Prosper in The Coming Recession
We've all heard of the Great Depression that started when the Stock Market crashed on October 29, 1929. That infamous date, later known as “Black Tuesday,” saw the market lose an estimated $14 billion in one day. It took nearly 25 years for the Stock Market to regain the value it had in September 1929. After the panic of the crash, almost 750 American banks failed in the first ten months of 1930. By the end of the decade, over 9,000 American banks would close their doors.
Millions of people worldwide suffered tremendous financial losses. Unemployment was at an all-time high. Over two million Americans were homeless (of a population of 130.1 million in 1930), and “soup kitchens” sprung up everywhere to feed the hungry.
Yet in the face of all this adversity, some people managed to thrive, and become very wealthy. Like the author Charles Dickens said in his classic 1859 novel, A Tale of Two Cities, it was the best of times, it was the worst of times. It's argued that more people became millionaires during this time than at any other time in American history, primarily because of opportunities that were not present during the 1920s became available.
Our Economy has been rocked hard by the COVID-19 crisis. Many businesses have closed their doors. Unfortunately, many will not re-open once restrictions get lifted. Others will not survive the inevitable recession that will follow. The ones that make it through that could still fail if we experience the probable second wave of the pandemic. But is this necessarily a bad thing? Well, obviously, for the business owners that lose out, it is. But for others, it is a huge opportunity. An economic downturn, like what we are currently experiencing, is an excellent time to start a business. During recessionary periods start-up costs are generally much lower. Labor costs are less, and overall, there's less competition. So if you have money to invest, now is the time to start looking for opportunities.
Some sociologists say that recessions create a specific breed of entrepreneurs (he calls them “survivalist entrepreneurs”) who, like traditional entrepreneurs, don't innovate. What does this mean? Well, people that succeed in business during a recession don't “reinvent the wheel” or come up with a new product or service. Instead, they enter industries with low education requirements and small start-up costs that consumers still need despite hard times. As noted earlier, many similar businesses may have opened during boom times but were poorly run and ended up failing when the economic crisis hit.
Many entrepreneurs that thrived and ultimately became very rich during the Great Depression. They began by purchasing large amounts of non-perishable goods and selling out of their homes or in abandoned storefronts where rent was minimal. Their thoughts were that if they couldn't unload the product, then at least they could feed their families.
WHAT ABOUT ME? I DON'T HAVE TONS OF $ TO INVEST
So, what about me, you ask? I'm not an entrepreneur. I don't know how to sell. Plus, I'm out of work and I'm struggling for cash right now.
Historians noted that as unemployment increased during the Great Depression, self-employment increased. For some, that meant selling apples on the street corner or doing manual labor like shoveling snow. For others, it meant going door to door or mowing lawns, or selling home-made items like fudge, bread, or pies. Without all the social safety nets like we have today, people were not proud. They did what they could because they had families to feed.
Today as we face financial uncertainty through lay-offs and unemployment, we're so much luckier than our ancestors! We have many more opportunities to make money from home. In most cases, all we need is a computer, internet, and a phone. We've been researching several excellent opportunities over the past few weeks, and we will be adding more as we have the time to check them out.
If you have already come into financial troubles and are falling behind on your bills, you must take care of things immediately. That's vital!
There are many solutions out there to help you through this. Here are a few that we have reviewed.
We hope that this article has been of some help to you. Take good care of yourself and your family, and together we will make it through this crisis. Please feel free to look around this site. We created it to help people like you…and me.