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

[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.

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[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.