Recession Is Coming, Be Prepared
While we are focused on Crypto and other hot trends let me remind you of the 'Recession' in case you have forgotten or never heard of it. The recession is coming probably will start in the first half of 2023 and can be even hit earlier and trust me you wouldn't want to be unaware of this term.
A recession is a business cycle contraction in which there is a massive decline in Economic activity affecting the whole world and its people. During this time unemployment rates rise, jobs decrease, businesses suffer losses, consumer purchase decrease, etc. This also leads to a rise in inflation.
Signs We Are Close To Recession Days
Jeff Bezos alarming people about the Recession is no Joke, he is one of the most successful Entrepreneurs of this Era and we shouldn't neglect his words.
Unemployment rates increasing people losing jobs is the major signal of recession. A prime example is Twitter, and Meta, even in India many big stable companies including Byjuus and Zomato cut off their employees even Amazon did it. You know employment matters a lot and if someone with a job loses it, it affects a lot of people connected to them directly and indirectly contributing to the Recession.
China, the leading tech and business sector has been slowed down to a great level due to Covid and recently even Apple company suffered a manufacturing decline and so it has been increasing its branches to many places all over the world.
War, and Covid these two factors still affect global business, and when global business goes down, GDP decreases and we are in a Recession phase.
What Can We Do To Minimise It's Effects
Save money in cash, no Crypto or stocks or any type of bank investment work, as this time everything goes more down. And if the Recession hits early Crypto can go down more.
Stop yourself from buying things that cost a big amount. Jeff Bezos suggested not to buy Vehicles And Electronics like TV and Refrigerator. The recession really creates bad days and a lack of money during this time will create a very big regret.
Hustle more increase your source of earnings.
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Final Thoughts
To survive a recession without heavy casualties best option is to save. We humans are good at adapting. Calm your nerves and save cash and spend wisely.
And it is a global Phenomenon each and every country will experience this. How people and the government handle this one will be real challenge as we are back to the same level in which we were earlier post Covid.
If you know more ways to deal better in Recession feel free to share.
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I feel like the recession has already come. Cost of living now has become too ridiculous.