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?
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.