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

[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.

[1714708031]

1714708031

[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.