Can One Get Rich or At least Not go Broke During a Recession?

[Davidvictorson]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

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[jackg]

There's probably a lot more examples than what I've mentioned below but it's a gist of what to expect.

If you don't have a strong income straam you might see problems facing day to day expenses and then won't be able to harness all a recession has to offer...

And with that out of the way, recessions normally pose good opportunities for those with cash and liquidity. Good debt gets valued like it's toxic, good companies get valued like they're only going to survive 6-10 years (in some places), gold and other things considered stable go into bull markets - if you buy wheat and it drops in value - you've still got food. Bad news causes panic in markets, more panic than is necessary - you can make a decent amount by buying crashes and selling them back to the market when the price appreciates (but manage your risk with this one). The federal reserve released stress test documentation too which seems to either have been influencing the market or an accurate prediction (if you're interested in forex in any way particularly).


These are risky ideas that should be originally tested with no more than you'd be happy losing down a grid - if you make profits, reinvest those instead of expanding too much and getting carried away. Placing high orders might affect how others trade or the price you buy at and that could invalidate what you're doing or make it harder.

[Casdinyard]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

The fact you said that you just recently got laid off, you could face problems with your regular day-to-day expenditure like utilities and essentials just like what the others have said here. If you could find a way to solve that dilemma, and at the same time have enough to invest on assets that are not affected by recession, you are indeed safe. Thing is the statement made by Warren Buffet exclusively works for people who could afford to invest on something. If you couldn't you're in deep crap.

[DVlog]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

In a recession, people are forced to sell their assets to bear their expenses. Warren Buffet talks about these opportunities. When people are selling you will buy and when people are buying you will sell. Rich people follow these simple rules. Now do not ask me where did you get the money. These are the skills most people do not have. You can buy and sell millions of dollars of properties without having money in your pocket. Human minds are very unique so use them.

[Zaguru12]

I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

There are many opportunities to grow rich during recession although this opportunities are patronised by rich fellows who could not get hit even if it fails. But for the average man, it is a situation where you need a plan that just has to work. The safest I would suggest is Agriculture holding. One needs to study his environment and past recessions to know what is mostly needed during downturn. Agricultural holding reduces risk if planed well.

As for not going broke during the period my suggestion would be one needs to plan ahead by possibly increasing its emergency savings since warnings of the downturn is always given before it arrives. The savings could help during the recession period when some things don't go as planed

[gantez]

I have been recently laid-off work due to the recent economic crisis in my country.

Sorry for this. This difficult economy is getting companies to minimize cost and to do that is to put some machines out or make one person to control more work and underpaid, this is bad.

 I do not want to see this as a bad thing.

It is not a bad thing. They say it that when one door is closed, it will open another opportunity to open another door. So get up and dust up from the memory. Learning a skill is another opportunity.

So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

The reason that rich people get rich more in recession is they have the capital to buy up properties and other things from the people that have financial problem because of the recession. The things are sold cheaper than real market price in a robust economy. The hidden opportunity is if you can buy or invest in recession that is cheaper. Buying gold, commodities are cheaper that you can hodl longer until economy recover so you can sell but doing the buying in recession is difficult because money is not that flowing or easy.

[bitmover]

. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Do you have a job? Do you have any income?
If you do, and you have some savings, a recession is much better than a bull market to make money. You will be able to buy cheap stocks and bonds (and crypto) and in a few years your stash will be much bigger than it would if we were in a bull market right now.

Take a look at this article
https://www.mrmoneymustache.com/2022/05/20/2022-stock-market-crash/

If you don't have a job now, there are also opportunities now. There are many options to try for a remote job, study in the internet and so on.

[Smartvirus]

Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession".

We live head lives because the world is never fair. Particularly, the poor and the weak. Most gets preyed on and very few gets help but, the once that are able to provide needed or scares services always enjoys it all.
I won't say it's not possible for some people to go broke or run out of there means of livelihood because, its an expectation but, we would always survive. Its the way it is for man, no matter the situation, human beings would always fined a way to see it through and to the end.

Haven't been aware of the forth coming inevitable situation, one must be prepared by looking for means to provide what would be lacking, not just for his or herself but for the masses thay would need those and enrich themselves.

Covid-19 made nose mask, hand sanitizer and pharmaceutical firms rich, people who sell food items as well. So will the inflation create demand for certain products as well and as an investor or one who hopes not to get caught in between, its time to think.

[Fortify]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Recessions can be huge sources of opportunity for people who are able to retain a job and keep their income going steady. You're able to pick up company stocks at much depressed prices which are likely to bounce back as the country moves out of recession and provide a solid income into the future. However that can be easier said than done, because typically companies are also looking to cut back heavily throughout this time and the highest earners can sometimes be a target of redundancy first. Other companies might simply be badly placed and end up going under, which leaves you in the job hunting market at the most inopportune time when you want to be investing.

[romero121]

Recession won't bring opportunity, but it lets people identify their ability as well as find a way to survive. This might not happen with most people, but the one who were striving to be an entrepreneur or get out of his routine will take it as the time to study the market and succeed out of it. Even here failures will happen.

I experienced it during the lockdown of covid-19. Lot of tech people who got fired from their jobs came up with their own plans and this was just for their survival and now those have turned to be million dollar businesses.

[Rruchi man]

How can one take opportunity of the recession to become rich or at least not go broke?

Stop being only a consumer as remaining a consumer alone is one of the surest ways to ensure that you are at the receiving end of the effect of the recession. I don't know how much money you have, but if you are good in business, now can be a good time to consider starting one that is carefully thought out which renders important services or provides essential commodities.

Healthcare, food, consumer staples, and basic transportation are examples of relatively inelastic industries that can perform well in recessions. They may also benefit from being considered essential industries during a public health emergency like the COVID-19 pandemic.

source

[Cryptomultiplier]

The fact recession still bites hard, doesn't mean the rich dont get any richer nor the poor any poorer. I believe being rich is as a result of careful dedication and prior preparation.
For one to not go broke in a time like this, it is of paramount importance to first and furmost have a source or two of income, no matter how meager it may be.
Also, save more where possible and spend less, consume less, try new alternatives for meals and outings, just try to do whatever you would have done lavishly, less and less lavish.
The opportunities abound where one is able to find a cheap and lasting solution to any one problem during these recession time.

[gantez]

I experienced it during the lockdown of covid-19. Lot of tech people who got fired from their jobs came up with their own plans and this was just for their survival and now those have turned to be million dollar businesses.

Yes hard times are really the time for innovation and creation ability to come up. If you get push to the wall, it will make you stronger and you bounce back better. You are correct during the covid-19 many individuals has to feed to through online and making different content. There is a business of comedy I think has developed and find it way online by making people to laugh, it develop the time of covid-19 many youth find their comedy talent and they started to make comedy skit, they post it on Snapchat, Snapchat, YouTube and some in Facebook. This is helpful to the youth and the economy also.

[arwin100]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Yes if there business or income flow come from importation which heavily rely on USD or they are affected to much on covid 19 effects. This could happen and current recession should be taken seriously by each investor since this could hurt them badly and if they don't have back up plans towards this for sure what mentioned by you on this thread will happen. Also government should have plan to help the investors so that they cannot feel a heavy damage towards the global crisis happening.

[odunybiz]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Every situation in life is an advantage to some people. Some people will definitely make their great fortune during this recession. The nature of the business you do will determine if you will be broke during recession or not. Investing into food and agriculture may be a way out of being broke during recession as no one can do without food.

[dothebeats]

You can make money if you have cash, but without it then you're better off working to make ends meet. During these times, necessities will be highly priced, and to be able to make something out of it you can buy wholesale items and sell it somewhere with some markups. It will be understable given how everyone is scrambling for goods and not everyone can buy wholesale anyway. It may be unethical at best but it's still better than trying to trick people out of their savings.

[darkangel11]

The quote OP is talking about doesn't mean you'll become rich in a recession. It's an opportunity to stack up for another couple years. We don';t know how long this will last. For all we know it could end next month if Russia decides to stop the war and sanctions are lifted. It could also end when the FED stops this circus with rates. We all know they're fighting a lost cause and will either have to pivot or crash the market. In both cases they've lost.

I've been buying bitcoin since Spring when we went to 30k and I'm planning to continue if we fall to 18k again. I don't care at what level we are, I'm buying everything sub 20k and if I run out of money I'll DCA using my earnings.

[boyptc]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

If listening to those successful investors, it only means that you buy all of those cheap stocks that you see. And as we're in the crypto market, buy those cheap cryptos that you're seeing today.

They're cash ready and if you've got some cash ready to be made for investments, you should do it during the recession or the most common status to us which is the bear market.

And if you don't want to get broke, just do the typical financial advise like spending and living frugally.

[EdenHazard]

Recessions is the great way to buy cheap stocks , they say ...
It is the great opportunity to become rich to buy undervalued crypto , they say ...
The property price went down at its lowest and you can take that opportunity to have a long term investment , they say ...

But what if after you bought the stocks at the cheapest possibility , bought crypto and the properties but then all of sudden everything went worse ? The price dropped even lower. Huhh?

[Hydrogen]

How can one take opportunity of the recession to become rich or at least not go broke?

The shifting nature of supply chains and economies, creates opportunities. Thanks to shifting demand and need.

Gasoline prices rise. People seek alternatives. Having a good alternative product in stock can be a million dollar opportunity. Transportation options like electric scooters might be in high demand at the moment for city regions. Accessories like trailers that can be pulled by electric scooters to haul cargo might also be in demand. Mopeds with engine sizes 50cc and smaller need no insurance, which could put them in high demand on the fossil fuel side of things as people seek alternatives to cut monthly costs.

Food prices rise. People seek alternatives. Someone with extra field space and time might plant crops to sell locally at higher than normal market prices. There are people who buy a $5 pack of carrot seeds to grow carrots which they might sell for $50 to $100 for a 10x to 20x profit. Food prices being what they are now, margins are higher due to prices being elevated.

Disposable income is on a decline, which can make it harder to attain profitability. The target demographic of consumers is narrowed and swings in favor of higher income bracket.

I think most can guess in which directions markets and demand are headed. It might be profitable to stay one step ahead of the current crisis.

[Joshapat]

Opportunities for Rich can certainly happen at any time, even when there is a difficult economic or economic recession like the Pandemic period some time ago it turns out that many rich people are getting richer, I have a colleague and then come out and with a capital of around $ 15k for the production of masks in the early Pandemic and now He became rich.

[Kakmakr]

You have to search for the one thing that people cannot go without and you invest in that, because whatever happens to the global economy, people will have to buy that...and if you are the supplier of that.. you will become very rich.

I would buy a farm or even a small piece of land and I will cultivate my own produce to sell on the markets. You will be amazed to see how much tomatoes can be grown in a small greenhouse. (Open field cultivation can produce 100-120 ton/ha. Table tomato cultivation in greenhouses can yield up to 500 ton/ha.) 

[Mpamaegbu]

I have been recently laid-off work due to the recent economic crisis in my country.

This is really a trying time for most of our compatriots at a time like this with inflation hitting higher than before with past administrations. Sometimes I wonder how those without a job even cope when those with a job barely survive on salary. This is why as a matter of emergency no one should stick to one source of income. I hope you get back on your feet soonest.

Talking about staying afloat during recession, one should get into business and into essential products. Products and services that people won't be able to do without. If you like trading, this is the right time to perfect your strategy. Spend more time at your game. This is why I'm trying my hand on Futures. It's an exciting exercise, provided you don't over leverage your capital.

[davis196]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

The people, who have valuable skills will never go broke. It doesn't matter how hard the recession is.
The people, who don't have any valuable skills and work on very basic jobs(like janitors, for example) will always be close to poverty and close to getting flat broke.
There's no secret formula about how to become rich. Just work hard, be consistent, invest in yourself, learn new skills, use your brain, invest smart, try to find and exploit new niches on the market. At the end of the day, you would still need luck, no matter how hard you work.
Don't be afraid of failures. Failure can be a path to success, if you learn from your mistakes and improve yourself.
The vast majority of the people, who lack proper education and skills are pretty much doomed to fail. They will never escape the "poverty trap".

[naira]

The most important thing in preparing for a recession is not to survive to stay rich, but to survive to stay alive. It should be remembered that every country with a capitalist economic system can predict a recession or crisis. Because from the very beginning the economic flaw of capitalism was inflation. The only thing they can do is speed it up or slow down the crisis.

Therefore, in order to survive during the recession, it is necessary to balance the stability of the store of value. In the midst of unemployment, layoffs were then beaten with an expensive cost of living. The most basic preparation apart from emergency funds was mental preparation.

[Russlenat]

. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Do you have a job? Do you have any income?
If you do, and you have some savings, a recession is much better than a bull market to make money. You will be able to buy cheap stocks and bonds (and crypto) and in a few years your stash will be much bigger than it would if we were in a bull market right now.

Take a look at this article
https://www.mrmoneymustache.com/2022/05/20/2022-stock-market-crash/

If you don't have a job now, there are also opportunities now. There are many options to try for a remote job, study in the internet and so on.

Find stable job first so you will not go totally broke and become totally useless during a recession. However, if this recession has laid you off from your job, then you can always develop your skills and find good jobs online that will be needing your area of specialization. No need to wait for some job offers, learn to look for them as recession will never hinder us from landing into good and well compensated jobs as long as your totally fit for it.

[omone1]

If I had saved enough USDT from my last bull run gains, I would have been holding some bitcoins and buying properties by now but no, I joined the moon boys in shouting viva to the market and here I am regretted my inaction but we keep pushing regardless. If one has enough liquid cash during recession, one can buy cheap assets and sell them when the economy recovers and become extremely rich.

[Darker45]

Make no mistake, Warren Buffet and that other guy do not actually refer to the likes of us. They're not talking about the ordinary man who lost his job, drained his savings, reduced his consumption, and so on and so forth. They're talking about those who have the money in the middle of a recession. And they're not the ordinary working class who are wage dependent or daily wage earners. In the end, in whatever bad situation, it is the poor and vulnerable who are always at the receiving end.

[Poker Player]

Of course. This is my case. I wouldn't say rich, but I certainly haven't gone broke in this crisis and I have increased both my income and my net worth, despite the general decline in financial asset valuations.

Controlling what you spend, spending less than what you earn, trying to earn more (either because you get paid more with your main job, or because you look for side jobs that give you other sources of income), having an emergency fund and investing, investing, and investing repeatedly will improve anyone's financial situation. The only thing missing here is giving, which is gradually becoming a more important part.

It is not about buying a couple of yachts and a desert island. It is about improving your economic situation from your current economic position. And anyone can do that, especially in developed countries.

[Apocollapse]

Yes, a millionaire who invest Bitcoin during recession and hold it until the economy already recover and start to grow. This is an easy money for them, they didn't need to spend whole time to work or make something new on their business, they only need to buy every dip of Bitcoin. This is why we should start to accumulate Bitcoin right now before Bitcoin price surge and many people will say it's too late to buy Bitcoin.

[bittraffic]

Yes, a millionaire who invest Bitcoin during recession and hold it until the economy already recover and start to grow. This is an easy money for them, they didn't need to spend whole time to work or make something new on their business, they only need to buy every dip of Bitcoin. This is why we should start to accumulate Bitcoin right now before Bitcoin price surge and many people will say it's too late to buy Bitcoin.

For millionaires getting richer is a click away and this recession is not even a threat to them but an opportunity.  But you could also do what they are doing if you just play it well.

I'm spending less this time and just minimizing anything as possible. Work more and spend a noddle for a meal. This may just be too much though.
Looking forward to the future is more important but health is importanter.

[Crypto Legend]

Rich people always have ideas and can take advantage of opportunities to be rich, they have positive thoughts and always look for things that are useful to increase wealth, when inflation, of course, many people need money so they will lend money with high interest so that their wealth continues to grow.

[Plaguedeath]

In recession there's few thing that most people will still need to buy, it's: food and medicine. A rich people can create a new business to sell a cheap food and medicine, this will make people buy from him. Not to mention poor people will take a loan or want to sell their expensive stuff, rich people can charge high interest and buy their expensive stuff in cheaper price. This will make those poor people doesn't have any choice and rich people will always win.

[maydna]

The only thing you can do is keep looking for every opportunity because you still hope to survive if the recession worsens. If you do nothing and just wait, that won't provide any solution either. Therefore, we should use the remaining time to look for other opportunities because we still have opportunities that can help us survive, especially if this condition or recession worsens. And who knows, we may also get more than before. We can only try our best. We leave the results to God because only God has the right to our lives.

[Sir Legend]

Every challenge is an opportunity. It's about the knowledge and skill and effort that is needed. A lot many  investment gurus had said invest when the rest are bleeding. Because they had the  level of expertise that they can earn when rest were losing. But yes it take knowledge and patience for that.

True, the best step when we start investing is when the market is red as it is today, but most people do the opposite, namely invest when the market is rising because they hope to continue to rise and sell when the market is red, so both are wrong strategies.

[Lucius]

Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

You are starting from the completely wrong assumption that you can compare yourself to billionaires who have so much money that inflation or recession are not a problem for them, because they live as luxuriously as before. Unlike you, who lost your job and are looking for a way out of the situation you are in, WB and the like worry about where they will invest their billions so that after the crisis is over, they will have even greater wealth.

Unless you have some genius idea in terms of writing a book that will become a bestseller, or you can come up with some genius invention that will make the world go crazy, I don't see how you can get rich. If I were you, I would start looking for a new job today and stop listening to the rich and their advice, because they are intended for those who have money anyway.

[GiftedMAN]

First off, during recession, a lot of investors take the opportunity to strategies on the unpredictable outcome of certain products or services which may be essential and unavoidable by every one and as such, they gather more useful information about the particular product that they want to take risk in putting their funds on with the knowledge that the prices of such products will greatly appreciate because the demand will be higher than the supply during the recession period.

In order not to go broke during the time of recession, take every opportunity to invest when others are complaining about the economic downturn and be open to getting information about the price of some essential products if possible buy and store in other to sell when the prices go higher I believe you can never go broke if you invest in a particular product that is greatly requested by most people even though it may take time for the prices to appreciate that's the billionaire's mindset.

[Rockstarguy]

Normally recession is a time things are being tough for everyone. In the time of recession economy, businesses and companies struggle to make income. From the last recession I saw it even affected the government, it was difficult for government to fund the nation. The only business I know recession don't really have much impact on is the food and health industry. No matter how things seems difficult in a country people will always buy food and seek for medical attention for survival,  so I think people who are in this line will benefit if recession takes place.

[Doan9269]

I've seen several occasions whereby people get rich and along the way return back being poor and this does not necessarily have to have the implact from inflation, getting riches is synonymous to having enough money toncarter for present wants, but many get carried away by larvish spendings on liabilities instead of investing on asset, recession will be a shake to test the regidity of your financial capacitation and standings and what determines this is wjen you have a back up investment to sustain with despite current challenge, many fails to backup their imcom with alternative and take the whole risk onna single venture and when recession set in it becomes inevitable to handle.

[FanEagle]

The only thing you can do is keep looking for every opportunity because you still hope to survive if the recession worsens. If you do nothing and just wait, that won't provide any solution either. Therefore, we should use the remaining time to look for other opportunities because we still have opportunities that can help us survive, especially if this condition or recession worsens. And who knows, we may also get more than before. We can only try our best. We leave the results to God because only God has the right to our lives.

Waiting is scary for some people because we are risking our money and waiting for your money to be valued or potentially crash and make you even poorer is a big problem.

I am not saying that it would be impossible to fix it, of course there are issues where it would make you wait easier if you do have the income for it, someone who makes 5k per month doesn't worry about the 1k they put in there, but if you make 500 bucks a month, and have 5k in investment then that money is a huge reason why you would be scared on waiting. We need to find a way to make the waiting more fun for people, and that’s what the staking world was created for, it gives you a good return for sure.

[Ucy]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Unemployment, rising cost of living, increasing food prices, falling stocks etc are mainly the symptoms of overconsumption of abundant. Just becareful how much you consume if you don't have means to sufficiently produce what you consume.
 
Invest in production of good things that are locally abundant in supply and high in demands. Be careful saving in fiat currency long-term.

[JoyMarsha]

To be laid off from work in this economic crisis can be disorganizing to individuals' plans. They will be left with an option of selling their assets and borrowing money from family and friends to pay up children's school fees, utility bills and feeding. That's the time many commit suicide or plan evil, out of frustration.

The way to survive and never go broke is to sell up your assets or borrow from friends and have a business that will result in profits daily. You can do one of these businesses: boutique, supermarket, pharmacy if you are a chemist or a cement warehouse

[Flexystar]

First of all really sorry for your job mate, and I hope you and your family have the back up plans for the recession.
As far the other question is concerned, it's but obvious that Warren says the truth! The number one logic behind this is, current market being at discounted rates can make you very rich. For common people like me it may seem very hard to give away my money for stocks and share market, or may be I might think that it's hard to bitcoin at the current timings because I need to take care of daily needs first and then spend on stuff like that. However, those who are able to handle both the things appropriately can go well above in the rich list. It's simple, while others are saving, cutting the expenses and leaving the market, the only darer who invest money will be buying cheapest. Once recession is gone market will go unimaginably high and might give profits that we may not even get in next 5-10 years.

[TheUltraElite]

Firstly it is sad to hear about your current job situation, this might be a problem if the economic crisis hits depending on where you live and how much household income there is.

I would still suggest you to get a part time job or a gig if possible, a somewhat daily income is necessary to get food on the table and you never know when more bad things might start happening because they happen without announcing.

Only when you daily necessities are sorted out, can you think about investment. In that less risky investments are going to see poor outcome in the recession. Rather plan for the long term and try to buy bitcoin if you can spare cash. But you also need to save fiat cash big time.

[Zilon]

So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

During recession only those who bought when prices were normal gets richer. Becoming rich is not a voodoo practice it requires gathering enough during the Summer so as to have enough to fall back to during the Winter when limited plants grow. There are no opportunities during recession the available ones get created by holders but staying above been broke will require a double effort because prices of everything skyrockets during this period and meeting up becomes impossible. 

[jaberwock]

I've seen several occasions whereby people get rich and along the way return back being poor and this does not necessarily have to have the implact from inflation, getting riches is synonymous to having enough money toncarter for present wants, but many get carried away by larvish spendings on liabilities instead of investing on asset, recession will be a shake to test the regidity of your financial capacitation and standings and what determines this is wjen you have a back up investment to sustain with despite current challenge, many fails to backup their imcom with alternative and take the whole risk onna single venture and when recession set in it becomes inevitable to handle.

Spending could be limited, that way people could get a better life but if your earning is low then there is no limited spending that could help you. That’s the problem in the world we have right now, you could eat noodles 3 times a day and still be a poor person with no savings, all because there are billions who are underpaid right now while there are like 1000 people with over trillions of dollars owned. That will make sure that people will stay hungry forever, as long as nations keep on taxing this high, and wealthy keep on stealing form us, it’s going to keep on being a trouble.

You may adore Elon for example, but he underpays his workers every month, he steals from his workers constantly, and breaks unions as soon as there are talks. Stop admiring rich, and start working for the general public.

[Fatunad]

I've seen several occasions whereby people get rich and along the way return back being poor and this does not necessarily have to have the implact from inflation, getting riches is synonymous to having enough money toncarter for present wants, but many get carried away by larvish spendings on liabilities instead of investing on asset, recession will be a shake to test the regidity of your financial capacitation and standings and what determines this is wjen you have a back up investment to sustain with despite current challenge, many fails to backup their imcom with alternative and take the whole risk onna single venture and when recession set in it becomes inevitable to handle.

Spending could be limited, that way people could get a better life but if your earning is low then there is no limited spending that could help you. That’s the problem in the world we have right now, you could eat noodles 3 times a day and still be a poor person with no savings, all because there are billions who are underpaid right now while there are like 1000 people with over trillions of dollars owned. That will make sure that people will stay hungry forever, as long as nations keep on taxing this high, and wealthy keep on stealing form us, it’s going to keep on being a trouble.

You may adore Elon for example, but he underpays his workers every month, he steals from his workers constantly, and breaks unions as soon as there are talks. Stop admiring rich, and start working for the general public.

Whether we do hate it then we cant really change that fact and would really be remain on what are the positions that we are taking.Rich or wealthy people would be always be on the top and always have the advantage which it would really be normal that they would really be abusing up their advantage for the sake of always ahead on competition or something else.As an individual then it would be better if you do mind on how to make
yourself better in terms of finances rather than on minding and keep on criticizing others peoples situation or just on being rich.You cant just changed that fact and it would be
better if you do put your focus into other things.

[Sanitough]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

The fact you said that you just recently got laid off, you could face problems with your regular day-to-day expenditure like utilities and essentials just like what the others have said here. If you could find a way to solve that dilemma, and at the same time have enough to invest on assets that are not affected by recession, you are indeed safe. Thing is the statement made by Warren Buffet exclusively works for people who could afford to invest on something. If you couldn't you're in deep crap.

OP must be very down these days having the fact that being laid off from work will eventually make it hard for him to pay all his bills and buy all his necessities. However, if he had save some funds when his work is still good, then he may be able to start investing in crypto as that would make him profitable in time. But if he has no longer enough penny to invest, then it will be a very sad reality that he might get financially broken and experience worst in life.

[Vaculin]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

It’s hard to find opportunities when everything else around you is losing. Just like you, knowing your already jobless, that would mean very depressing too if you haven’t save or reserve any money for emergency funds. The only thing that this recession will open doors of opportunities is that if you have spare money to invest, otherwise you will suffer the consequences in life that even some end up quitting their lives.

[Yamifoud]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Honestly, it was hard when you are just relying on a single source of income. I know many people had also had the same experience with you but they took the opportunity to start making their business after a lay-off. That is why of instead being down because of losing our job, we have to think widely and look for something we can do maybe this could make our life even better than just being an employee. In fact, we can't just live forever as an employee so better make prepare ourselves not to rely on this and take other opportunities that will give us a passive income. There are of opportunities around - we somehow just ignored them.

[Viscore]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

For people who have been saving funds before they lose their jobs, that would even open some door of opportunities like investing in crypto or in real assets that would likely to gain huge profits in the future. But for some who are less fortunate and who only depend their income from their jobs with no extra savings, one might hardly to recover and might stuck being broke for long time. The reason why we should not just depend on one single source of income, have a side job too so that when recession comes, and you lose your main job, you will still surely survive and won’t end up being broken.

[Techkoy407]

there are many ways that can be done to overcome the recession, one of which must have additional income, because of price spikes, it is necessary to have additional income.
always thinking calm and productive is also important, because many people are stressed during a recession, even though he still has enough money for his life needs.
it is caused by an uneasy mind, causing great anxiety and panic,
Therefore, it is necessary to think calmly in finding a solution.

[BigBos]

basically all recessions will greatly affect the economy which of course has a very significant effect, smart people will save their money before a recession occurs, every crisis in the world must have a lot to lose but behind that there are some companies that survive the recession and some soar high, and there must be new ventures coming in and saving the economy a turn during a recession. In other words, he said, there were those who were disadvantaged and those who benefited in the economic field, as last year when all the citizens of the world were affected by the Covid-19 outbreak, many companies were financially destroyed because they could not produce due to the "Lock Down" policy in their region. For example, companies that went bankrupt like J.Crew, specialty brands, Hertz Global Holdings and others, and companies that benefited during COVID-19 like healthcare companies like Pfzer and online marketplace companies like Amazon.
I hope a recession doesn't happen because there will be a lot of losses but when a recession is unavoidable I suggest to prepare yourself by saving some of your money and avoiding unnecessary spending. Of course during a recession, people will sell their assets on the stock market and there will be panic sells, and at that time your opportunity to find and buy stocks that are able to adapt to the recession and are able to reverse the company's position. also benefit during the recession, I think it will increase your portfolio.

[jcojci]

A person can take advantage of this recession if he pays close attention to what the general public needs. Usually this is related to the problem of staples that are consumed daily by the community.

I once heard a story from a friend where he also experienced laid-off work from his office so he could not work as usual. He tries to observe his surroundings to find creative ideas. He finally devised an idea and tried to make it a reality. And with various experiments, from making it to marketing it to the public, his creations slowly began to be well received. From there, he felt challenged to make it more developed, which triggered him to find other creative ideas.

So from your story of experiencing laid-off work, I think you can find creative ideas like my friend so that you can find opportunities to take advantage of this recession. This is when you are forced to leave your comfort zone to fight for survival. Believe that you can do it. All you have to do is try.

[tabas]

For people who have been saving funds before they lose their jobs, that would even open some door of opportunities like investing in crypto or in real assets that would likely to gain huge profits in the future.

That's hard to do even if they've saved that much because what they'll think about is on how to survive having no job. That savings they've got will be used for it and that's why most of them barely will invest into assets like bitcoin. I'd tell them to be enough thinking about huge profits because that won't come in an instant after by just investing but it will require them a lot of time and patience until they meet it. Because it's unknown how long will they remain jobless and even if they put it into an investment, it's highly likely they'll pull it out there for survival.

[Renampun]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Recession is a predictable thing, the people who can survive during a recession are those who have prepared themselves for it. the issue, a severe recession will occur next year, so preparing yourself from now on is a mandatory thing that everyone should do.
I'm sorry that you lost your job, but you have to be able to start something new or try to get a job that is less likely to be affected if a recession occurs, besides that, try so that you and your family can manage finances as well as possible.

[redsun114]

Many of us didn't know what is recession. There are some who have an idea what is it but they didn't know that is coming. They can only assume that there is a recession once they feel the effects in real time. What warren and other famous personalities said is true and it has no difference when we are in the bear market, when the prices are falling and some people are panicking selling their stuffs.

It's said to be the best time to build wealth, that is because we can buy the assets at a cheap price. You got laid off at work and you think it's fine? But, maybe you have a hate with your boss or you hate the scope of your job but for the many, it was a big loss even if we say that it happens for a reason or because of the recession.

[Wakate]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

We are already in recession and this is how it normally start causing great hike in food price and people with will be struggling to feed, working without seeing any result. Things are getting bad and all we need to do is to ensure we look for other means of getting addictional job so that can at least settle some bills. It is very obvious that the rich may be getting more richer in recession why the poor will be the worse part of the story. Life can be a little but shaky that is why we just have to keep getting more skills so we can fit to corners that can change our life if opportunity comes.

[Ultegra134]

Many of us didn't know what is recession. There are some who have an idea what is it but they didn't know that is coming. They can only assume that there is a recession once they feel the effects in real time. What warren and other famous personalities said is true and it has no difference when we are in the bear market, when the prices are falling and some people are panicking selling their stuffs.

It's said to be the best time to build wealth, that is because we can buy the assets at a cheap price. You got laid off at work and you think it's fine? But, maybe you have a hate with your boss or you hate the scope of your job but for the many, it was a big loss even if we say that it happens for a reason or because of the recession.

After experiencing Greece's financial crisis, with the worst one occurring in approximately 2010, I'm fairly certain that I can perfectly relate to the recession's consequences. From my point of view, this is merely the beginning; we're yet to dive into recession. Inflation is bound to rise even further. The FED's increase in interest rates has almost no effect on tackling the surging inflation.

The energy crisis had started to show since September 2021; the current situation hasn't been caused solely by the Ukrainian war. We Europeans made it a lot worse after applying these stupid sanctions against Russia.

[Yatsan]

Definitely. Everyone would be affected by an economic recession but big businessmen or company owners are the one who would be later affected because they would be able to endure its early phase but eventually since they are business owners, their company would be more likely pulled by the problem, if the recession will be continuous and will stay for a long period of time.

For people who have been saving funds before they lose their jobs, that would even open some door of opportunities like investing in crypto or in real assets that would likely to gain huge profits in the future.

That's hard to do even if they've saved that much because what they'll think about is on how to survive having no job. That savings they've got will be used for it and that's why most of them barely will invest into assets like bitcoin. I'd tell them to be enough thinking about huge profits because that won't come in an instant after by just investing but it will require them a lot of time and patience until they meet it. Because it's unknown how long will they remain jobless and even if they put it into an investment, it's highly likely they'll pull it out there for survival.

Savings won't  last forever and as long as they won't be able to do something to add up in their savings, it will eventually be consumed, more likely for a short period of time if the amount they saved is not that big, because recession is the continuous increase on the market price of goods or inflation at this moment.

[2stout]

Yes, but if you're a market person, then in the short-mid term, might want to consider put options.  Another idea would be to play the market long and buy shares of "good" companies at a discount right now, hold, and cash in later.

[temple]

The question OP asked kind of answers itself.

Millions become millionaires during Covid pandemic

I think people with a lot of experience in trading and investing and also with some important life experience in general are better set up to identify opportunities when the world is in shambles. One such example are those who invested in pharmaceutical companies during the pandemic and made fortunes doing so. A condition is of course that liquidity is available and you saved up enough beforehand.

It is much different for people who need to spend every penny of what they earn each month. They have no choice anyway even if they were to understand that an investment is smart in a certain industry during a recession or a crisis like the pandemic.

As bad as it sounds, but when Putin started attacking Ukraine, some smart people put money into military companies. Just have a look at Lockheed Martin's share price. As bad as it sounds and apart from the moral aspects, this is just to show that there are ways to reasonably analyze what a crisis or recession is actually about and make decisions accordingly.

To summarize, some people will always go broke during a recession. It kind of is an irrefutable given of the term "recession". It means that wealth is destroyed and those who don't own any wealth usually pay their price with painful existential consequences. 

[iv4n]

...
To summarize, some people will always go broke during a recession. It kind of is an irrefutable given of the term "recession". It means that wealth is destroyed and those who don't own any wealth usually pay their price with painful existential consequences. 

At every moment, with the recession or not, some people go broke and some people make gains, it's how the world works, and it's full of ups and downs for all people. To summarize anything is possible! It's life! So what makes someone get rich or get broke at any time is impossible to explain in a few words, many factors need to be known to us so we can make any conclusions. I think we all wish to make the right decisions at the right time, but that doesn't turn out like that, I guess we all depend on some luck, in the end!

[Captain Corporate]

You can technically get rich, but will it be by investing? I am not sure. Look at the oil companies, they did fairly well because they were selling something that people needed, and they made a whole lot of money from in fact they broke their profit records this year thanks to these situations. All in all, I would assume that it would be quite difficult for anyone to make a profit during a recession, definitely a hard thing, but nobody can say it would be impossible either. It will definitely be possible if you could end up selling something that people really needs, and keep on selling it more and more.

[Truyet Lan]

Every day people are getting rich or going bankrupt because of their investments. It takes a chance.
However, most people are still in the position of neither making a lot of money nor losing a lot of money.
(This part is collectively referred to as ordinary people)

[gabbie2010]

During recession you live within your means the idea of becoming rich is out of it, for instance a person that lost his job wouldn't think of using his savings to invest in a bid to becoming rich when there are bills to be settled and payment for basic goods and services especially in a family who is trying hard to survive the harsh effect of the recession, the high cost of goods and services would deter such a person to have extra funds for investment I doubt if there will be any opportunity to become rich in that period, everyone will strife hard to live comfortably first before considering other investment.

[Paul Pogba]

Of course you can, people who think success always try their best and never blame conditions including an economic recession, even when an economic recession many people increase their wealth, a good business when a recession is the financial sector, namely loans.

[CageMabok]

Of course you can, people who think success always try their best and never blame conditions including an economic recession, even when an economic recession many people increase their wealth, a good business when a recession is the financial sector, namely loans.

Why loans can be so good during an economic recession? Doesn't that also have a risk if the borrower can't pay off the loan when it's due to pay it off according to the applicable rules? Because of every condition that occurs in this world, it is only a trading business by selling daily necessities that will continue to run without a hitch by continuing to make profits. In addition, another business that everyone can continue to run is to open a business in a tourist spot that is most visited by the public, because in such a place there is also more money circulating every day.

[Bitcoin2009]

During a recession, of course, many people become difficult and economic difficulties that make many people poor, but for those who already have strong financial capital it will be easy to increase wealth, usually many companies go bankrupt and need capital so if they have large capital they can buy the company's shares.

[Rockstarguy]

Of course you can, people who think success always try their best and never blame conditions including an economic recession, even when an economic recession many people increase their wealth, a good business when a recession is the financial sector, namely loans.

It possible for one to get increase in income whether in recession period or not, but the truth is that in time of recession it is a tough time for the economy of individuals and the economy struggle.  In recession some government depend in borrowing to maintain the economy. After borrowing money in recession some business ends up folding up.  Recession is a difficult time that is always not good for economy and businesses,  it favours few sectors.

[Maidak]

In a word, it's as simple as in the crypto market. When the bear market happened, a lot of people lost their money and had to sell their bitcoins at a lower price, many even went bankrupt and left the market. But for those who know how the market works, bear season is a rare opportunity and they have to wait years for it to happen. While many people dumping because of losses, there is always someone who buys it back at an extremely cheap price. Then a lot of people will get rich because of the bear season and a lot of people will go bankrupt because of the bear season. The world economy works similarly, the crisis cannot last forever.

[AmoreJaz]

During a recession, of course, many people become difficult and economic difficulties that make many people poor, but for those who already have strong financial capital it will be easy to increase wealth, usually many companies go bankrupt and need capital so if they have large capital they can buy the company's shares.

i guess, it depends on how people will live their respective lives, whether recession or not. if you know how to be frugal at all times, you will find out that you can survive at any crisis or any season. also, you need to find ways on how to earn extra income. those people who have financial capital know how to take advantage of this opportunity. so even if you don't have big funds in place, you should know where to put your money into. you need to work on your own and not rely from others. don't look also from other's achievements, you will only get depressed.

[DrBeer]

Is it possible to make money in a crisis or recession? CERTAINLY !
There are indeed moral restrictions... But not everyone pays attention to them.
It must be understood that a recession leads to a sharp and prolonged decline in living standards and incomes of the local population. The population, which gave "reserves" for future periods, and short-term problems. Believe me - I'm sure no more than 1-3% of the population makes and contains reserves for 1-3 years. The rest have reserves for 1-3-6 months, but no more. So the point of consumption of stocks will come very quickly. And this means that many will first sell, very cheaply, at first the most useless things (clothes, household appliances, etc.). Then, they will move on to "strategic reserves" - currency, precious metals, investment coins, etc. And this is the time to buy cheaply, that after a while it will be possible to sell for its real and not dumping price.

[KingsDen]

During a recession, of course, many people become difficult and economic difficulties that make many people poor, but for those who already have strong financial capital it will be easy to increase wealth, usually many companies go bankrupt and need capital so if they have large capital they can buy the company's shares.

i guess, it depends on how people will live their respective lives, whether recession or not. if you know how to be frugal at all times, you will find out that you can survive at any crisis or any season. also, you need to find ways on how to earn extra income. those people who have financial capital know how to take advantage of this opportunity. so even if you don't have big funds in place, you should know where to put your money into. you need to work on your own and not rely from others. don't look also from other's achievements, you will only get depressed.

There is a great opportunity in freelancing. Being able to work remotely for more than 5 clients or companies is a blessing in disguise. Even if there is no job security, there must always be food on the table. All the 5 and above clients will not lay you off simultaneously, especially if you are good at what you do. Gig works is rising and people are trooping in, getting some skills and establishing your niche in the freelancing jobs could be your passport to escape brokenness during recession.

With this you can be investing at your pace, and take advantage of other opportunities that may present itself.

[Lien Uiryen]

During the recession, with companies laying off employees and factories closing down, many poor people have become even poorer. They have no source of income and can only work and live on commissions every day. The daily life of the rich has not been affected. They may acquire Housing, and other economic growth, this is also an investment of the rich.

[Riodarvg]

A recession could make it harder for people without jobs and incomes.
And it is indeed a good opportunity to get rich for some people who are financially prepared, and they choose to invest in cryptocurrencies to make a profit by predicting market trends.
This is called the rich get richer and the poor get poorer.

[blockman]

During the recession, with companies laying off employees and factories closing down, many poor people have become even poorer. They have no source of income and can only work and live on commissions every day. The daily life of the rich has not been affected. They may acquire Housing, and other economic growth, this is also an investment of the rich.

It's because they're only relying upon their employment and that's their sole source of income. This means they don't have any other source and they only have one source for everything. It's sad but also humbling at the same time and has given us a lesson that we shouldn't rely only on one thing if it's our source of income. They're living their day-to-day life as if they're really dependent on it and this is a situation that is no secret to most. Salute to those that still made their ways out of it despite with the hard situation that we've gone through.

[Pejoh Asu]

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

[CageMabok]

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

[Golfler]

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

[BRINIRHA]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

I think that the Recession is like hunting/shopping season for the elite (people with lots of money). they will compete in the hunt to buy every thing that has good potential in the future. like hunting for property that will fall in price during a recession. because there will be many people who sell property but there will be few enthusiasts. so prices will continue to decline due to lack of interest. well that's where the elite people will enter to buy from the lowest price. Now, it's not just property that will experience a price drop. but the stocks will be the same i.e. the price will fall very badly. but here is the opportunity. our task as ordinary people should be able to see the movements of the global elite and predict their movements and also study them. not that we have to buy what they buy. because our abilities may not be able to match them. but at least we learn from them, that is, we must be able to see hidden potentials and see opportunities for the future. well there is no doubt that new rich people will be created and they are the ones who are good at seeing a hidden pearl. and they invest in it. and yes the answer is investment.

but unfortunately for the lower classes will be very difficult during a recession. perhaps the lower classes will also be able to see the potential for the future in a hidden pearl. but they are forced to prioritize their daily needs. so actually a recession will actually widen the gap between the rich and the poor. I hope the economy recovers quickly.

[xSkylarx]

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

I am hoping for your very best in your store and also in life. I know this recession is very huge and has affected us all. I don't know when this will end, but I will keep fighting. I know it is easy for me to say this, but trust me: try everything and keep fighting since you'll win in the end. We as consumers are also struggling, but we keep fighting because if we don't, we will end up losing and eventually lose the battle.

[crutu]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Must be able to minimize expenses to deal with an impending recession, in other words, buy basic necessities to fulfill daily life, reduce vacations which can spend a lot of money just for fun. Do research to buy several types of crypto coins that are suitable for short-term trading so that you can have daily profits instead of the layoffs that you experience, Half of the money you have should be manageable for future savings by investing long-term in a potent, high-trading-volume cryptocurrency that is recession-resistant.

[sana54210]

During recession you live within your means the idea of becoming rich is out of it, for instance a person that lost his job wouldn't think of using his savings to invest in a bid to becoming rich when there are bills to be settled and payment for basic goods and services especially in a family who is trying hard to survive the harsh effect of the recession, the high cost of goods and services would deter such a person to have extra funds for investment I doubt if there will be any opportunity to become rich in that period, everyone will strife hard to live comfortably first before considering other investment.

It is such a bad and boring period that you can't forget to pay every single bill, and sometimes you even fail to do that. People need to realize that there are billions in the world that fail to survive, and live on a salary.

Most people do not have money left when the month is over, their salary is not enough to live, they make debt each month, it’s a horrible way to live but unfortunately that’s how people live most of the time. That means, if you can't even have money left, and you grow your debt each month, how could you become an investor? What are you going to invest? You don't have any money to invest at all. This is the biggest trouble everyone has these days during recession.

[Cling18]

So I ask what hidden opportunities does this recession offer? How can one take the opportunity of the recession to become rich or at least not go broke?

I don't have a specific answer, but there are a few things I can say. The best thing to do is take a look at your finances and start taking control of your own life. No one else can do it for you, but it can be done if you put in the effort.

There are ways to make money during tough times but these opportunities require effort, creativity, and sometimes luck. Things to keep in mind are quick schemes that promise you millions overnight.

We can't deny the fact that life is tough during the recession period and it's like a survival trial for everyone so we have no choice but to fight our own battles and find ways to continue living. There are still a lot of opportunities that we could grab during this situation but those opportunities won't be the ones to search for us so it needs effort for us to find them. Accumulating and improving skills will be a good preparation so grabbing more opportunities for us will not be hard. We only have to be more disciplined in handling our finances and be more motivated to double our earnings so we can afford the things that we need.

[isaac_clarke22]

Definitely. Everyone would be affected by an economic recession but big businessmen or company owners are the one who would be later affected because they would be able to endure its early phase but eventually since they are business owners, their company would be more likely pulled by the problem, if the recession will be continuous and will stay for a long period of time.

Yeah, they'll definitely tank it and that is why some companies are now starting to lay off some employees just like what we heard recently from Meta. Business owners just gotta do what they gotta do in order to keep their company alive.

This is truly the lesson on why people should not feel "too comfy" in their jobs regardless if it was a reputated company or not. You are an employee in the end and one day, you'll need to pack up your bags and leave once your higher-ups told you to do so.

[Mauser]

I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Sorry to hear this buddy, we are facing very difficult times right now and losing our job and main source of income is terribly. Hopefully you will find something new quickly. I have thought about possible opportunities during recessions myself and to be honest with you, I didn't come up with a great plan. Becoming rich during a recession seems nearly impossible in my opinion. Almost all prices feel this year, it was very hard to find something that didn't drop double digits so far. The only way for us to profit of it would have been to short the market, but this seems to late now. Prices are already low and going short into the market now can lead to big losses when the recovery picks up. The same is for selling our assets for cash and wait for prices to fall more to rebuy them cheaper. Right now I wouldn't be selling though, this should have happened at the start of the year when Russia invaded Ukraine. Also without a job you need to be more careful with your investment, maybe you need money in the future and could be forced to sell some investments at a bad price.

[teosanru]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

I have really believed in the quote that millionaires are made during the recession, obviously recession is bad for everything and everyone in general, you lose jobs, your investment sucks, prices of everything is going high. But i have seen a lot of people making fortune during recession as well, those people do a certain things differently from others. Like a person should always invest in averaging and should keep it's funds idle, in recession time one should enter the market so that you can find best prices of assets. Second thing is always keep multiple source of income and especially those which are minimally correlated to each other so that you get income from Atleast one of the source always.

[Balmain]

Times of crisis are a great opportunity for innovation. While most companies or people struggle to stay afloat, some companies or people look up and see opportunities. They develop new products, new services, new uses or markets for existing ones and make process innovations. It is not easy to see opportunities in crises. The reason for this may be that there is a fire in the middle and you lose your thinking power in the middle of the fire. The most important thing is to take precautions before a crisis occurs. If you save enough or create passive income you can manage yourself for a while even if you are unemployed. This keeps you afloat in times of crisis.

[South Park]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

It is possible to make money during a recession however for that you need to have money already saved, most likely what he means by that is that during a recession even good assets go down in value together with the bad assets, this means that you can buy them for a huge discount and then simply wait for the market to eventually recover, this is something we are seeing in this market already in which the price of bitcoin is down and the smart investors are taking advantage of it in order to buy all the bitcoin they can.

[erep]

It is possible to make money during a recession however for that you need to have money already saved, most likely what he means by that is that during a recession even good assets go down in value together with the bad assets, this means that you can buy them for a huge discount and then simply wait for the market to eventually recover, this is something we are seeing in this market already in which the price of bitcoin is down and the smart investors are taking advantage of it in order to buy all the bitcoin they can.

We need to have other savings to buy the coin price which is much lower and I recently added another asset to increase BTC in the portfolio, so it is another effort that we can use to prevent recession in financial management. We have gone through difficult economic times after the pandemic and now is the time to recover the economy in terms of crypto investing but we have to consider the risks before you decide to get involved in crypto investing.

[TheUltraElite]

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

Having to close down your own store is both economically and psychologically distressing, I hope for the best in the upcoming years.

I would suggest you to get into some alternate jobs for a short period, if feasible. Delivery services are very common nowadays and common youth are getting into it along with older people just so they can run a living. When times get tough, you have to turn tough too to cope up with it.

Bitcoin and investments in crypto will see a downtrend, this should be a lesson to not invest in altcoins but keep the maximum in bitcoin only.

[Gozie51]

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

This is pathetic and downcasting to hear but you are not the only one in this and that is one thing you have to know. The world is getting more difficult to live in as poverty is causing frustration and depression all over the place. People are taking their lives by themselves and that is the effect when someone can't survive this hard times. As for cryptocurrency and your hodlings, I hope you know that there have been prediction for more bear for bitcoin and if that happens, you know the situation of your coins will be more affected. You could either peg them with usdt.

[dunfida]

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

This is pathetic and downcasting to hear but you are not the only one in this and that is one thing you have to know. The world is getting more difficult to live in as poverty is causing frustration and depression all over the place. People are taking their lives by themselves and that is the effect when someone can't survive this hard times. As for cryptocurrency and your hodlings, I hope you know that there have been prediction for more bear for bitcoin and if that happens, you know the situation of your coins will be more affected. You could either peg them with usdt.

When you are on a situation where you are really that down neither on your physical business and your online assets neither of the markets including crypto then this is where emotional handling would take place.

Yes, its never been easy to deal up when emotions gets already involved this is why you should really be that mindful on what are the things that you should gonna do instead of panicking and freaking out.

Sustainability is what we do really mind off, this is why on the time that you are making money then its always been ideal on making yourself to invest into other things
or simply finding other sources of income so that you would really be making yourself that prepared.

[trendcoin]

Anyone who correctly evaluates the recession period will certainly become rich, but I have a lot of question marks on this subject. When markets balloon, many indicators inform about risk. For example, the RSI draws trends with negative peaks (negative divergence), the volume of the market weakens, but there is no indicator that we can measure the level of the recession period. So, every period that we think we are in the buying zone may not actually be a buying zone. That's why I don't think it will be a period that everyone can benefit from, as it is a period with a lot of uncertainty.

[KennyR]

Anyone who correctly evaluates the recession period will certainly become rich, but I have a lot of question marks on this subject. When markets balloon, many indicators inform about risk. For example, the RSI draws trends with negative peaks (negative divergence), the volume of the market weakens, but there is no indicator that we can measure the level of the recession period. So, every period that we think we are in the buying zone may not actually be a buying zone. That's why I don't think it will be a period that everyone can benefit from, as it is a period with a lot of uncertainty.

Evaluating the recession too a difficult task same as predicting the low bottom of bitcoin. Most of the time recession looks like whether it is really affecting the economy nor it has just slowed down the growth. In recent years majority of the countries have experienced economic hardness, and to be on the safer side having emergency fund allocated is the better way to keep our lives undisturbed. This could make us rich or atleast help us overcome the situation without getting broke.

[Swordsoffreedom]

Times of crisis are a great opportunity for innovation. While most companies or people struggle to stay afloat, some companies or people look up and see opportunities. They develop new products, new services, new uses or markets for existing ones and make process innovations. It is not easy to see opportunities in crises. The reason for this may be that there is a fire in the middle and you lose your thinking power in the middle of the fire. The most important thing is to take precautions before a crisis occurs. If you save enough or create passive income you can manage yourself for a while even if you are unemployed. This keeps you afloat in times of crisis.

In my opinion, sometimes a recession or crisis isn't such a bad thing and now I really see it as an opportunity to rise up and catch up with others. In times of crisis a lot of people will have a hard time and they start to get discouraged when the work goes down but it is also an opportunity for us, as long as we know how to seize the opportunity. Just like in business, when your competitors are in trouble, that's your opportunity. Or like investing in bitcoin, when the market goes down people sell in panic but there are a lot of people silently buying at low prices and just wait until the bull season, those who buy at low prices will become rich, those who sell in the bear season will be losers.

[Dickiy]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

It's quite easy to say, you just need to maximize the abilities you currently have, that way you can offer products or services that you can do. I don't recommend learning new things to start a business, because it really takes a long time.
That way you just have to manage your finances and manage the risks that will be taken.
Profiting during a recession is nothing but buying stocks when things are down, taking advantage of the bad news to go short, and buying Bitcoin for your future financial health.
Many rumors say that this recession will not last long, so be smart to take advantage.

[South Park]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

It's quite easy to say, you just need to maximize the abilities you currently have, that way you can offer products or services that you can do. I don't recommend learning new things to start a business, because it really takes a long time.
That way you just have to manage your finances and manage the risks that will be taken.
Profiting during a recession is nothing but buying stocks when things are down, taking advantage of the bad news to go short, and buying Bitcoin for your future financial health.
Many rumors say that this recession will not last long, so be smart to take advantage.

It is important to prepare ourselves for anything that it may happen, I really hope the recession is not long as there are many people that are simply not prepared for it, however what if the global recession is a long one? We must remember that the war is still ongoing and the economic devastation brought by the pandemic is still in play, if yet another crisis hits the economy at the time we are not sure if governments are going to be able to handle it, so we must prepare for it.

[Golfler]

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

I am hoping for your very best in your store and also in life. I know this recession is very huge and has affected us all. I don't know when this will end, but I will keep fighting. I know it is easy for me to say this, but trust me: try everything and keep fighting since you'll win in the end. We as consumers are also struggling, but we keep fighting because if we don't, we will end up losing and eventually lose the battle.

I will definitely try my best to survive, but this time is really difficult. My family members have also been laid off by the company recently. Maybe next year will be better, because many people say that economic recovery will begin in 2024, and encryption will start to take off.

[Lambe Ndumble]

When a recession of course many people become dizzy because of the price that continues to increase, but this is a good opportunity to create a business even when recession, a unique tourist business is a very good and profitable thing because people need different things and a good choice.

[xSkylarx]

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

I am hoping for your very best in your store and also in life. I know this recession is very huge and has affected us all. I don't know when this will end, but I will keep fighting. I know it is easy for me to say this, but trust me: try everything and keep fighting since you'll win in the end. We as consumers are also struggling, but we keep fighting because if we don't, we will end up losing and eventually lose the battle.

I will definitely try my best to survive, but this time is really difficult. My family members have also been laid off by the company recently. Maybe next year will be better, because many people say that economic recovery will begin in 2024, and encryption will start to take off.

I know it is really hard for you, but you have no choice, so you need to fight. If you lose hope now, it will be difficult to stand up. Try to relax at this time, don't overthink it but still make your best effort to have solutions to the problem, and go to your friends and other relatives to ask for help since this is the time you need them. I know you can't sleep easily now, but trust me, you need to relax and think of some good ideas. This happened to me twice before I was laid off, but I asked for help from my relatives, who helped me, and I am now back at work. 

[348Judah]

Nobody is above the capacity of being broke since we have different means to financial source that cones in for us and they may not be on a regular basis, and also if we are to consider the need arising on a daily basis there is a great variation between what we have been spending as expenses to what we do now ever since the onset of inflation that has hold down many business economy, the means for survival each individual adopted as a rescue means is just the only means to help prevent being broke while those left with no alternative got broke because of inability to meet up with the required standard for sustainability of business and other sources of income one depends on.

[LogitechMouse]

Yes. We've seen many businessmen still thriving despite the fact that all of us have been struck by the effects of the pandemic.
I mean the rich can get richer by just taking advantage of the situation. Businessmen already knew what to do when a recession comes.

Now with regards to not go broke, I can already feel the spike of the prices of the commodities. Our country isn't on a recession (far from it TBH), but what I'm feeling is the spike of the prices that makes me always think twice of the things that I'm buying. I'm not broke as of this moment because I'm not into a point where I need to beg for money, having a hard time financially, or borrow to my relatives just to have money to be used to pay bills etc.

Getting rich during a recession is only for the already rich businessmen because they can take advantage of the situation however, if you are just an average person then at least your main goal is to just not go broke, or you will suffer, and I believe many people aren't broke and still surviving right now.

[naira]

Yes. We've seen many businessmen still thriving despite the fact that all of us have been struck by the effects of the pandemic.
I mean the rich can get richer by just taking advantage of the situation. Businessmen already knew what to do when a recession comes.

Now with regards to not go broke, I can already feel the spike of the prices of the commodities. Our country isn't on a recession (far from it TBH), but what I'm feeling is the spike of the prices that makes me always think twice of the things that I'm buying. I'm not broke as of this moment because I'm not into a point where I need to beg for money, having a hard time financially, or borrow to my relatives just to have money to be used to pay bills etc.

Getting rich during a recession is only for the already rich businessmen because they can take advantage of the situation however, if you are just an average person then at least your main goal is to just not go broke, or you will suffer, and I believe many people aren't broke and still surviving right now.

Usually such people control nearly 10% of state finances and indeed play an active role in every business sector. The economy has its ups and downs but what stands out are those who are rich in all sources of income. The impact of an increase in human resources which is relatively still in the poverty line is getting worse. In a recession situation there is not much we can do from the lower middle class because it depends on job vacancy policies.

In addition, the current recession-hit finances were only realized earlier by those who knew about the economy, but not by the day laborers. So anticipating by securing assets is much easier for the rich.

[Bitstar_coin]

If you have a stable job that brings in monthly income, I believe you can prioritize your standard of living to be able to survive recession. The only way you can get rich during recession is if you are a politician or hold any public office especially in highly corrupt countries. otherwise, your focus will be on minimizing your expenditure.  
By and large, If you don't have a stable job, it will be extremely difficult to survive recession, so it is important to secure a job or find a way of earning monthly income, if you are a family person, it will be twice difficult.

[Jatiluhung]

When a recession of course many people become dizzy because of the price that continues to increase, but this is a good opportunity to create a business even when recession, a unique tourist business is a very good and profitable thing because people need different things and a good choice.

I don't really know much about the tourism business. but I guess as inflation gets higher and a recession finally sets in then I think there will be less people taking vacations to spend money. because everyone from the lower middle class will save more on their expenses. but for the upper class the recession may not be such a big deal. even when inflation is high and recession occurs, rich people will buy more property whose prices will be very cheap. even now property prices seem to begin to decline. and high class people will take advantage of it. so that for the lower middle class it may be difficult to be more advanced in their business during a recession and even surviving bankruptcy may be their main focus. but for the rich in the upper class, they will be busy using their money to invest more when the prices of all stocks, crypto and property fall.

[Fatunad]

Nobody is above the capacity of being broke since we have different means to financial source that cones in for us and they may not be on a regular basis, and also if we are to consider the need arising on a daily basis there is a great variation between what we have been spending as expenses to what we do now ever since the onset of inflation that has hold down many business economy, the means for survival each individual adopted as a rescue means is just the only means to help prevent being broke while those left with no alternative got broke because of inability to meet up with the required standard for sustainability of business and other sources of income one depends on.

So this one simply implies that you should really be finding other sources of income so that you could able to handle up your expenses plus you do able to save up at the same time which is really
that crucial and important on everyday living.We are really that struggling because of this inflation and recession which if you dont have any various sources of income and you arent
that too mindful with your spending and budget then you would definitely be ending up on getting broke.The ones who are really able to survive or withstand is into those
individuals who do have various sources of income or something like that.

[Lubang Bawah]

Recession is a difficult thing to survive especially to increase the wealth of or get rich, but I was inspired by the documentation of the film that at that time occurred war and inflation was very high, then he made a food product and it turned out that the food was liked by many people, this was natural because When the war of course the production of large and agricultural factory cannot be effective so that by making processed food will get a good response, the point I want to convey is many things we can do to increase wealth even with difficult conditions.

[Jody.Drummer]

Making the right decision must really be made in this case and of course when referring to this, every action must clearly be calculated carefully so that we are not wrong and feel sorry at the end.
Facing a recession will obviously be a bit of a hassle but at least in this kind of case keeping the business running well of course would be great by minimizing the existing budget.
It is still possible to become rich in the midst of a recession, but only for some people and of course those who have the capital and finances can make it happen, but for businesses in small circles keeping the business running while bringing a little profit is more than enough according to me.

[Punakawan]

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

I am hoping for your very best in your store and also in life. I know this recession is very huge and has affected us all. I don't know when this will end, but I will keep fighting. I know it is easy for me to say this, but trust me: try everything and keep fighting since you'll win in the end. We as consumers are also struggling, but we keep fighting because if we don't, we will end up losing and eventually lose the battle.

I will definitely try my best to survive, but this time is really difficult. My family members have also been laid off by the company recently. Maybe next year will be better, because many people say that economic recovery will begin in 2024, and encryption will start to take off.

In 2024 it is still more than a year and of course we have to go through difficult times, indeed economic conditions are increasingly difficult because of the many problems such as pandemic and now found a new variant, we must be smart and be able to use all resources in order to increase income, maybe we must lose time for a hobby or relax but to survive sometimes we have to be busy.

[Mauser]

Making the right decision must really be made in this case and of course when referring to this, every action must clearly be calculated carefully so that we are not wrong and feel sorry at the end.
Facing a recession will obviously be a bit of a hassle but at least in this kind of case keeping the business running well of course would be great by minimizing the existing budget.
It is still possible to become rich in the midst of a recession, but only for some people and of course those who have the capital and finances can make it happen, but for businesses in small circles keeping the business running while bringing a little profit is more than enough according to me.

You could argue that people who have enough finances and capital to take advantage of cheap offers during a recession were already rich before the recession started. Companies who sell essential goods are usually less severely affected by a recession and will keep to operate like before. Any business owner of such a company will be doing fine during a recession. It is mostly the smaller business that are affected stronger by a recession. When things are getting really bad than politicians like to save big companies first as there are more workers involved and more potential voters to be convinced. That is why I agree with you, for small business owners surviving a recession should be the main goal. Trying to become rich during a recession is so much more difficult than during a bull market. There are not many anti cycle businesses were we could invest easily. My main goal is now to save as much as possible to have capital available when the recession is over and to profit from rising prices again.

[xSkylarx]

It becomes very difficult when we experience economic recession, basic necessities, namely food increases significantly and we are very difficult to earn income so that many people become poor, this is what makes it very difficult to survive with minimal standard of living.

I don't feel that way now, so I can still live normally and not feel difficult and feel already poor because I am always grateful for what I have got so far through the work I do every day. And for other people I also don't know if they feel the same way as me or they find it difficult as you say. But what I see here in my surroundings is that there is no increase in the price of staple foods and no one is experiencing difficulties for any reason at this time.

I feel very uncomfortable now, my income is reduced, my life is getting more and more stressful, it is hard to be happy, the coins in my wallet are also falling, I have closed my physical store, and I don't know when the economy will get better.

I am hoping for your very best in your store and also in life. I know this recession is very huge and has affected us all. I don't know when this will end, but I will keep fighting. I know it is easy for me to say this, but trust me: try everything and keep fighting since you'll win in the end. We as consumers are also struggling, but we keep fighting because if we don't, we will end up losing and eventually lose the battle.

I will definitely try my best to survive, but this time is really difficult. My family members have also been laid off by the company recently. Maybe next year will be better, because many people say that economic recovery will begin in 2024, and encryption will start to take off.

In 2024 it is still more than a year and of course we have to go through difficult times, indeed economic conditions are increasingly difficult because of the many problems such as pandemic and now found a new variant, we must be smart and be able to use all resources in order to increase income, maybe we must lose time for a hobby or relax but to survive sometimes we have to be busy.

As others have said, let's focus more on earning money now, as in the previous pandemic we lost a lot. There is no time for relaxation right now (just rest if you're tired) or vacation if we still don't have enough money. I know a lot of people really want to stroll around the world because it is already open, but we still don't have enough money to do it, and it isn't worth it to spend the money. It is well worth your time to invest in developing your skills right now, as the demands of online or remote work are increasing, so instead of strolling, try to spend your time learning.

[usekevin]

When the COVID-19 begins,the recession was begins.Then it was survived over 2 years,most of people was suffered to eat their three times of meal.It was happened even in the developed country.People with huge backup was escaped from such things.Because they spend the holding money for the longer period of time.Russian war was the second things and make the people to further economic loss.Most of the people was affected due to the dependence of oil from Russia and traffic over it.

[tygeade]

I know it is really hard for you, but you have no choice, so you need to fight. If you lose hope now, it will be difficult to stand up. Try to relax at this time, don't overthink it but still make your best effort to have solutions to the problem, and go to your friends and other relatives to ask for help since this is the time you need them. I know you can't sleep easily now, but trust me, you need to relax and think of some good ideas. This happened to me twice before I was laid off, but I asked for help from my relatives, who helped me, and I am now back at work. 

That is the inevitable road to success basically. Sometimes we all have horrible times in our lives, sometimes it's about finances, sometimes it's about health, sometimes it is even about death of loved ones and we go into a sadness pit. However, since we are alive, that means life will eventually get better, with time all gets better if we want to.

If it is about finances, you may have a horrible year, but then you could keep on grinding and working really hard, and then you can get out of that trouble eventually, maybe it will take time, but many people managed to do it, so can you. That is why we need time to be our ally, not our enemy to keep growing.

[DrBeer]

Any recession is a process that leads to:
1. Increase/increase in prices for essentials and "cheap" daily products.
2. Reducing the price of investment objects - real estate, trading floors, transport, etc.

Further, since we are at the crypto forum, and many people know what trading is, and know how to behave when the situation changes - make a decision - what to sell and what to buy!? Keep in mind that a recession is not forever.

[Bitcoin1216]

Unique facts always occur that when there is difficulty and recession, there are many opportunities that can be created, for example when Covid then the opportunity to be rich is the production of masks and liquid washing hands, and many people are rich when there are difficulties including economic recession, so always do what research the market needs.

[348Judah]

Getting rich is as important as maintaining the wealth accumulated and one of the things that makes one not to go broke is consistency in business and the flow of income towards the business direction which one the doing for sustainability, we cannot expect a single business not to have a backup and yet maintain regular flow when there's volatile economic situations just like the one we are into presently.

[Iroh]

Recession is coming and we know it. In some places it is staring us right in the face. Unemployment, rising cost of living, increasing food prices, falling stocks etc are some of the negative effects associated with recession. Despite this seemingly bad news, Warren Buffet said “In short, bad news is an investor’s best friend”. And another quote by someone goes thus "millionaires are made during a recession". I have been recently laid-off work due to the recent economic crisis in my country. I do not want to see this as a bad thing. So I ask what hidden opportunities does this recession offer? How can one take opportunity of the recession to become rich or at least not go broke?

Hearing about lay offs always put me off. I’m sorry to hear that you’ve been let go.
As to your question, in a recession, it is difficult if not almost impossible for the average individual to become rich. The only people that gets rich anytime, every time are high management CEOs of multinational corporations and politicians that are as crooked as they come. Your options at the moment is to sadly not to go broke.

Where entrepreneurship isn’t available as in this case, skills are very much needed. If the OP had any skills, he could get by fairly as there are some short term job offers that needs skilled workers.
During a recession, folks(mostly politicians in my opinion) that deal in insider trading are the ones that become millionaires during recession.

Hopefully, you’ve got some savings to fall back on or even better, you’ve got about 40 BTC  that you’ve been holding for years stashed somewhere

[jaberwock]

Recession is a difficult thing to survive especially to increase the wealth of or get rich, but I was inspired by the documentation of the film that at that time occurred war and inflation was very high, then he made a food product and it turned out that the food was liked by many people, this was natural because When the war of course the production of large and agricultural factory cannot be effective so that by making processed food will get a good response, the point I want to convey is many things we can do to increase wealth even with difficult conditions.

Difficult but possible. I am sure that even the poor families have ways to survive a recession because if not then they will die. Trying to increase our wealth during a recession must be a silly idea because we are already struggling to buy our basic needs so how much more of trying to make more money?

Mostly people are jobless and then the demand for business are low because the price of the goods are at their all time high. The story that you share is inspiring. There's also a similar story like that but the plot happened during the covid pandemic. It was like a blessing in disguise because it helps people to become creative and unlock their hidden talents.

[Smartprofit]

Recession is a difficult thing to survive especially to increase the wealth of or get rich, but I was inspired by the documentation of the film that at that time occurred war and inflation was very high, then he made a food product and it turned out that the food was liked by many people, this was natural because When the war of course the production of large and agricultural factory cannot be effective so that by making processed food will get a good response, the point I want to convey is many things we can do to increase wealth even with difficult conditions.

Difficult but possible. I am sure that even the poor families have ways to survive a recession because if not then they will die. Trying to increase our wealth during a recession must be a silly idea because we are already struggling to buy our basic needs so how much more of trying to make more money?

Mostly people are jobless and then the demand for business are low because the price of the goods are at their all time high. The story that you share is inspiring. There's also a similar story like that but the plot happened during the covid pandemic. It was like a blessing in disguise because it helps people to become creative and unlock their hidden talents.

Yes, in my opinion, there are chances to get rich during a recession in the global economy. 

During a recession, many companies will go bankrupt. 

However, other companies will survive and gain the customer base and resources of those companies that did not survive the recession. 

For example, people will stop buying new shoes.  Instead of buying new shoes, people will repair their old shoes.  People who repair shoes and clothes will be able to increase their income.

In general, the quality of life of people will deteriorate.  At the same time, individual businessmen will be able to succeed.

[BRINIRHA]

Yes, in my opinion, there are chances to get rich during a recession in the global economy. 

During a recession, many companies will go bankrupt. 

However, other companies will survive and gain the customer base and resources of those companies that did not survive the recession. 

For example, people will stop buying new shoes.  Instead of buying new shoes, people will repair their old shoes.  People who repair shoes and clothes will be able to increase their income.

In general, the quality of life of people will deteriorate.  At the same time, individual businessmen will be able to succeed.

there will always be those who fall and there will always be those who survive the recession. and those who will benefit are those who survive. as you said some parties might be able to take advantage of the recession to become a good opportunity. But I think it's only a minority of people who have been able to turn the recession into an advantage. because during a recession the majority of the people are going through more hardships. and usually those who can survive during a recession are those who have large capital savings such as the elite. so that the rich will be more likely to be richer. while people who are not financially capable will be increasingly depressed.

[Jody.Drummer]

Making the right decision must really be made in this case and of course when referring to this, every action must clearly be calculated carefully so that we are not wrong and feel sorry at the end.
Facing a recession will obviously be a bit of a hassle but at least in this kind of case keeping the business running well of course would be great by minimizing the existing budget.
It is still possible to become rich in the midst of a recession, but only for some people and of course those who have the capital and finances can make it happen, but for businesses in small circles keeping the business running while bringing a little profit is more than enough according to me.

You could argue that people who have enough finances and capital to take advantage of cheap offers during a recession were already rich before the recession started. Companies who sell essential goods are usually less severely affected by a recession and will keep to operate like before. Any business owner of such a company will be doing fine during a recession. It is mostly the smaller business that are affected stronger by a recession. When things are getting really bad than politicians like to save big companies first as there are more workers involved and more potential voters to be convinced. That is why I agree with you, for small business owners surviving a recession should be the main goal. Trying to become rich during a recession is so much more difficult than during a bull market. There are not many anti cycle businesses were we could invest easily. My main goal is now to save as much as possible to have capital available when the recession is over and to profit from rising prices again.

Saving from now on is not too bad because if indeed you are a business person, you will definitely need a lot of capital, which must be prepared to minimize problems that will occur later, even though you can say that this has taken too long because you should have prepared it from the start, but it is better to prepare from the beginning. now rather than never because it's quite clear that this will have an impact on all walks of life, it doesn't matter if it's a small or big businessman, the only difference is the impact felt because small business people will feel the impact far more than big ones.
On the other hand, with the current conditions, there is really nothing that can be done for them other than by strengthening the reserve fund so as not to make it even worse and the business will continue to run because it is certain that when a recession arrives, not a few of the business people start to feel that finances are dwindling so they don't there is nothing to do but give up and that is of course the worst decision and should be avoided.

[posi]

Recession is a difficult thing to survive especially to increase the wealth of or get rich, but I was inspired by the documentation of the film that at that time occurred war and inflation was very high, then he made a food product and it turned out that the food was liked by many people, this was natural because When the war of course the production of large and agricultural factory cannot be effective so that by making processed food will get a good response, the point I want to convey is many things we can do to increase wealth even with difficult conditions.

Difficult but possible. I am sure that even the poor families have ways to survive a recession because if not then they will die. Trying to increase our wealth during a recession must be a silly idea because we are already struggling to buy our basic needs so how much more of trying to make more money?

Mostly people are jobless and then the demand for business are low because the price of the goods are at their all time high. The story that you share is inspiring. There's also a similar story like that but the plot happened during the covid pandemic. It was like a blessing in disguise because it helps people to become creative and unlock their hidden talents.

During the pandemic, I have also seen many people become rich within a year. While people were looking for ways to save their lives, many people risked investing and working and in the end they actually got the desired reward. Many people around me get rich because they see the needs of people during the pandemic, they invest in the production of masks, hand sanitizers, disinfectant sprays...all are essential necessities during the covid 19 pandemic.

It can be said that recession or crisis does not mean that everyone has difficulties, opportunities are always available in all cases, sometimes other people's difficulties are their own opportunities.

[bestcoins1]

When a recession of course many people become dizzy because of the price that continues to increase, but this is a good opportunity to create a business even when recession, a unique tourist business is a very good and profitable thing because people need different things and a good choice.

The tourism business requires very large capital if the location is not located in a more strategic area. But for those who live near the mountains or the coast, yes it's definitely good to get a business up and running in these tough conditions. However, it should also be noted that at times like today not everyone can afford to open a tourism business.

Because in addition to the capital which is not small, the number of visitors also needs to be considered because everyone always prioritizes the most important needs before spending more money at tourist attractions.

[blockman]

During the pandemic, I have also seen many people become rich within a year. While people were looking for ways to save their lives, many people risked investing and working and in the end they actually got the desired reward. Many people around me get rich because they see the needs of people during the pandemic, they invest in the production of masks, hand sanitizers, disinfectant sprays...all are essential necessities during the covid 19 pandemic.

It can be said that recession or crisis does not mean that everyone has difficulties, opportunities are always available in all cases, sometimes other people's difficulties are their own opportunities.

The rich got richer during the pandemic because they've seen every opportunity that they can make. I've seen people that have got nothing but still made that much money during the height of the pandemic. They looked for suppliers of alcohol and face masks and then sold them during the peak as the supplies were having some issues back then and the demand was too high. That's the type of people that really sees every opportunity in different situations, like the term and quote about selling lemons and making lemonades.

[Fatunad]

During the pandemic, I have also seen many people become rich within a year. While people were looking for ways to save their lives, many people risked investing and working and in the end they actually got the desired reward. Many people around me get rich because they see the needs of people during the pandemic, they invest in the production of masks, hand sanitizers, disinfectant sprays...all are essential necessities during the covid 19 pandemic.

It can be said that recession or crisis does not mean that everyone has difficulties, opportunities are always available in all cases, sometimes other people's difficulties are their own opportunities.

The rich got richer during the pandemic because they've seen every opportunity that they can make. I've seen people that have got nothing but still made that much money during the height of the pandemic. They looked for suppliers of alcohol and face masks and then sold them during the peak as the supplies were having some issues back then and the demand was too high. That's the type of people that really sees every opportunity in different situations, like the term and quote about selling lemons and making lemonades.

This had been always the reality on which rich people do even gets richer since they do have the capacity on taking advantage into something which they could really easily adapt nor take up those businesses
which does really suit out for a certain period or situation which make use of that for their advantage.This is why its pointless on making out argumentations that they shouldnt be doing that.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

[19Nov16]

Recession is a very difficult thing we refuse, economic recession occurs because of dependence with many things that make human needs more complex, the easiest thing to be able to fight the recession is to continue to increase the source of income, and Cryptocurrencies investment can be the main choice to be able to overcome inflation.

[DrBeer]

Getting rich is as important as maintaining the wealth accumulated and one of the things that makes one not to go broke is consistency in business and the flow of income towards the business direction which one the doing for sustainability, we cannot expect a single business not to have a backup and yet maintain regular flow when there's volatile economic situations just like the one we are into presently.

Well noted. But if there is not quite a vacuum in the head, and judging by the fact that we are talking about a person who can earn, then there is a brain, then finding assets for saving is not an issue. From primitive gold to assets such as cryptocurrencies, real estate, etc. There would be something to save!
And if you are serious - then the best times for earning are either some kind of breakthrough and market growth, or, on the contrary, sharp stagnation/world crisis/pandemic/war - remember the history of the formation of major capitals

[posi]

.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

Indeed, when a crisis occurs, we should not seek to withdraw in self-defense such as saving or cutting spending, all of those things are worth doing, but we should also reach out, step outside our comfort zone, and look for new opportunities are available to us. To me, other people's difficulties are my own opportunities, opportunities do not come to you, but seek them yourself. Similar to the current bear market, bitcoin is cheap and you have to decide if it's an opportunity or a problem to ignore.

[Sang Prabu]

The presence of cryptocurrencies provides good opportunities for investment so that in a recession condition then everything is not a problem, we deserve to be grateful because we know cryptocurrencies and can earning in many ways such as trading, farming, staking and so on.

[lizarder]

Recession is a very difficult thing we refuse, economic recession occurs because of dependence with many things that make human needs more complex

Not really, the recession has been going on long before we were born in this world, but because humans used to have a simple lifestyle, when a recession occurs they have the choice to survive and not affect economic resources as a support for life.
A small example, in the past people had a large yard, where they planted several crops such as vegetables or had a large field that could be used to grow all their food needs. So when a recession hits, they have food availability to meet their basic needs as a support during the recession.

A recession is more closely related to food, because this is a necessity that cannot be avoided. If the example I mentioned above is still being practiced today, then rest assured that society will not be affected if a recession occurs. But unfortunately, nowadays we are used to living instantaneously, recessions take place and cash is no longer in balance, so meeting basic needs will be much more difficult to control.

the easiest thing to be able to fight the recession is to continue to increase the source of income, and Cryptocurrencies investment can be the main choice to be able to overcome inflation.

I am sure that if there is a recession and inflation, it will be quite difficult to increase sources of income, especially in the current conditions, jobs are quite difficult to get, if someone does not have skills and is not willing to take risks.
While I agree, not many people understand the concept of cryptocurrency investing, let alone talk about cryptocurrencies that are still fairly common without specifically mentioning one such as bitcoin.

[virasisog]

.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

Indeed, when a crisis occurs, we should not seek to withdraw in self-defense such as saving or cutting spending, all of those things are worth doing, but we should also reach out, step outside our comfort zone, and look for new opportunities are available to us. To me, other people's difficulties are my own opportunities, opportunities do not come to you, but seek them yourself. Similar to the current bear market, bitcoin is cheap and you have to decide if it's an opportunity or a problem to ignore.

Being content with what we have during this period will not be enough. We should double our earnings as much as possible especially if we have a family to support and sustain. We should find ways to earn better than the ordinary season. Everything is rising and getting expensive these days so we must also be tough to deal with it.
Earning more, saving, and investing will be wise things to do than focusing on how to endure and survive the recession. Look for more opportunities and never get tired of hustling.

[Party24*7]

The presence of cryptocurrencies provides good opportunities for investment so that in a recession condition then everything is not a problem, we deserve to be grateful because we know cryptocurrencies and can earning in many ways such as trading, farming, staking and so on.

Yes, cryptocurrency should also be seen as an opportunity to make us rich during the current economic crisis. Many people are scared and panic selling but if someone sees the potential of cryptocurrencies, they can invest now. As long as the economy recovers and the market goes crazy, whoever holds it will become rich from now on.

[len01]

Recession is a very difficult thing we refuse, economic recession occurs because of dependence with many things that make human needs more complex, the easiest thing to be able to fight the recession is to continue to increase the source of income, and Cryptocurrencies investment can be the main choice to be able to overcome inflation.

I'm not sure if investing in crypto will help someone survive a recession. because we know that crypto fluctuates when there is a recession we should be able to continue to make money to survive or at least not go bankrupt but instead investing in crypto is like entering crypto which is full of the risk of losing more money and making depression.
the best way if you really want to continue to benefit during this recession is to try daily trading in crypto but still with proper analysis. otherwise it will be the same

[blockman]

The rich got richer during the pandemic because they've seen every opportunity that they can make. I've seen people that have got nothing but still made that much money during the height of the pandemic. They looked for suppliers of alcohol and face masks and then sold them during the peak as the supplies were having some issues back then and the demand was too high. That's the type of people that really sees every opportunity in different situations, like the term and quote about selling lemons and making lemonades.

This had been always the reality on which rich people do even gets richer since they do have the capacity on taking advantage into something which they could really easily adapt nor take up those businesses
which does really suit out for a certain period or situation which make use of that for their advantage.This is why its pointless on making out argumentations that they shouldnt be doing that.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

They're intelligent no doubt and that's why most of their businesses are successful. But many of them too are taking advantage of the situation of others in able for them to succeed.
Needless to say, the rich become richer because they have the experience on how to run a business and they know what they must do. Just use them as an inspiration and if they can do it, you must be better at something too which can make your passion into a source of living, I've heard of stories like that.

[n0ne]

.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

Indeed, when a crisis occurs, we should not seek to withdraw in self-defense such as saving or cutting spending, all of those things are worth doing, but we should also reach out, step outside our comfort zone, and look for new opportunities are available to us. To me, other people's difficulties are my own opportunities, opportunities do not come to you, but seek them yourself. Similar to the current bear market, bitcoin is cheap and you have to decide if it's an opportunity or a problem to ignore.

Agreed, rather than limiting our spending it is good to find additional opportunities to cope up with the needs. This isn't possible when we're at the recession period. In recent weeks the job cut by the corporates have reached its peak. This means, already there is a big increase in the number of people losing their opportunity. Now when we get into competence it make things go worse. As mentioned, someone's difficulty is our opportunity. If we take it that way then it is possible.

[Hamphser]

The rich got richer during the pandemic because they've seen every opportunity that they can make. I've seen people that have got nothing but still made that much money during the height of the pandemic. They looked for suppliers of alcohol and face masks and then sold them during the peak as the supplies were having some issues back then and the demand was too high. That's the type of people that really sees every opportunity in different situations, like the term and quote about selling lemons and making lemonades.

This had been always the reality on which rich people do even gets richer since they do have the capacity on taking advantage into something which they could really easily adapt nor take up those businesses
which does really suit out for a certain period or situation which make use of that for their advantage.This is why its pointless on making out argumentations that they shouldnt be doing that.
Lets just accept the fact and this is really that part of reality.This is why if you are really that thriving on making yourself able to survive even on recessions then you should be mindful
with having several other income sources and not really just sticking with your day stable job.

They're intelligent no doubt and that's why most of their businesses are successful. But many of them too are taking advantage of the situation of others in able for them to succeed.
Needless to say, the rich become richer because they have the experience on how to run a business and they know what they must do. Just use them as an inspiration and if they can do it, you must be better at something too which can make your passion into a source of living, I've heard of stories like that.

Not all do ends up on a success though which it is really having that risk whether you would fail or succeed so its a matter of risk taking in the end of the day.You cant really be that so sure if the plans you do have

in mind will really bear up a fruit or would really be just totally losing those money instead.Its one of the reason on why people do really hesitate nor have second thoughts on dealing with business or other venture

because they are really that hesitant on the capital or money that would be spent up.They are afraid on losing it and thats why people do really miss out those opportunities because
they dont really take up the risk.So its a personal choice whether they could bare it up or would just depend on their day job just like on what others been saying on here.

[blockman]

Not all do ends up on a success though which it is really having that risk whether you would fail or succeed so its a matter of risk taking in the end of the day.You cant really be that so sure if the plans you do have

in mind will really bear up a fruit or would really be just totally losing those money instead.Its one of the reason on why people do really hesitate nor have second thoughts on dealing with business or other venture

because they are really that hesitant on the capital or money that would be spent up.They are afraid on losing it and thats why people do really miss out those opportunities because
they dont really take up the risk.So its a personal choice whether they could bare it up or would just depend on their day job just like on what others been saying on here.

Starting a business or investment is all about taking risks, you're unsure at the end of the day if you'll be successful or not. But you know what, the thing here is that when you start any of those, you should have the knowledge to start with so that you know what and which path you're taking. Without which, you're really just gambling and the essence of experience is there but it's up to you whether you'll extract the lessons or not afterwards.

[Smack That Ace]

Not all do ends up on a success though which it is really having that risk whether you would fail or succeed so its a matter of risk taking in the end of the day.You cant really be that so sure if the plans you do have

in mind will really bear up a fruit or would really be just totally losing those money instead.Its one of the reason on why people do really hesitate nor have second thoughts on dealing with business or other venture

because they are really that hesitant on the capital or money that would be spent up.They are afraid on losing it and thats why people do really miss out those opportunities because
they dont really take up the risk.So its a personal choice whether they could bare it up or would just depend on their day job just like on what others been saying on here.

Starting a business or investment is all about taking risks, you're unsure at the end of the day if you'll be successful or not. But you know what, the thing here is that when you start any of those, you should have the knowledge to start with so that you know what and which path you're taking. Without which, you're really just gambling and the essence of experience is there but it's up to you whether you'll extract the lessons or not afterwards.

Certainly, knowledge needs to be prepared, but in my opinion, we need to have courage; knowing how to seize opportunities is the important thing. Knowledge is one thing, but when we experience reality it is another, sometimes the knowledge we learn in school or in books cannot be applied in practice, we need to improvise to suit the situation.

Starting a business or investing does not guarantee success, but if we hesitate, do not have the courage to start, we will never succeed. So, for me, business requires bravery as well as taking risks.

[salad daging]

Certainly, knowledge needs to be prepared, but in my opinion, we need to have courage; knowing how to seize opportunities is the important thing. Knowledge is one thing, but when we experience reality it is another, sometimes the knowledge we learn in school or in books cannot be applied in practice, we need to improvise to suit the situation.

Starting a business or investing does not guarantee success, but if we hesitate, do not have the courage to start, we will never succeed. So, for me, business requires bravery as well as taking risks.

Never be afraid to do business or other investments. We really have to have the courage within us to do it, of course all of that requires careful preparation from previous planning.
I know it won't be easy but believe that if we do without any doubt we can definitely achieve what we are aiming for, of course, namely success, so I myself have taken courage in my business even though we will face a recession but I will not give up as long as I am sure of what that have been run in my own business to stay standing to keep this business operating.

Even though it doesn't guarantee success, you see, many people have done business, but they have been successful in the future, if so, why can't we? While all of our business marketing plans and strategies have been carried out, it only remains to improve our skills to become even more famous in managing a business with our own business.

I always separate business and investment in bitcoin separately for financial management so that I can differentiate and not be equated.

With courage will make us more confident about our business.

[Marcellin9]

Every challenge is an opportunity. It's about the knowledge and skill and effort that is needed. A lot many  investment gurus had said invest when the rest are bleeding. Because they had the  level of expertise that they can earn when rest were losing. But yes it take knowledge and patience for that.

Agree. Most often in life, we know many problems and solutions but the difficult part is that most people lack the knowledge/skills/experience/courage to respond to bring solutions to reality. Knowing and Achieving are total different things in real world. I guess during hard times, we have to deal with anixety first in order to survive. Too many people died on the road to achieving because of anxiety or fear.

[Smartprofit]

Yes, in my opinion, there are chances to get rich during a recession in the global economy.  

During a recession, many companies will go bankrupt.  

However, other companies will survive and gain the customer base and resources of those companies that did not survive the recession.  

For example, people will stop buying new shoes.  Instead of buying new shoes, people will repair their old shoes.  People who repair shoes and clothes will be able to increase their income.

In general, the quality of life of people will deteriorate.  At the same time, individual businessmen will be able to succeed.

there will always be those who fall and there will always be those who survive the recession. and those who will benefit are those who survive. as you said some parties might be able to take advantage of the recession to become a good opportunity. But I think it's only a minority of people who have been able to turn the recession into an advantage. because during a recession the majority of the people are going through more hardships. and usually those who can survive during a recession are those who have large capital savings such as the elite. so that the rich will be more likely to be richer. while people who are not financially capable will be increasingly depressed.

During a recession, money capital is destroyed.  However, the mind, knowledge, skills, intellect, organizational skills do not disappear anywhere.  

For example, IT developer Pavel Durov (the creator of the VKontakte social network and the Telegram messenger) recently announced plans to create a new decentralized wallet and a new decentralized cryptocurrency exchange.  

Recently, the FTX cryptocurrency exchange crashed.  Many people went bankrupt and lost their capital.  However, it is during recessions and bear markets that great companies are created.  It has always been so.  

Therefore, you need to analyze the market very carefully, looking for such new promising companies that will achieve amazing success when the recession ends.

[EarnOnVictor]

Just like the Covid-19 pandemic that caused panic in the world and forced people to lock themselves behind doors, one could make money during recessions. The Covid-19 period, as bad as it was, some still became billionaires because of it, this is why we need to think beyond the circle of our comfort in any situation. Personally, I don't believe in paid jobs, but if one would be employed, such should have alternatives. To achieve this, people should have multiple streams of income, and online activities should be part of it where monies would be flowing into our accounts from different channels no matter how small.

Also, creative people could start showing that talent in a unique way, and generally, we should find a problem to solve with what we know best and earn a decent amount for it.

[Rockstarguy]

When a recession of course many people become dizzy because of the price that continues to increase, but this is a good opportunity to create a business even when recession, a unique tourist business is a very good and profitable thing because people need different things and a good choice.

Recession is a time of opportunity for some business,  like business that the masses will demand for it for survival daily. In recession the price of food gets increasing , with the increase people don't stop to demand for food rather people still buy food daily. In the recession some business makes good reasonable amount of profit, while in the same recession some business struggles just to stand because in the recession people try to adjust their standards of living to only consider food and shelter as the most paramount.

[blockman]

Starting a business or investment is all about taking risks, you're unsure at the end of the day if you'll be successful or not. But you know what, the thing here is that when you start any of those, you should have the knowledge to start with so that you know what and which path you're taking. Without which, you're really just gambling and the essence of experience is there but it's up to you whether you'll extract the lessons or not afterwards.

Certainly, knowledge needs to be prepared, but in my opinion, we need to have courage; knowing how to seize opportunities is the important thing. Knowledge is one thing, but when we experience reality it is another, sometimes the knowledge we learn in school or in books cannot be applied in practice, we need to improvise to suit the situation.

Starting a business or investing does not guarantee success, but if we hesitate, do not have the courage to start, we will never succeed. So, for me, business requires bravery as well as taking risks.

You're right, in order for one to start his business he needs to have the courage to take risks. And not everyone has that when it's all about starting a business or an investment.
Not all are brave enough to deal with it because we all want assurance of what we're about to do that will be a successful thing. But nothing comes to that in an instant and it should be done through a process.

[Crypto Legend]

When economic conditions deteriorate such as the occurrence of a recession, we will feel everything becomes difficult, to survive with an growing burden of course it will make us frustrated, but as humans we must be sure that many things we can get when there are difficulties.

[Tallupooh]

I think in these difficult economic times, work is not easy. price increases and so on. Today's business is rather difficult, sometimes many are bankrupt. unless someone is persistent and has a strong determination, he will continue to rise even though he has been bankrupt several times.

I think an easy job now is to be an online seller of goods. However, it also does not know. because, selling online also has to always have lots of promos so that the goods are known to people.

currently many are bankrupt but not all. because people's conditions are also different. In essence, all work is the same, because everything needs process and patience.

[TheGreatPython]

I know it is really hard for you, but you have no choice, so you need to fight. If you lose hope now, it will be difficult to stand up. Try to relax at this time, don't overthink it but still make your best effort to have solutions to the problem, and go to your friends and other relatives to ask for help since this is the time you need them. I know you can't sleep easily now, but trust me, you need to relax and think of some good ideas. This happened to me twice before I was laid off, but I asked for help from my relatives, who helped me, and I am now back at work. 

That is the inevitable road to success basically. Sometimes we all have horrible times in our lives, sometimes it's about finances, sometimes it's about health, sometimes it is even about death of loved ones and we go into a sadness pit. However, since we are alive, that means life will eventually get better, with time all gets better if we want to.

If it is about finances, you may have a horrible year, but then you could keep on grinding and working really hard, and then you can get out of that trouble eventually, maybe it will take time, but many people managed to do it, so can you. That is why we need time to be our ally, not our enemy to keep growing.

That is unfortunate reality of things. Most people who became rich either inherited it from their family and grew it a lot higher, or they came from absolute nothing and then built something out of that. People like me, a HUGE group of people, who have "some" things but rich, not super poor, we do not have the ambition to blow it all up and try to get rich.

When you have absolutely nothing and super poor, you don't care about the worst outcome, because you are living in it, and that's how you become rich, when your parents are already rich, you have a chance to fail and still be fine, but when you are like me, it's hard for you to give up the standard of living you have, for a chance to have better, and risk being in worse.

[Smack That Ace]

I always separate business and investment in bitcoin separately for financial management so that I can differentiate and not be equated.

Me too, we have to make sure these two investments are separate from each other, it's like we are diversifying our portfolio. Bitcoin is a volatile investment and to earn profit from it we need to hold it for a long time so we should only invest with idle money and should not be considered as a source of income for our daily living expenses. And business is our main job as well as the main source of income for our life, so make sure they are kept separate to make sure our life won't be trouble.

[Sir Legend]

The fact that happens during a recession is that the rich are getting richer, and the poor are getting poorer, businesses with strong capital support make it easier for the rich to increase their wealth during a recession because their competitors are unable to compete and stop, as long as we can see the opportunities that exist in the market then we can become rich or at least survive the economic recession.

[Jatiluhung]

Certainly, knowledge needs to be prepared, but in my opinion, we need to have courage; knowing how to seize opportunities is the important thing. Knowledge is one thing, but when we experience reality it is another, sometimes the knowledge we learn in school or in books cannot be applied in practice, we need to improvise to suit the situation.

Starting a business or investing does not guarantee success, but if we hesitate, do not have the courage to start, we will never succeed. So, for me, business requires bravery as well as taking risks.

And that's the reality that happens in the world of business and investment. everything will never be separated from a risk. whether it's a small risk or a big risk.

courage in taking steps is necessary in starting a business or investment. However, it must be accompanied by careful thought and analysis. we must not act rashly and hastily. because a risk can be reduced if we are willing to bother and take the time to do a careful analysis before deciding. we have to see a potential first before deciding to enter. and sometimes the risks and potential rewards are always worth it. we just have the courage to take that step.
and most successful people are those who always dare to step up and don't give up when they fail. they continue to learn from experience.