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?
It's quite easy to say, you just need to maximize the abilities you currently have, that way you can offer products or services that you can do. I don't recommend learning new things to start a business, because it really takes a long time.
That way you just have to manage your finances and manage the risks that will be taken.
Profiting during a recession is nothing but buying stocks when things are down, taking advantage of the bad news to go short, and buying Bitcoin for your future financial health.
Many rumors say that this recession will not last long, so be smart to take advantage.
It is important to prepare ourselves for anything that it may happen, I really hope the recession is not long as there are many people that are simply not prepared for it, however what if the global recession is a long one? We must remember that the war is still ongoing and the economic devastation brought by the pandemic is still in play, if yet another crisis hits the economy at the time we are not sure if governments are going to be able to handle it, so we must prepare for it.