How to Build Your Wealth During the Recession

[Mika]

Bitcoin has gone down to $20K. Ethereum is around $1000. Nasdaq Stock Exchange has dropped by 32 percent compared to January. Dow Jones is down by 19 percent this year. Experts say housing marketing in the US is not going to crash but the price will fall. When the price drops, it will have a strong repercussion in the market. Recession is anon.

However, if you see the brighter side of life, you can use the recession to build your wealth.

The last time Bitcoin was 20K, was in December 2020. Bitcoin has once again dipped to $20K, you can start buying Bitcoins.

The last time Ethereum was $1000, was in January 2021. Now that the price has dropped to the lowest level in 17 months, you can buy Ethereum.

Not just cryptocurrencies, you can also start buying stocks.

If lack of funds is your main issue, increase your income by increasing your income-generating activities.

Set buy limit orders for stock and crypto market based on your risk tolerance level

Be patient.

 

[Ayuba Ernest]

During these tough economic times, it's more important than ever to make sure that you're doing everything you can to build your wealth. Here are a few tips to help you make the most of your money during the recession:

1. Invest in yourself. Now is the time to invest in your education and career. If you can get a promotion or a raise, this will help you build your wealth over time.

2. Invest in stocks. While the stock market may be down, this is actually a great time to invest. You can buy stocks at a lower price and then sell them when the market rebounds.

3. Live below your means. One of the best ways to build wealth is to live below your means. This means spending less than you earn and saving the difference.

4. Invest in real estate. Real estate is always a good investment. Even during a recession, property values tend to go up over time.

5. Start your own business. If you have a great business idea, now is the time to start your own business. With many people out of work, this is a great time to start a business and create your own job.

These are just a few tips to help you build your wealth during the recession. By following these tips, you can make the most of your money and come out of the recession stronger than ever.

 

[Jasmine]

I agree with whatever is being said here. When everyone is panic selling, when everyone is afraid of losing money hence are stopping investing, you need to start investing. Even Warren Buffet said something like this ,”You try to be greedy when others are fearful. And you try to be fearful when others are greedy.” However, the main problem with the common people like is not having enough money for investment. We all know crypto has reached rock bottom. Bitcoin has come down to $20K. Do I have $20K to buy BTC. The answer is no. ETH has gone as high as $4800. Now it is $1100. Can I make an investment? NO. I have $1100 but I can’t invest in ETH because what if I lose my income stream tomorrow (because recession also means layoffs and loss of income stream)? I would need that money to pay my bills. People like us can hardly use recession as an opportunity.