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

[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.