Topic: Recession? How to face It? - page 8. (Read 1222 times)

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.

Is there a competition for the longest post? I'm tired of reading all this. It could have been a little more concise.

No matter what the media says, you should always act on the opposite principle and should not take their words as the truth. This talk about a recession looks like a way to instill fear into people's minds. The crisis of 2008 comes to mind, when all the media around us shouted that everything would be fine with us, but in the end everyone screwed up with their forecasts. The media is empty chatter and is not at all a source of correct information. Their goal is not to convey the truth to listeners, but to attract people's attention in order to monetize it, for example, through advertising. That’s why hype topics are most often used that touch people’s emotions, and this is the best way to attract attention.

It's too late to prepare for a recession if it's already here. It was necessary to prepare for the recession long before it began, when the economy was on the rise and to accumulate financial resources. This is the same as “it’s too late to drink Borjomi when the kidneys have fallen off.”

Not everyone will survive a recession. And that's a fact. "Weak hands" are doomed. And these are the rules of the “game”.

Preparation is very necessary for anyone in a country that has not yet reached the recession stage. Because when a recession actually occurs, it will not be easy even to maintain financial stability in our own lives. So I think it is very fortunate for people who are currently still in a country whose economy is still under control and has not experienced a recession. You have to make preparations now before it's too late. Because I read that some users on this forum are even in countries experiencing a recession, aka the economic crisis there has been going on for quite a long time. So now they can only struggle to survive.

When a recession has occurred, finding additional income will not be easy. Because there are many people who would do the same thing. But I think what the OP said is correct. It's just that it won't be easy to do. Everything requires determination and high motivation to do it.

I think people should change with the times.... there are lots of opportunities out there, if you are innovative enough to find them. Look at the basic things that do not change and focus on that. (People need a roof over their heads / People need to eat / People need basic services like their hair being cut .....)

We can also not rely on one income, but finding two jobs ..when unemployment are on the increase... might be very difficult. So you will have to think out of the box... and create a job out of a hobby. (Example : You might like flying drones... so rent your service to people who might want to use drones)  

Living within means is always ideal even if there's no recession, we should start investing now and continue to make our money grow.
Live with contentment as well, and buy the things that you only need, in my country we are already poor economically and we are forced to look for alternatives on everything.
If there's a big recession again, we should be more prepared and invest wisely because not all can survive the recession also look for other source of income as much as possible.