Recession? How to face It?

[tygeade]

Economic downturn can be a curse in life if not planned ahead. Many people are discussing that economic recession will come and it will be on a very large scale. Many people discussing the same topic means that something like this is definitely going to happen in the future. As experienced economists are warning us in advance, we need to be alert about this as well as do some pre-planning to overcome the economic downturn. It is natural that people will lose their jobs when there is an economic recession, so after losing a job, you have to think about how to get good financial support from some other means. If we have alternative businesses and if we can save money for the future as well as invest in a site then I think we will be able to weather the economic crisis.

The period where you lose your job until you find a new job is the hardest and the weirdest part of the world and not usually all that common as well. I have worked all my life, with some months in between when I did not work and I can guarantee you that I did not had any financial trouble during the non-working parts of my life whereas I had huge huge huge financial trouble during the times when I worked.

The main reason for that is the fact that I always had a small savings during the non-working part, like the company pays you when you leave, and I knew that I was not working so there was no income, and I spent very very  very little, like barely anything, just surviving, nothing big, not even spend big on food, very tiny amounts.

However, when I am working, I know that I have a salary, so I get to end up spending even more because I trust on the money that will come soon enough and that was the issue that I faced with and that caused some trouble.

[GigaBit]

It is true that discussions of economic recession are now frequent in the media. However, the same problem has been created all over the world. While this kind of news affects somewhere but not everywhere, its advance guidance has been massively disappointing. Some are cutting all their expenses in preparation. There has been some downward impact on business. No new investment is taking place. Unemployment continues to rise. Rising commodity prices are depressing people. This type of panic should be overcome. In recent times, due to war, the ongoing process of economy has been interrupted in almost many countries. Now we should prepare ourselves at this time instead of being disappointed. We have to create an environment where we can live in the difficult times. Everyone including the government has to come forward at this time. So we need to figure out how we can face this economic recession without fear and panic.

[Pejoh Asu]

Economic challenges in the future will be increasingly difficult, it is not strange if inflation or economic recession occurs because currently more and more countries are very dependent on commodities from other countries so that when problems occur it will create a chain of problems, what we can do of course is invest , not wasteful and continue to look for sources of income.

[Mauser]

But we also shouldn't push ourselves too hard which can make us mentally exhausted and experience stress or depression. And we also have to realize that recessions are a natural phenomenon in the economic cycle. So don't panic and keep doing your best.

Hopefully you all can survive when the recession comes. Be the person who wins and can still maintain financial stability well. Good luck.

It's still not fully clear if we are heading towards a recession or not. In some countries there will be a technical recession this year, whereas other countries manage to keep in the 1-2% GDP growth rates. Nonetheless the global growth is slowing down and the economic outlooks are negative. It's important to prepare for the worst-case scenario to have some options to lower the burden on our family. Financial stability is after health the most important thing to look after before and during a recession. The priority should be to secure our monthly pay checks and to make sure that our job is going to remain stable during the recession. That is why I try to keep a good communication with my colleagues so I hear as soon as there are some issues. Just last month I heard that they are going to be layoffs by a friend in HR. The townhall meeting is only coming in November, but it's good to be have informal communication and be prepared. I am already starting to look for a new job just to be prepared for the worst case. Even if it's only a small job that I can do on the side or on the weekends the additional income is going to be helping out a lot.

[Smack That Ace]

It is true that discussions of economic recession are now frequent in the media. However, the same problem has been created all over the world. While this kind of news affects somewhere but not everywhere, its advance guidance has been massively disappointing. Some are cutting all their expenses in preparation. There has been some downward impact on business. No new investment is taking place. Unemployment continues to rise. Rising commodity prices are depressing people. This type of panic should be overcome. In recent times, due to war, the ongoing process of economy has been interrupted in almost many countries. Now we should prepare ourselves at this time instead of being disappointed. We have to create an environment where we can live in the difficult times. Everyone including the government has to come forward at this time. So we need to figure out how we can face this economic recession without fear and panic.

You're right, we should prepare for bad things, not the time to get depressed or panic. But I think we don't need to find a way because there is no other way but to find more income and save as much as possible. Apart from that solution, we do not have any solution to help us survive in times of crisis and recession.

But it will be quite late if we start those things now. We should save and increase our income even when we live in a stable economy because unexpected things can happen at any time, not just recessions or crises, which are the only threats we face.

[Fara Chan]

Economic challenges in the future will be increasingly difficult, it is not strange if inflation or economic recession occurs because currently more and more countries are very dependent on commodities from other countries so that when problems occur it will create a chain of problems, what we can do of course is invest , not wasteful and continue to look for sources of income.

What I want to know is which country are you referring to? Because everyone needs to see evidence of several countries that are dependent on other countries for the commodities you mean and also several countries that are able to provide these commodities to other countries. So you need to say which countries are related to each other so that everyone can continue to prepare themselves to be able to face inflation or economic recession which may still occur for all countries. And the matter of continuing to invest, not being wasteful and continuing to look for sources of income, I think that is something that everyone should continue to do under any circumstances.

[Aanuoluwatofunmi]

Recession is a disaster that affect the economy, but when we consider the rate at which this is felt on a country compared to how the people are being affected, it will be seen that people habe gone far with the experience of the negative influence through what inflation had caused, recession usually occur beca of the government poor economy performance which yielded it results on the people that depends on the government, i hope they all can relate well to this and understand the role they play contributing to the economy failures.

[bbigtart]

I've been hearing people talk about a looming recession for a decade now.  Literally it's been about that long.  Working in finance, being a financial advisor, this is obviously a topic that I deal with on a day to day basis. All I know is that the markets god up and they go down and that will never change so just make sure you've got a well diversified portfolio that can "handle" any market downturns.

Yes, it's true, in the next few years we will face difficult years and a recession. There have been many disasters, earthquakes, especially now that there have been wars in several countries, of course this will have an effect on the global economy. An economic recession in a country will definitely happen and it is impossible for us to avoid it.

In my opinion, we have to be more careful in terms of spending, don't spend on consumptive things, because income may be limited. Moreover, in the previous year we were twice affected by the recession. The point is, we have to be careful in spending, we have to have bitcoin assets and savings. Take advantage of Internet technology to develop skills so that we can make money via the internet.

[boltz]

Saving money , learning money management and also having some Bitcoin would be a good start during a recession but all of these must be made before it really hits its boiling point. Other than this , there is really nothing to do because I remember the 2008 crisis and so on and it wasn't pleasant at all with financial situations.

Personally , I think we will avoid the massive recession but we will see the effects of it in the next coming years in all domains , in every country , on every continent. Some of them will be less affected and some will be more affected but that is up to each and every nation to protect their citizens.

[Casdinyard]

Recession don’t mean anything to you if you have enough passive income from your investments. Having some hard physical cash is important too. If your only cash flow is your pay-job, then you can worry a little bit because if you get fired, you will lose your cash flow but you’ll still have to pay the bills (rent, electricity, water, internet etc…) So you either have to have a side income which is mostly recession-proof or you need to have some cash so you can pay your bills in case of an emergency. If you don’t have any of these back up plans then the recession will ruin your life. Alternatively, you can cut down your expenses too. Just unsubscribe from the services you don’t use much.

Except it does affect everyone, even those with passive income avenues as you're trying to put it. Picture this my friend, you're a tiktok influencer talking about passive income and how to live off of that. You're urging your viewers to look into rental properties, you've invested in these as well. But what you failed to remember is that it's the height of an economic recession, and people aren't so eager to really spend more money than what they could, even if it meant living in a nice rental property such as yours. Now all of your real estate properties are on the shitbox, and you're basically contemplating whether you're supposed to sell these properties off or not, but you know you would be at a loss since it's the recession and no one's going to buy your houses. See everyone's affected when recession happens, no one is safe from it except the 1%

[CarnagexD]

The effects of a recession are so bad that it's important to have an emergency fund and multiple sources of strong income within your means. Individuals need to think long term when it comes to investing and diversify holdings as well as be realistic about how much risk they can handle. So there is no danger of the economy collapsing due to various crises including recession, even if it passes through difficult times in the social and economic field. To help prepare for job loss or other financial setbacks aim to build an emergency fund that covers three to six months of living expenses.

Right. I think before anyone become so familiar on the market, they are already aware about how they can face recession. Its not like you are feeling all confident with your investments and when recession happens you dont know what to do. Anyway to be ready, its the usual don't put all your digital eggs in one virtual basket. Investors always spread their investments across different things because this way, if one goes down, hopefully, the others can balance things out. Markets tend to recover over time so we should maximize our time to take a break once things doesnt go the way we wanted it to be. Don't rush into selling everything in a panic.

[jeha2015]

Economic challenges in the future will be increasingly difficult, it is not strange if inflation or economic recession occurs because currently more and more countries are very dependent on commodities from other countries so that when problems occur it will create a chain of problems, what we can do of course is invest , not wasteful and continue to look for sources of income.

It cannot be denied that inflation is something that worries everyone, especially if you are a businessman because the continuous increase in prices of goods due to inflation means that many people's finances cannot be controlled, thus having an impact on future financial balance. And this can happen in every country.

I also agree that one way to deal with inflation that will always be recommended is investing in bitcoin. Because, investing in bitcoin will help protect your finances from the impact of inflation. Apart from not being wasteful and having to look for additional work, you also have to avoid debt. Moreover, if you use debt only to fulfill your lifestyle and are consumerist in nature, it is actually less useful.

[pawel7777]

I also agree that one way to deal with inflation that will always be recommended is investing in bitcoin. Because, investing in bitcoin will help protect your finances from the impact of inflation. Apart from not being wasteful and having to look for additional work, you also have to avoid debt. Moreover, if you use debt only to fulfill your lifestyle and are consumerist in nature, it is actually less useful.

Sorry, but that's just plain wrong. Bitcoin is not really a good hedge against inflation, especially not for an average person/family struggling to make ends meet. So far, Bitcoin's price has been moving in roughly 4-years cycles, which is not guaranteed to keep happening, and even if, waiting for years for the price to rise is not something that such people could afford.
And even if the BTC hits $100k in the next bull run, that's only 12% a year (since the previous ATH) which not much above the real inflation.

[STT]

Its already been true recession is apparent because of the growth in monetary supply exceeding the inflationary figures.  When the growth realized is mostly from increased nominal figures related to inflation then you have a recession.  The workers of any country suffering lower currency value like that will experience and understand recession is occurring, when do your full work and receive less for it people dont often miss this effect is occurring.  My point being recession isnt new, we are just seeing greater amplitude on the charts.

[wallet4bitcoin]

I guess this thread's OP is supposed to be in top social media platforms and not just this forum as the information in it is meant for the whole world.

The recession being talked about isn't subject to a particular state or an economy or a region but can happen across the globe, hence, the reason why the world is supposed to have this information at their finger tips, else, the government will be blamed and then the impact will even get worse. We all contribute to the economy and therefore must be prepared to salvage whatever is left of it as a human being on earth.

[Renampun]

...

Hopefully you all can survive when the recession comes. Be the person who wins and can still maintain financial stability well. Good luck.

Not much different from yesterday's Covid pandemic, the recession has weakened the purchasing power of people around the world and caused great concern. There are still many people who don't realize that almost all countries in the world are experiencing a recession which has weakened people's financial capabilities. I am grateful to get good reading almost every day on this forum, from the many posts there are, managing finances well is something that many posters recommend. Recession comes unexpectedly, so preparing an emergency expenditure - income - budget must be started as early as possible.

[BRINIRHA]

...

Hopefully you all can survive when the recession comes. Be the person who wins and can still maintain financial stability well. Good luck.

Not much different from yesterday's Covid pandemic, the recession has weakened the purchasing power of people around the world and caused great concern. There are still many people who don't realize that almost all countries in the world are experiencing a recession which has weakened people's financial capabilities. I am grateful to get good reading almost every day on this forum, from the many posts there are, managing finances well is something that many posters recommend. Recession comes unexpectedly, so preparing an emergency expenditure - income - budget must be started as early as possible.

Unfortunately, currently it seems that not many people are preparing themselves for a recession. So the economic crisis is clearly becoming more visible around me. Even the currency in my country continues to weaken compared to the dollar. So now, without realizing it, all prices are gradually rising again. And currently more and more companies are closing and making many people lose their jobs. The recession has really had a big impact and it is clearly visible now. People are starting to complain that life is increasingly difficult nowadays. Even loan applications are the most sought after today. The result is that many people are unable to meet their daily living expenses. But for those who have prepared from the start, they can be said to be very lucky. Because when the Recession happened they were ready to face it. Different from people who haven't had time to make preparations. They're going to have a really hard time right now.

[boyptc]

It cannot be denied that inflation is something that worries everyone, especially if you are a businessman because the continuous increase in prices of goods due to inflation means that many people's finances cannot be controlled, thus having an impact on future financial balance. And this can happen in every country.

It is happening in every country but for a very few, they're able to slow it down but they can't escape inflation.

I also agree that one way to deal with inflation that will always be recommended is investing in bitcoin. Because, investing in bitcoin will help protect your finances from the impact of inflation. Apart from not being wasteful and having to look for additional work, you also have to avoid debt. Moreover, if you use debt only to fulfill your lifestyle and are consumerist in nature, it is actually less useful.

Investing overall is a good way to fight inflation. And investing in Bitcoin is just one of the best choice as there have been a lot of choices that everyone can make if ever you're fortunate to have money to invest.

It's a hedge against inflation and others need to know that too.

[pawel7777]

It is happening in every country but for a very few, they're able to slow it down but they can't escape inflation.
(...)

Actually, most of the countries (at least the Western ones) have been able to reduce the rate of inflation with increased interest rates. The problem is that increasing interest rates have a negative effect on the economy and can lead to many undesirable things like e.g high unemployment. So if not done carefully, it's just like replacing one problem with another.
That's why, in the past, we'd often see that recessions actually came in pair with deflation.

[GbitG]

I also agree that one way to deal with inflation that will always be recommended is investing in bitcoin. Because, investing in bitcoin will help protect your finances from the impact of inflation. Apart from not being wasteful and having to look for additional work, you also have to avoid debt. Moreover, if you use debt only to fulfill your lifestyle and are consumerist in nature, it is actually less useful.

It is true that Bitcoin is an excellent investment. But what you said is that you should always recommend Bitcoin investments to deal with inflation. So do you have any proof that Bitcoin can end inflation or that it can help reduce the impact of inflation on finance? If you have any arguments, then give them to us so that we will also be aware. But it is not possible, with the excuse that you have zero tolerance, that Bitcoin can end inflation.

While I can tell you why Bitcoin cannot eliminate or improve inflation, it has a volatile nature, and there is no evidence that its market condition will remain the same tomorrow, which means price movement. It will be the same tomorrow. To prevent inflation, you need a consistent method by which interest rates are raised by reducing the supply of money in the economy, and inflation can be reduced.

It is clear that Bitcoin has high potential to prevent inflation because of its fixed supply and decentralized nature. And this is the thing that can keep Bitcoin as a hope for an inflation hedge, but Bitcoin, despite so many advantages, also has a weakness, and that is its volatile nature, due to which Bitcoin is classified as an inflation hedge or financial status. They hesitate to use it because nobody has tried Bitcoin so far, and no country is ready to try it because there are risks in something based on volatility, and economic status is a serious matter with a small risk. It will also put the financial career of a country at stake. I hope you understand my point.