Surviving An Economic meltdown
If there's going to be an economic meltdown, this wouldn't be the first nor the last. In the ancient time there were effective ways some groups of people managed through the tough times and lived unaffected by the recession that tore down families and resulted in the weakening of many nations. Surviving an economic meltdown wouldn't necessarily be through the initiation of new methodologies, nothing is new under the sun, therefore, it will just be a repetition of process as long as we're informed beforehand.
Firstly, I know complaining wouldn't help in any way nor would it lessen the intensity of the meltdown. So, I would quit the complaining and blaming game as this would help me stay focused to find a solution to the current problem. If we are told ahead of time, all that's required is planning earlier and not chicken out.
From studies, I realized before recession hits, there's always a period of abundance. I don't know why these events occur simultaneously, probably to prepare us for the rainy days. If this is true, then I should be more careful on how I manage my resources during the time of abundance, because that's the sure way of managing well when the economy crumbles. The first strategy for my survival will be to be economical during this period of abundance. Spend moderately and only get what I need. If possible, especially in the area of cryptocurrency and fiat, I will save as much as I can now hoping to utilize it in the future. Saving will be my first investment.
Secondly, Buy assets, it could be in any form whether in Cryptocurrency token or item I believe will increase in price in the future. Most times, we can't adequately save money in the bank, there are situations that may come and tempt us to spend from it, however, buying assets such as land could be a better way to manage the period of abundance.
Finally, I wouldn't lend money out to anyone. Most times people find it hard to refund money they lend. Worse if recession hits, they hope you would understand and not ask them to repay you. Sometimes lending money and hoping for profit is good, but it becomes bad when they find it hard to pay back, especially when the lender is a relative. Knowing there will be an economic meltdown, lending out money will be such a bad idea. Invest, diversify If I already have a business that has attracted competitors, create multiple streams of income, and then await recession.
And if the hive platform experiences a meltdown. I will still be here, you know why? It's better to have a handful than nothing, and if I am able to manage through that period, I know I do come one financially stable.
