to have emergency funds because anything can happen at anytime, I have  learnt a lot from recession and other crisis years back that people could only survive because of the emergency funds they have at hand.