Preparing For A Recession Economy?
Wow! Is everyone screaming about what impact of recession can be, and what do we need to do to prepare for a recession if and when it comes? I am, I don’t know about you, but below are my suggestions and contribution to that end. As I think about it a recession economy can be very intimidating to everyone, because you do not know what to expect or how to prepare for it.
The economist calls a recession “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP (Gross Domestic product), real income, employment, industrial production, and wholesale-retail sales.”¹
Update of (AI Overview of a Recession as described on Google:
An economic recession is a widespread, significant, and prolonged downturn in economic activity, typically marked by declining real GDP, increased unemployment, falling real income, and reduced consumer spending, lasting more than a few months. While a common rule of thumb suggests two consecutive quarters of negative GDP growth, the official definition in the U.S., as defined by the National Bureau of Economic Research (NBER), is more complex and considers the depth, diffusion, and duration of declines across several key indicators.
- Declining GDP:
Gross Domestic Product (GDP), a measure of the total value of goods and services produced, shrinks significantly.
- Increased Unemployment:
Job losses and rising unemployment rates are common as businesses cut back.
- Reduced Income:
Real income, which is wages adjusted for inflation, declines, diminishing purchasing power.
- Lower Spending and Production:
Consumers and businesses cut back on spending, leading to decreased industrial production and sales.
- Broad-Based Impact:
The downturn is not limited to one sector but is felt across various parts of the economy.
- Duration and Depth:
Recessions are prolonged and severe, not just brief slowdowns.
- NBER Definition (U.S.):
The NBER’s Business Cycle Dating Committee uses a broader definition focusing on depth, diffusion, and duration across various indicators like real GDP, employment, income, and industrial production.
- GDP Rule of Thumb:
Two consecutive quarters of negative GDP growth is a widely used, though not the only, indicator of a recession.
- Delay in Declaration:The NBER’s detailed analysis of multiple economic data points can lead to a delay in officially declaring the start and end dates of a recession. Quote and Unquote.”
There is no short answer on how to handle recession economy, except that all some of us must be prepared for the best way to deal with recession when it comes. I am not going to re-invent the wheel, why? That is because many experts has written and given seminars with ideas and enough suggestions on what each one of us can do to be well prepared for a recession, but some of us are so busy with our daily life that we forgot to realize that the word “Recession” is very important not to be ignored. It can determine what we do to stay ahead if recession should come.
Here is what I am planning to do: I am planning on planting tomatoes, raise some chickens to collect few eggs every morning for breakfast or add some lettuce or cucumber to it. I think that would save me some grocery money so that I can stay alive until recession finally move on with her life, and leave me alone.
(a) Here is my Short simple suggestion ideas:
- Safe some of your pay check every week
- Be nice to your boss and co-workers, why? that way you just don’t get fired for being ignorant or being arrogant at work
- Plants tomatoes, cucumber, lettuce, spinach in your backyard or in create fill it with soil.
- Raise Chickens to collect eggs everyday for breakfast, plus you can use chicken for dinner.
If you don’t have a backyard you can always make small wooden create and fill it with soil, add tomatoes seeds to it, start to water it once or twice a week. In few weeks you would have enough tomatoes ready for breakfast for you and your family.
I promise I will make it easier for you right?
(b) Here is Youtube Video of How to Grow Tomatoes in your Backyard
(c) Gow Tomatoes in a Pots by doing the following:
- Pick a Good Spot. Place pots where they’ll receive at least six hours of sun. …
- Find the Best Tomatoes for You. …
- Choose the Right Pot. …
- Use Premium Quality Potting Soil. …
- Plant Tomatoes Properly. …
- Add Support. …
- Cover the Soil. …
- Water Regularly.
(d) In additions to the above ideas and suggestions, I have also done some online research to make it easier for my followers and online readers to get some necessary answers to what may be their nagging questions about when we are in a recession, or bad economy.
Important things to know:
- Need to update your resume, if you are going to be looking for work
- Create a financial safety net, for an emergencies, get into budgeting mode
- Cut back on dinning out wait till the economy get better
- Diversify your income streams:
- Cut unnecessary expenses:
- Get Economy Car to safe on gas and repairs
- Negotiate with suppliers and landlords, if you are a business owner or rentals
- Seek out government assistance for support
- Communicate with your customers, if you are a business owner
Many few questions are been asked online about a recession, such as:
- What to do in a recession ==> See your answer above
- How to get prepared for a recession ===> See your suggested answers above
- How to find jobs in a recession ===> Click Here now for answer
- How to write a resume or create a resume =====>Click here to get it done
- Good company for work for in a recession economy: Click Here Now to get your answer: company to work for in a recession economy
Below is a summary and suggestions of ideas gathered around the globe to address some of your concerns about a recession
- Need to update your resume, if you are going to be looking for work·
- Create a financial safety net, for an emergencies·
- Diversify your income streams:·
- Cut unnecessary expenses:·
- Negotiate with suppliers and landlords, if you are a business owner or rentals·
- Seek out government assistance for support·
- Communicate with your customers, if you are a business owner
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Created By: Akinola Fadeyi