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

[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.