Recession is when the economy is declining for at least two quarters (6 months).
The word Recession is not new to us.
In fact, as early as 1854, people have had an experience of what it is. Since then, up to now, there was 33 more recession that took place.
Depression is when the decline of the economy lasts for years.
In history, there’s been one depression that occurred. Called the Great Depression of 1929, it was actually a combination of recessions from August 1929 to March 1933, and from May 1937 to June 1938.
With the onset of the pandemic, Americans are not traveling and keeping away from malls, restaurants, cinemas, and even their workplaces in fear of being infected by the COVID-19. This causes consumer spending to fall affecting a big percentage of the gross domestic product (GDP) of the country, even the whole world.
A growing number of people become jobless, mirroring what happened in the 2008 global financial crisis. As income becomes more limited, consumption becomes controlled.
With the presence of calamities, both natural (earthquake, tsunamis, forest fire, volcanic eruption, etc.) and man-made (explosion, fire, presence of a toxic substance in the environment, etc.), a huge percentage of government spending goes towards rehabilitation aid instead of having it invested in economic growth.
Amidst these economic crises and calamities, we still fall under the category of recession.
As much as this is something to be thankful for because it’s still not yet depression, still, it’s a not good place to be at.
We are losing money. Not just our personal pocket, but the country, the whole world’s economy is failing.
Make and manage your money well.
First, you should learn how to develop your financial IQ.
Second, have a family budget so, you get to plan on how to spend your money wisely.
And lastly, find money-making opportunities suited for the circumstance you are in.
Downgrading your work is better than just waiting for the government’s aid. Sure, you need and deserve it being a taxpayer, but the aid won’t last long.
Sooner or later you still must find a way to earn again so why not start now.
There are actually many legit ways to add cash to your pockets. You just have to know where to look at.
Here are sites you’d find interesting about making money online and saving money:
Have an additional cause of income and learn to market it like a pro.
Writing a blog is a good opportunity to earn additional income. All you need is a computer or laptop and a steady internet connection and you are ready.
Start a business online. Many people tried it but most failed. But if you know the trick, it can be easy-peasy even for a newbie like you. There is actually a system for real success at online sales and marketing.
Digital marketing thru YouTube is an effective social media tool in making sure your site reaches its target audience. With a huge number of followers, YouTube is deemed by internet marketers as one of the most popular content formats for lead generation.
And speaking of lead generation, Practical Stealth Traffic will help you start having sales and conversions.
When your current job isn’t available anymore whether due to recession or depression, you need to find ways to continue putting food on the table.
When you can no longer do the usual 9 am to 5 pm office job, you still must keep the cash flow coming in.
Be open to change. It’s inevitable.
We can’t just rely on the old ways of making money. If what we are doing isn’t illegal or unethical, there is no reason to be ashamed.
Embrace the possibility of earning additional income through those that have been discussed above. After all, it’s never too late to learn something new and be good at it.