Quote from: Casdinyard on October 31, 2022, 06:36:51 PM

Quote from: Davidvictorson on October 31, 2022, 05:13:18 PM

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 investors 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 broke and experience worst in life.