How to Make Money in a Global Recession
In this post I explain how to make and save money in a global recession.
Also in this post I go over how to make money in a struggling ecomony.
Recessions are not fun and can have a more detrimental effect on most people’s lives.
And while the world is either recovering or going through a struggling economy, the charlatans of the world are trying to sell you the dream to get rich.
I am not going to do that.
Whilst I do think where most believe is a crisis, others see an opportunity.
This is true, however this also an opportunity to scam you.
So be incredibly careful of those who are trying to solve all your money problems fast!
Those who are promising you to get rich quick, make $10,000 a day in a recession for an expensive course.
Most likely they are trying to tell you how to make money so THEY can make money off you!
So be extremely cautious of who you pay your money towards, especially over the internet.
Do your research and be careful.
Now back to the title of this content, how to make money in a global recession.
Chances are unless you are Jeff Bezos or Elon Musk, it is going to be damn hard.
Almost every industry you can think of has been affected by the pandemic, and as a result were all in the mess together.
And if you have unfortunately lost your job or your business, you are amongst even the big boys who never in their wildest dreams saw this coming.
But throughout history everything comes in cycles.
We were only late 2019 looking at an economy where money was blown left right and centre.
Just to go out for an expensive meal in London was something ridiculous like $200+ per head.
Therefore, we were extremely comfortable, and naturally we always have a reset when stock prices, property and so on reach almost astronomical figures.
So please do not be shocked that we are in a recession, it happens, they always happen and get used to it!
However, for every social media manager that was being paid ridiculous salaries to update twitter feeds for companies or the people earning a fortune answering telephones, you guys are out.
Yes, the useless jobs which were in abundance in a booming economy are the first to go.
That also includes the businesses that made no sense and were already over stretching themselves.
For example, Pizza Express, (an established brand and restaurant since the 60s), over stretched themselves and got themselves into a mess BEFORE the recession by offering countless vouchers for their food.
My point being is, if you are watching this and you lost your job or your business the chances are you did not manage your expenses properly OR you were frankly in a job that was a waste of time.
I know so many social media managers who have lost their jobs because again, anybody and anyone can manage a social media account.
It is not a skilled job and is not difficult.
And as for the businesses that have folded, sadly you most likely did not manage your expenses properly to weather the storm.
No business is truly recession proof, just look at the travel industry that took an almighty hit from the pandemic.
But again, it is all about how stable you are in a good economy too.
Before I go into the ways to make money in a recession, I am just trying to clarify something first.
We have been hit with a situation that has undoubtably affected everybody.
However, in a recession it is about adapting, to survive.
Most people do not adapt ever in their lives, and that is why they go under.
It is about survival for the short term, so you can thrive in the long term.
It is about thinking OUTSIDE of the box, and I will give you logical, simple tips that nobody else will share with you.
Most “millionaires” online again are trying to sell you a course or a product that is going to make you a lot of money.
And others are talking with NO substance.
I want to provide you some form of value, and of course never take my word over a financial consultant.
Here are some effective ways to make money in a struggling economy.
#1 – Avoid Investing in Things You Did Not Before
Just because other people are investing in Bitcoin and the stock market and you are more of a real estate investor for example does not mean you have to now.
Unless you do extensive research and really are willing to sit on something for at least ten years.
My point is avoid investing in stuff you never wanted to invest in before.
Again, avoid the scam artists trying to sell you a dream.
My friend told me how he made £10,000 in 4 weeks off a stock.
Good for him, however I do not know the same level of knowledge he does to take such a gamble.
And effectively people are gambling now on everything and anything.
Just to match what they were making off their job or business in a boom economy.
You cannot compare what you made before to what you earn in a recession.
It is redundant, and foolish.
So do not go put all your money in cryptocurrency for example because you are essentially no different to Alice in wonderland chasing the white rabbit down the long dark hole that never reaches the bottom.
Do your research!
#2 – Avoid Unnecessary Expenses E.g. Gambling and Smoking
It is time to kick these two very ugly vices and those are gambling and smoking.
Smoking literally costs you anywhere between $2000-$5000 a year.
Think of what you could do with that money, or just having the security of that in the bank.
As for gambling forget it!
As a former gambling addict myself, it is so important to nip that in the butt ASAP!
Do not believe anybody who tells you they make money gambling.
They only lose money.
It is like social media; people only share their victories online never their defeats.
The same is with gambling, nobody tells you the amount they lost only what they WON.
It is a mugs game, and in a recession one of the most dangerous things to do.
In one of my videos a viewer commented how they managed to save over $5000 in the lockdown, only to then blow it on online gambling.
In a struggling economy now is not the time to gamble!
#3 – Learn to be Minimalistic and Frugal
Graham Stephan preaches on YouTube how he saves 90% of his income.
And whilst you may gasp at that sort of philosophy, in a struggling economy it could not be more vital.
People have spent or even wasted their money on things they cannot afford to impress people they don’t even like.
Firstly, never ever purchase something you cannot afford outright.
Secondly never buy something you cannot afford on a credit card either, I mean what the hell are you doing?
In a recession it is time to tighten down the hatches, and review your expenses.
Do you really need that Starbucks coffee every day?
Just cutting down on spending $7 on a coffee daily can save you $2,555 a year!
You do not need to go out to eat as often.
You do not need to buy the latest Gucci clothing.
You do not need to blow a lot of money on superficial nonsense.
All of this is NOT wise in a struggling economy!
Save your money, ride the wave and slowly over time you will be absolutely amazed by the amount you have managed to save by living more frugally.
#4 – Pay Off Your Credit Card Debts ASAP!
Clear your debts pronto!
The longer they linger, the worse it gets.
I cannot stand seeing people who have huge credit card debts and they are continuously still spending money on luxury items they cannot afford.
Newsflash, you can save money and even make more money by getting yourself out of shallow waters aka debt!
Please do this as soon as possible, clear your debts.
If you cannot, curb your spending and pay off as much as you can.
In a struggling economy going to sleep after clearing your debts is way better than just adding to it!
#5 – Lower Your Standards
In a good economy I am sure you like taking Ubers everywhere, going out to eat at the best restaurants and perhaps pulling the trigger on a fancy Rolex?
Well in a struggling economy it is time to lower your standards.
Instead of taking an Uber, drive or walk or take the subway.
Instead of going out to eat all the time, learn to cook!
Instead of buying a fancy watch, why not save that money in a rainy-day fund because you are going to need it.
By continuing to live like the economy is booming in a recession is dangerous living.
Your high paying job or business can heaven forbid go belly up at any time.
And then if that happens suddenly you are dealing with a new type of depression because you have become accustomed to a certain type of lifestyle.
Lower your standards and save money because I promise you it will only be temporary.
But also, you will learn more about your relationship with money too if you do this.
#6 – Ride the Wave
Every recession that ever happened throughout history to the people who went through it was “the worst recession ever!”
And yes, while it may be the worst in hundreds of years, we must learn to ride a wave.
All struggling economies are temporary and yes, I promise you that there is a light at the end of the tunnel!
There are loads of doom and gloomers predicting the worlds demise, whereas there are other people who believe we will come through the other side.
Be that person, be person do whatever it takes.
One of my friends sadly recently lost his gym business and then had to work in a local supermarket!
But he only did it temporarily to put food on the table.
And as he was stacking shelves, he came up with a new idea to make money leading to my final point.
#7 – Go Online
My friend who ended up working in a supermarket decided to do online property auctions during the pandemic from his clients from his gym business.
In his first online auction he sold 97% of the lots!
That is an astounding figure!
What is more he charged every lot to be featured in his auction, blasted it all over the web, and he took a percentage of every sale made at the auction too!
That is thinking outside of the box and going online!
It has never been a better time to start building a brand, a business or service online at all!
I grew my subscribers to over 1000 in this year alone purely by taking advantage of the largest amount of online traffic YouTube had ever seen!
So, go online and look at legit ways to take advantage of the millions of people on the web!
And lastly as I said before and I will say it again this too shall pass.
Tough times do not last, but tough people do!