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

[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.

[1714678991]

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[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.