How to Prosper During a Recession

How to Prosper During a Recession

Is the economy going into a recession hurting you? If so, then you're going to suffer a lot when the economy crashes just as it did during the Great Depression of 1932. On the other hand, you can take advantage of the recession and get prosper as many average people did during the Great Depression.

Difficulty: Moderate

Instructions

Things You'll Need:

·       Open mind to learn

·       Persistence

1.      Step 1

Start saving money for emergencies and great opportunities. To do this, open a money market or high savings account at a bank to start saving money until you have enough to live off of just that money for at least 6 months (see my article on “How to Bank” for more info). This is to protect you when you lose your job as well as to have money saved up and ready to invest in great opportunities when they present themselves. Start doing this immediately!

2.      Step 2

Create various sources of income including active income, passive income, and portfolio income. Active income is from your jobs that you have to be working to earn money. Passive income is when you work on it once and still make money when you’re not working (see my article on “How to Build Passive Incomes” for more info). Portfolio income is basically your assets going up in value, which you can sell when you need it. Do not just rely simply on your day time job for income because if that’s turned off then you’re out of luck. You will simply lose your home, won’t be able to buy food or take care of your family. A suggestion would be to have 3 sources of incomes or more to be secure. Thus, build passive incomes, start a business or get another job.

3.      Step 3

Buy the fundamental needs in bulk and store it. These include food, water, shelter (house to live in), etc. These needs are the basics of human needs and people will need them no matter how the economy is doing. By having lots of food and water stored up in your home you can survive for months without worrying. Also, you may be able to sell it to other people and make a profit off of it because they’ll need it to live no matter how bad the economy is. You can rent your house space to people and profit from it during a recession. Buying in bulk will save you gas money, time, and a discount from buying in bulk as well.

4.      Step 4

Stay healthy physically, mentally, and emotionally. This is extremely important because if you’re not physically healthy you’ll get sick & have to stop working temporarily and may lose your job. You might have to spend the last of your saved money on medical expenses or worse you might not have enough money. Also, staying physically healthy will counter stress and help you think more clearly. Staying mentally healthy will help you to see great opportunities as they come by, which you can do by reading books, playing chess, etc. Staying emotionally healthy is also important because you won’t be blinded by your emotions as you are happy and positive. To do this you must have a positive attitude about life and yourself.

5.      Step 5

Keep a positive open mind to look for great opportunities to take advantage of. Some people got rich during the Great Depression by applying this strategy. This includes buying assets (stocks, businesses, real estate, precious metals, commodity, etc.) from people at a super discount price to invest in, giving people jobs at a super cheap labor cost (which your workers bring in much more value than what you pay them and it works because people are desperate for a job in order to pay their living costs), selling basic needs (food, water, shelter, etc.) at a high premium which makes you a huge profit, buying valuable goods (cars, expensive electronics, tables, etc.) at a great discount from desperate people in desperate need to resell for a whopping profit, and so many other ways. I suggest you start learning about how to invest in stocks (see my article on “How to Invest in Stocks” for more info) and real estate (see my article on “How to Invest in Real Estate” for more info) would be best. Investing when people are in fear and getting stocks or real estate at a super bargain is how you get rich and prosper during a recession. You must be cautious and know what you’re doing when investing in stocks and real estate however. Be sure to be an expert at investing in stocks or real estate before you start investing in them.

Please do not print this email unless it is absolutely necessary.

The information contained in this electronic message and any attachments to this message are intended for the exclusive use of the addressee(s) and may contain proprietary, confidential or privileged information. If you are not the intended recipient, you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately and destroy all copies of this message and any attachments.

WARNING: Computer viruses can be transmitted via email. The recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.

www.wipro.com