Recession? How to face It? - page 7.

aylabadia05

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Quote from: usekevin on September 30, 2023, 03:53:08 PM

Quote from: aylabadia05 on September 30, 2023, 08:49:13 AM

[snip]

If the person had an periodic income,he should ready to save the money for the future.Holding the money in the bitcoin will be the far better option for the saving.The bitcoin is the assets which can be hold for the longer period to get good profit by just holding.The recession in the economy will affect all the people expect the people who save their money for the future.We all know the things happened in the COVID,many people suffer to survive.Only the people who hold good money was escaped at that panic time.

Economic management. Bitcoin investment is one way to deal with a recession. Saving in the form of gold can also or other investments. Everything that does not unravel the value is included in a good way to face a dying economic problem.
Bitcoin investment is increasing the interest of people rather than the choice of other types of investment to anticipate economic permission such as recession.
A 2020 data shows the situation related to the level of investment that I took from Saylor.

Covid is a lesson and when large companies have a greater level of bitcoin adoption than other types are also learning why they do it.

KiaKia

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The recession won't stand a chance over you if you are making a good income every month or every week, those who are nailed badly to the wall in recession periods are those who are already struggling to feed themselves and have a good life, the solution for those who are struggling and poor is to be prepared, they should have some emergency funds saved somewhere and such people need to learn some skills to increase whatever they are making presently.

It's going to be an easy life if you are making enough money, you will be able to take care of your family and yourself, and there will be money to build a hopeful future, like investing in stocks or Bitcoin.

I don't have a problem with recession because I have good business and I also make money online via trading and I am still stacking up some BTC here and there, I am fully prepared for any worse situation.

knowngunman

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Quote from: dothebeats on September 30, 2023, 09:26:10 PM

Seeing some of the people I am acquainted with live a better lifestyle from their work makes me want to adapt and learn their skills and try working on a different field that provides better salary and work environment.

Thinking about adding extra skills is quite good but some time diversification is not always favorable as one may thought. If you have a stable source of income, you should focus on making it work better and grow bigger. Your friends are successful in their field or skills is not guarantee that you might prosper in that aspect too if you switch skills. One of my friend experienced such situation years back and regret attempting to change skills because he almost lost the two. What is good for the goose is no longer good for the gander. It actually works perfectly for some but you should apply caution in doing so in order not to lose your stable source and the new one fail to favor you. I wish you good luck in whatever decision you take.

Quote from: michellee on October 01, 2023, 12:59:07 AM

We hope to survive and emerge from the recession by making preparations starting now. We don't need to worry or panic because as long as we prepare ourselves well, we can survive during a recession. And don't forget to prepare some money to survive because, during a recession, prices of basic necessities can rise.

We all hope but how many people are comfortably living up to standard in terms of feeding, housing and clothing as well? You can only prepare for the recession if you are surviving the current situation comfortably. You don't expect average man who feeds once in a day to prepare for recession while he's already in recess. Sadly, appropriate authorities are not putting any reasonable measure to contain this.

Ben Barubal

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When a country has a recession, does that mean that all countries are affected? isn't that right? Then, why should we wait for that to happen when we can prepare for it, whether the recession happens or not, at least we have prepared for the things that will suddenly come into our lives.
Instead of when it's there and it's already happening, we'll prepare when it's difficult to do it, instead of when we're still relaxed and we didn't prepare. Let's not allow ourselves to add to the problem that can happen in situations like that.

michellee

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Be more alert and prepare for the recession itself. Panic and fear will not solve any problems. We must learn what is needed to survive when a recession comes or we are already in a recession. You have written down the steps needed to prepare yourself before the long recession comes so that you can be better prepared to face it.

We hope to survive and emerge from the recession by making preparations starting now. We don't need to worry or panic because as long as we prepare ourselves well, we can survive during a recession. And don't forget to prepare some money to survive because, during a recession, prices of basic necessities can rise.

Hopefully, we can all survive the recession well and get out of the recession without any problems.

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Quote from: wxa7115 on September 30, 2023, 07:25:38 PM

Quote from: icalical on September 30, 2023, 06:00:49 PM

I think the first one, preparing emergency funds is the most important thing in facing the recession. But with the current condition of fiat inflation and the risk of crushing stock market, and the bearish on Bitcoin market continuing, it's really hard to find the best way to safe our funds. I mean if we safe our funds in fiat, we have the security and we can immediately use it to buy our needs, but if the inflation rate is keep raising, then it's bad. And we can safe our funds in stock or bitcoin or other assets, but we can guarantee that the value of those investment will stable, and we still need to sell those assets to get the money we can used for living.

Another step that has to be taken is to avoid debt as much as possible, someone that has no significant debt can more easily deal with any economic crisis that may appear, now I understand this is a hurdle as it is difficult to live our lives without having some debt, but it has to be done.

As I know some people that had not recovered fully from the 2008 crisis, and then they had to deal with the pandemic and most likely another economic crisis will come soon, and they will be yet again unprepared to face such an event.

If you are someone who always has a savings fund and an emergency fund, I believe you will not need to borrow money to live. Therefore, as long as we find ways to increase our income and always have savings, we will never have debts that cannot be paid. Economic recession means we face economic difficulties, so if we always prepare carefully such as saving and increasing our income, it will not be too difficult to solve.

Even when there is no crisis or economic recession, we should always be prepared for those things because life always has surprises. Many people still have difficulties even in times of economic development because they never prepare anything for life.

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Quote from: gunhell16 on September 30, 2023, 04:56:36 AM

Quote from: jasonjm on September 30, 2023, 12:07:27 AM

In a recession, the country's economy shrinks, and the unemployment rate increases. We should be proactive in dealing with these kinds of emergencies. In a recession, it is very important that you have a somewhat steady cash flow, limit your expenses, earn more through different means, and diversify your investments (Bitcoin, stocks, real estate, bonds, etc.). It is also necessary to have liquid investment. Emergency funds, rental income, pension funds, etc., are important in fighting difficult financial situations. Adapt to the situation quickly and have a problem-solving approach. " Where there's a will, there's a way".
Hopefully, all of our hardships will be over in the coming months.

In our country, we are not in the stage of recession, but our average unemployment here is actually very high. And many degree holders here accept jobs that are not suitable for their completed courses in the hardships of life instead of just hanging out at home.

How can it be that if our country has entered this recession, there will be more and more people who will find ways to survive in situations like this? I think that two sources of income will probably not be enough for sure at this time. Our source of income should be at least three or more.

It depends on the average monthly income of a person. I think, in your country per capita income is on the lower side, and you guys are facing a higher inflation rate. This is the only possible situation when you can not afford the commodities with two sources of income.
I am of the opinion that you should try to settle in some other country, where income is higher, and inflation is in the single digits. This way, you can generate more income and send remittances to your family for their financial support.

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Quote from: BRINIRHA on September 29, 2023, 11:08:35 PM

5. Start preparing yourself to face a career change. By learning more skills in fields that we haven't even mastered before. So that we can be better prepared to work in any field that we can use to get more income. Because looking for additional work will not be easy if we don't have many skills that we can use in competition in the job market.

Good point on this one. Honestly, this is what I'm trying to do these days. Although I already have a stable job that gives me a good source of income that steadily pays for my food, utilities, and needs, and even allows me to invest and save, I still feel like there are better jobs out there that can give me more. Seeing some of the people I am acquainted with live a better lifestyle from their work makes me want to adapt and learn their skills and try working on a different field that provides better salary and work environment.

BRINIRHA

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Quote from: Arenga pinnata on September 30, 2023, 04:49:02 AM

Quote from: BRINIRHA on September 29, 2023, 11:08:35 PM

Recession? How to face It?

5. Start preparing yourself to face a career change. By learning more skills in fields that we haven't even mastered before. So that we can be better prepared to work in any field that we can use to get more income. Because looking for additional work will not be easy if we don't have many skills that we can use in competition in the job market.

Actually, this point is one of the things I am working on. I'm learning more things at the moment. Because I realize that one skill alone is not enough if we want to win in today's competitive job market.

It's just that the most difficult obstacle to face is feeling lazy and always putting off work. Even in the learning process, this is the case. So one of the things I'm currently facing is feeling lazy. Sometimes in the initial period I am enthusiastic about learning new things but then I always stop halfway due to being lazy and inconsistent. I know this is my weakness. And I'm trying to fix it now.

But then I found out an easier and more fun way to learn new things. Namely by studying business opportunities in the fields we like. For example, I am a person who likes taking videos in real life. And I developed it in a direction that could produce results by learning to become a video creator on social media. Even though I'm still learning. But I'm sure someday it will pay off.

If we are good at seeing opportunities, then as you said, we can even turn our hobby into a profitable opportunity. Being a vlogger does look good. But remember it's not easy. And as you said it won't work quickly. Meanwhile, the recession will not wait for you to earn income from vlogger activities.
So I think it would be better if we also train skills that previously didn't really interest us. Keep working well in your main job so that you can stay in that job. And if you have a hobby that has the potential to produce results in the future. So yeah, continue with that too. But you also have to have other skills that are intended so that we are always ready to take every opportunity that comes. Being multi-talented is not easy. But it can help expand the opportunities we can tap into to generate additional income.

But you also have to be good at managing time because if we are not good at managing time then our lives could become disorganized. And it has the potential to make us lack rest time. We still have to set limits at work and set rest times too. So that our health is maintained.

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Quote from: icalical on September 30, 2023, 06:00:49 PM

I think the first one, preparing emergency funds is the most important thing in facing the recession. But with the current condition of fiat inflation and the risk of crushing stock market, and the bearish on Bitcoin market continuing, it's really hard to find the best way to safe our funds. I mean if we safe our funds in fiat, we have the security and we can immediately use it to buy our needs, but if the inflation rate is keep raising, then it's bad. And we can safe our funds in stock or bitcoin or other assets, but we can guarantee that the value of those investment will stable, and we still need to sell those assets to get the money we can used for living.

Another step that has to be taken is to avoid debt as much as possible, someone that has no significant debt can more easily deal with any economic crisis that may appear, now I understand this is a hurdle as it is difficult to live our lives without having some debt, but it has to be done.

As I know some people that had not recovered fully from the 2008 crisis, and then they had to deal with the pandemic and most likely another economic crisis will come soon, and they will be yet again unprepared to face such an event.

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While amny may think recession can simply be overlooked, with passive income system and stock investments.

it will be good to also put into consideration that recessions sometimes results to inflation, company stock and proceed reduction,which may reduce once passive income value.

icalical

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Quote from: BRINIRHA on September 29, 2023, 11:08:35 PM

Recession? How to face It?

To face all of that, I think we need to make preparations in an effort to face a recession, namely with small steps like the following:

1. Start planning to prepare emergency funds for us to use when unexpected situations occur.
2. Start reducing expenses by adopting a frugal lifestyle.
3. Start looking for additional work that can make us have additional income.
4. Increase our insight into financial education. So that we can be smarter in managing finances.
5. Start preparing yourself to face a career change. By learning more skills in fields that we haven't even mastered before. So that we can be better prepared to work in any field that we can use to get more income. Because looking for additional work will not be easy if we don't have many skills that we can use in competition in the job market.
5. Maintain physical and mental health.
6. We have to be more patient and also have to push ourselves to become people who can adapt more quickly in difficult situations. Because people who cannot adapt are the ones who will lose in competition in a market that is more volatile when a recession occurs.

I think the first one, preparing emergency funds is the most important thing in facing the recession. But with the current condition of fiat inflation and the risk of crushing stock market, and the bearish on Bitcoin market continuing, it's really hard to find the best way to safe our funds. I mean if we safe our funds in fiat, we have the security and we can immediately use it to buy our needs, but if the inflation rate is keep raising, then it's bad. And we can safe our funds in stock or bitcoin or other assets, but we can guarantee that the value of those investment will stable, and we still need to sell those assets to get the money we can used for living.

pawel7777

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Quote from: usekevin on September 30, 2023, 03:53:08 PM

If the person had an periodic income,he should ready to save the money for the future.Holding the money in the bitcoin will be the far better option for the saving.The bitcoin is the assets which can be hold for the longer period to get good profit by just holding.

I know we're on Bitcoin forum, but seriously, don't treat Bitcoin as some sort of "guaranteed profit" investment. Nothing is guaranteed here, so don't put all your savings in it.
The 4-years cycle can't be happening forever, and even if we see the new ath at $100k, for someone who bought in at the previous ath, that's only ~12% annual yield, given we've seen 2-digits inflation rates, that wouldn't be anywhere near as impressive as returns in the previous cycles.
And having to wait for up to 4 years for your investment to become profitable is not something most people would tolerate.

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Quote from: BRINIRHA on September 29, 2023, 11:08:35 PM

Start reducing expenses by adopting a frugal lifestyle.

Even the frugal lifestyle is now difficult because of the non economical nature of some things.

Quote from: BRINIRHA on September 29, 2023, 11:08:35 PM

Start looking for additional work that can make us have additional income.

We have to be careful with this because if you look and get the wrong type of work, it will take up your time and you will not have any other time to take up any other productive skill. If you need to work, be sure that you have a personal skill already.

Quote from: BRINIRHA on September 29, 2023, 11:08:35 PM

5. Maintain physical and mental health.

Many things enough to make you run mad, you gotta maintain your sanity at all cost.

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Quote from: mindrust on September 29, 2023, 11:18:26 PM

Recession don’t mean anything to you if you have enough passive income from your investments. Having some hard physical cash is important too. If your only cash flow is your pay-job, then you can worry a little bit because if you get fired, you will lose your cash flow but you’ll still have to pay the bills (rent, electricity, water, internet etc…) So you either have to have a side income which is mostly recession-proof or you need to have some cash so you can pay your bills in case of an emergency. If you don’t have any of these back up plans then the recession will ruin your life. Alternatively, you can cut down your expenses too. Just unsubscribe from the services you don’t use much.

So it is best to prepare while the economy has yet to fall into recession. Saving money in any form can also help. Buying precious metal so that we have something to sell in times the difficulty of recession kicks in also helps. Any kind of money-saving technique will most likely help since a recession is a time when people will start losing their jobs, companies will go bankrupt and the price of commodities skyrocket.

If one is too conscious about recession he can then move to a rural/province place, and plant vegetables, fruits, rice, or wheat in order to have self-sufficiency, though he has to forget the luxury the city offers.

panganib999

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As an average guy with a salary that you can just get by and all that, it's going to be exceptionally hard getting by on that particular salary. It's hard enough that you're a cog in the wheel that could easily be replaced by someone else should the company deem you ineffective or unnecessary, it's also even harder to wrap your head around the fact that you're basically barely scraping by, so you won't have the liberty of saving money, financial freedom, and all that awesome stuff you get to experience as someone who's on a better state of living. And this is the reality for millions of us as of now. They'll be the first to experience the brunt and the after-effects of a massive recession and yet the whole world couldn't go on without them. Isn't that just a new level of fucked up?

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Quote from: topbitcoin on September 30, 2023, 04:24:08 PM

A country's economy experiences a decline during a recession. My heart breaks when I see how Covid-19 has worsened the existing economic situation in recent years. But in the midst of this chaos, I am surprisingly grateful that I was able to persevere through the difficult times. My country is currently undergoing a period of economic rehabilitation, with the aim of emerging from this situation stronger and more advanced than before.
Currently, I am trying to stabilize my family's financial situation. To achieve this, I improve my knowledge and skills, which will help me in making profitable investments. Apart from that, I am focusing on increasing my creativity, with the aim of building my own business so that I am not too dependent on the job I am currently doing.

do remember that it is yourself who will truly help you in your situation. the government may have plans for its people, but for your day to day survival, it is yourself that will find ways how to provide for your basic needs.
hence, one should always find contingencies on how to augment his needs. you can't rely from anyone on this. just few examples, sell gadgets or anything that you think you don't need anymore, tend your own small garden, be frugal with your expenses and so on. and as you mentioned as well, improve your knowledge and skills, you may find alternative jobs if you equip yourself with additional skills.

topbitcoin

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A country's economy experiences a decline during a recession. My heart breaks when I see how Covid-19 has worsened the existing economic situation in recent years. But in the midst of this chaos, I am surprisingly grateful that I was able to persevere through the difficult times. My country is currently undergoing a period of economic rehabilitation, with the aim of emerging from this situation stronger and more advanced than before.
Currently, I am trying to stabilize my family's financial situation. To achieve this, I improve my knowledge and skills, which will help me in making profitable investments. Apart from that, I am focusing on increasing my creativity, with the aim of building my own business so that I am not too dependent on the job I am currently doing.

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Quote from: usekevin on September 30, 2023, 03:53:08 PM

Quote from: aylabadia05 on September 30, 2023, 08:49:13 AM

Michael Saylor has many ideas about people who want to find financial safety in the face of various challenges. One of them is by speeding up owning Bitcoin.
In my opinion, the way to deal with it is to have a lot of savings that are sufficient for the long time this condition lasts because when it comes, it is difficult to get all the income.
The explanation in this cointelegraph video is interesting about the recession and Bitcoin.

If the person had an periodic income,he should ready to save the money for the future.Holding the money in the bitcoin will be the far better option for the saving.The bitcoin is the assets which can be hold for the longer period to get good profit by just holding.The recession in the economy will affect all the people expect the people who save their money for the future.We all know the things happened in the COVID,many people suffer to survive.Only the people who hold good money was escaped at that panic time.

Not only limited to Bitcoin or cryptocurrency but also in other investment or having a business as well on which it could really be able to save up your ass when recession hits and this is something that most people do really fail on doing so just because they arent mindful about those probabilities or chances that they would suffer when the time comes. They would really be just simply freak out and having those regret times on the moment that it would happen or on the time that they do realize that they dont have savings or back up plans on making themselves that able to survive.
You wont really be making yourself to be able to survive if you arent really that setting up those plans or back up whatsoever and just minding about the present and dont care about the future.

As much as possible then you would really be needing to be wise in regards with investment on which it is really that something
that it is really he only way on saving up yourself in terms of recession or whatever economic decisions you would really be taking, as long it would really be talking about
your survival on which you would really be needing on doing so.

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Quote from: aylabadia05 on September 30, 2023, 08:49:13 AM

Michael Saylor has many ideas about people who want to find financial safety in the face of various challenges. One of them is by speeding up owning Bitcoin.
In my opinion, the way to deal with it is to have a lot of savings that are sufficient for the long time this condition lasts because when it comes, it is difficult to get all the income.
The explanation in this cointelegraph video is interesting about the recession and Bitcoin.

If the person had an periodic income,he should ready to save the money for the future.Holding the money in the bitcoin will be the far better option for the saving.The bitcoin is the assets which can be hold for the longer period to get good profit by just holding.The recession in the economy will affect all the people expect the people who save their money for the future.We all know the things happened in the COVID,many people suffer to survive.Only the people who hold good money was escaped at that panic time.

Topic: Recession? How to face It? - page 7. (Read 1222 times)