Topic: Recession? How to face It? - page 8. (Read 1147 times)

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.

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.

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.

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.

A recession now is more of a mirage than the truth.    There are almost no real preconditions for a real recession now. Fear of recession is more an excuse for manipulation. Therefore, decisions should be made with a cool head, carefully thinking through each step.

Recession or not, life is for the living. The underlined sense is to be preferential in expenses and opt for alternatives where and when necessary.

It is important to keep doing what we do to earn a living, but what's more rewarding is to invest in knowledge to gain experience in other money making ventures, hence, living more comfortable despite any economic situation.  
Trading crypto or doing some remote tech work is quite good and a venture into food business will surely make one too full to care about economy or recession.

Op your are absolutely write and share very good information for Recession. Everything you point out is very informative and it will help us. You wrote that a recession is not for a long time but when it comes to how to face it is a big challenge and you provide very good tips but besides your tips, I want to add something more about how to face a recession and that is the online business.  Yes, online businesses or jobs are the effective things that will help us more from everything during the recession. There are more online businesses but I would like to share some of them.

1-E-Commerce business
2-Freelancer bussiness.
3-Consulting business
4-Affiliate Marketing Bussiness.

Many of you think about how it will help us in recession then let me explain it in a few words. Online businesses give us a good amount of money which will be passive and will help us in a recession the best thing about online business is that it does not need that high amount of money but a small one and needs a laptop or mobile phone and internet. In online business, we have the right to whether to expand it with time or limited and these businesses are independent of location you can run your business from anywhere in the world.

Starting online businesses before the recession starts, will expand and give us a big support in times of recession.

Taking advantage of conditions that are still stable is a good way to prepare ourselves to face these two conditions, but it would be better for us to have some income so that we can survive if we have entered these two conditions. Everyone has a different way of dealing with a recession, there are those who think too much about this condition and there are those who live their lives by continuing to work to meet their needs and they will save money to survive this condition, and those who think too much about it will be lazy to do their work. so they don't get the income to be able to meet their needs. In my opinion, when facing conditions like this, we must continue to do what we can to earn income and spend the money we earn well and not use money for needs we don't need.

if you do all the possible activities for getting good revenue then recession will have no effect on your situations. People are aware of the situations of country so if they don't think about their future then surely it will be their mistake.

Investment is the only way to be able to continue your daily routine in a well manner way. Those people who are utilizing their money with specific planning are also living a better life while there occurs a recession.

Look into your mean and if you think that some material is not necessary then don't he rushes towards that because saving is a way to minimize your worries while there is an inflation and recession.

These 2 conditions have become shadows that are quite attached to my mind, and I sometimes reflect on such situations. Panic and fear are clear because I am not from the upper middle class so panic and fear require us to be able to take advantage of the situation while it is still under control. As for preparing oneself for the worst possibility, it is also not fully supported, unstable finances to meet needs cannot guarantee survival longer in the midst of a prolonged recession.

Fear like that is normal, but it doesn't have to be mourned and makes us weak. However, right now we can still do various things and for whatever reason, don't make what we have achieved seem like it was in vain. The global recession will not happen all at once, it will be gradual, and in a gradual process, there will be many ways that both the government and the world can use to get out of the pressure.

Good advice. The good thing about it is that most of it I already do, so I don't have to start doing it to prepare. If you start saving and diversifying sources of income when there is no recession, when it comes you will obviously be more prepared because you will have accumulated more savings and investments than if you start shortly before the recession begins. Also, times of crisis are good times to buy on the cheap, so you can even take advantage of them.

There will be many difficulties that we will have to face and depending on each situation and each country, the level of impact will be different, so each person will have different plans to overcome the crisis. I agree with you, I believe that as long as we are optimistic and always remember that these difficulties are only temporary, I believe we will find the best way to overcome them.

People always come up with solutions, but they all boil down to finding ways to increase income, save...I think everyone is aware of that, but it depends on the area we live in to make the best choice. As long as we stay calm and optimistic, we will always find a way to overcome no matter how difficult it is.

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.

Well because during the time of difficulties, we just need enough to sustain our needs. Especially food, water, and energy. I remember during the pandemic, money was nothing. No one cared because what people needed during that time was their health and security. No one needs money, they need food. I'm telling you this because recession doesn't come for no reason, it happens because there's always an economic crisis behind it.

The best thing to do during a recession is to have enough to put in the table. A stream of income where you don't need to get out of your house. Enough to provide security to yourself and your family. Enough is enough. And after a recession, make sure you have enough money, because all the risk assets will be at their lowest and discounted best buys.

If we are talking about a global approach on recession, only you cannot face it, but if you're considering the way you could seek your personal interest towards not being affected by the consequences of this same recession, then you need to sit down and think on how you could live an independent economy, how you will be a producer and not a consumer and how you could offer something that will be generally acceptable to the people which will be your own source of livelihood, the more you're less dependent the more likely you're not going to be affected by the global recession because you've already prepared yourself down against such.

The traditional way is to have gold so whenever the market crashes you become richer so the same can still apply even now because gold is still stable after a lot of economic crises all over the world. Honestly, if you are a middle-class person you will get stuck no matter what unless you found a way to make more money in a short time which happens for one in a million so all the remaining will become the prey of the crisis.

There is a lot of discussion going on all around the world about how USD is gonna fall after BRICS and others but still, I don't believe it is going to happen in the near future. And also if there is a change in the presidency then we may expect drastic changes in the policies which can postpone things further.

Be savvy.

Like anything you do, you need to take a look if it's wise for you to spend with that money. Of course with food, we shouldn't let ourselves starve just to save.

This is like the time that we must be financial savvy because we're on our own at these times. Lucky you are if you've got parents or a partner that will help you with what you're dealing with right now.

But for a lone survivor or just alone in your family that earns money for everyone, you really need to lessen all the unnecessary spending.

During a recession it's important to be proactive & make wise financial choices. It’d be smart to start by creating a budget to track your expenses & cut back on non essential items. Look for ways to increase your income such as taking on freelance work or a part time job. Build an emergency fund to cover unexpected expenses & prioritise paying off high interest debt. Seek out free or low cost entertainment options, cook at home instead of eating out & explore thrifty shopping alternatives.

When defining recession, there are two types of recession in economic terms. Technical recession and real recession. Real recession definitions are based on NBER (National bureau of economic research) data.
Based on NBER data, for a real recession to occur, there must be a contraction in production, employment, consumption and income at the same time. A technical recession can be defined as a contraction in GDP (Gross Domestic Product) in two consecutive quarters.
Based on technical recession data, a technical recession is related to national income, while a real recession is long term and has a much larger impact. In a real recession, monetary policies are seriously
there are interventions.

The 1973 oil crisis, the 1997 Asian crisis and the 2008 crisis are examples of real recessions. In the US, the 2020 crisis was a real recession as production, employment, consumption and income contracted. As soon as historical peaks are seen after the great recession, all stocks, commodities and derivatives are exited because very large corrections take place. In this case, I think there is no need to exit commodities and derivatives because the recession continues. If you are in a recession, i would not hesitate to invest. If you are dependent on one income during this period, you should definitely look for extra new businesses that will increase your income before investing. To be prepared for everything in life, you should invest when things are going well.

If you have family to feed, that is gonna be nightmare for you, trade stock and crypto on lunchbreak, and win the trading darwin award competition, to earn a living!
for doomday prepper, and alone guy, they have nothing to loss, so a big recession would make their already negigible remains look even more negigible.