Recession is Coming. Here's How To Prepare Yourself.

This recession is coming from what I see in journals, on TV, and especially from colleagues. The problem is that everyone will know about the recession only when we are in it for a few months.

Now, if you think about it, it's incredible that 2,000,000 UK families decided to remove the fridge and freezer from their houses because of the increased electric bills. If you add in the US, we saw for the first time a decrease in workers getting new jobs, gold flying, and prices of food and gasoline; that's why we are entering a recession from the front door.

Every recession is risky but presents good ways to make money or start new businesses.

Following the lipstick effect, expected in bad economic times, people will spend less but will always spend. Instead of going around the world, people will go to cinemas or local markets. Entire areas will suffer, while others will fly. The most fundamental thing is to find which ones will fly and leave the boat if you are in a collapsing one.

Online courses will always sell because people are tempted to find different ways to supplement their income. In COVID-19, we all had an incredible year while restaurants and other local businesses struggled.

Suppose you learn how to create courses and do affiliate marketing. Those two things will save you, allowing you to stay on track. Think about who is starting and has absolutely zero knowledge of the subject you teach.

Gold will see price increases, and people in the moment of a recession, at least those with the money to do so, will search for different ways to allocate them before they go down in value. Then, a blog about gold, silver, and other investments could be a great idea, especially a newsletter about it. Find two or three high-paying affiliate offers, and you can find a good cash cow.

It's the same for crypto. As you can see, Bitcoin has gone over the $37,000 price tag after stagnating for months. Crypto will never die, as it is one of the best ways for the rich to make easy and fast money.

Remember, if you want to make money with crypto and gold, never buy when the masses buy. You have to buy when people cry and say they are worth zero. It's the same for stocks. It's useless to buy Tesla, Netflix, or Amazon now. It's relevant to find good stocks of great companies starting their businesse, because a few "Amazons" will hide there.

Gym, who learned how to do classes live online, made millions of dollars during COVID-19. Some made so much that they decided to close the real gym and continue doing online lessons. Incredible, right?

Other ideas? Repair services. People won't buy new things, but they will prefer to fix broken things. Think about TVs, washing machines, dishwashers, and especially cars.

If you add CahtGPT and AI to the cauldron, future recessions will be incredibly dangerous. I'm thinking at this moment about online workers, myself included. We must give our best and become the best, or AI will wipe us out a few years from now.

Think about what you can do if the online market collapses because of AI. You can sell fruits and vegetables in a shop, food, house cleaning materials, etc. AI won't be able to bring you fresh fruit (hopefully.) So we will see a return of little shops after hyperstores cancel them. In my city, big supermarkets are going broke. Of the 12 opened, 10 are at risk of closing, leaving countless staff members at home. The golden era of big supermarkets is gone by now, at least in my area.

Education will continue to thrive in almost every sector. So, if you know how to do something, you can always devote time to helping others in need and get paid for it. Language learning, finance, computers, programming, marketing, health and fitness, and more can be great ideas. You can give lessons to people who need help getting better at school or build courses to sell online on platforms like Udemy that can count on traffic you don't have to pay for.

Health and wellness products will continue to be used. Even in trouble, people will always try to stay well or fix illnesses and problems. So think about it. You can promote countless offers with a blog and a YouTube channel and build a list, too.

With more time spent at home, gardening products will see no pause in sales. Seeds, tools, equipment, and everything required to let fruits and vegetables grow will continue to sell like crazy.

Second-hand goods and thrift stores will see a bump in their sales. People will try to save on clothes and other things.

Local tourism and classic restaurants with average prices will see a boost, as people will only spend a little money on international travel but will prefer a weekend in a nearby city or going out to a restaurant that offers good quality for a price they can pay. The lipstick effects will allow them to thrive if they know how to do it. The same applies to local tourism agencies.

Alcohol and tobacco will also go strong in a recession. Rarely will people say no to cigarettes or good whiskey in a downturn. They will save to buy those things.

Who will risk more instead? Banks and financial systems will be first because people won't pay mortgages, and the stock in which they put all their money will go down in the toilet, as well as the value of money. Put some backup money outside your country in a solid bank if possible, and in various currencies. Otherwise, share some with two or three banks to be safe if one closes.

Luxury sellers will see a drop in their business because, while there's a recession, rich people think twice about their spending habits. Obviously, if their earnings go down, they need to adjust their monthly expenses. So they will remove all the unnecessary costs.

Real estate and construction businesses are generally the most hit during a recession. In China, we saw the capitulation of Evergrande, their country's most significant construction business. A recession, near its end, allows you to purchase apartments at a considerable discount.

Advertising is what businesses cut as soon as they are in trouble, together with layoffs. So, advertising will start to be cheaper; knowing what to do can be worth thousands of dollars.

So whatever you do, stay ready. If you work well now to prepare, you won't feel it. Prepare yourself, get informed, and try to float while others go under. This is not to alarm you, but to always be prepared because the world sometimes changes too fast. If nothing happens, well, in that case, it's even better.

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