Can you benefit from the recession?

Discussion in 'Self Improvement and Being Successful' started by Fergal, May 11, 2009.

?

Have you benefited in some way from the recession?

  1. Yes

    76.5%
  2. No

    23.5%
  1. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Most of us are feeling some form of negative impact from the global recession. None of us like the recession, but there are ways that we can benefit from it.

    I've benefited by learning to take greater control of my finances, being more careful with my money and making a more conscious effort to plan for the future. All of this will stand to my benefit when the recession is over and the economy has improved. I'd prefer if the economy was booming and lifting all boats, however there is a silver lining.

    Have you found a silver lining, no matter how small and found a way to learn and benefit from the economic downturn?
     
  2. scifi

    scifi
    uix_expand uix_collapse
    Member

    Joined:
    Nov 2, 2008
    Messages:
    1,207
    Likes Received:
    44
    Yeah. I have also benefited from recession a lot, though not monetarily in any way but it has encouraged & motivated me a lot to develop an entrepreneurship zeal & a fighting spirit in me.
    I have learned to take the advantage of an opportunity that recession brings along with it so that in future it comes again( though I would never wish it return), I will be in a better position to deal with it...:)
     
  3. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    That's a good point Scifi, and I'd have to agree that the recession has also motivated me and given me a fighting spirit - I'm determined to get through it and come out the other side stronger than ever.
     
  4. nichewitch

    nichewitch
    uix_expand uix_collapse
    New Member

    Joined:
    May 11, 2009
    Messages:
    25
    Likes Received:
    0
    I have benefited in both my business and in my personal financial planning. My business has improved in certain niches that involve work at home business and earning income online. I have 5 sites in these areas and all are booming. I not only make some money with this, I also have the satisfaction of helping others to work on getting free of the traditional time for dollars model.

    My financial planning has improved, also. I've always been frugal. It seems to be in my nature so it's not like I've changed my lifestyle to account for the recession. I have, however, increased my rate of savings and building a contingency fund. I'm planning for the future more than I used to as we never know what is coming.
     
  5. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Saving is always good. We only really benefit from our earnings if we can save some for a rainy day or to enjoy the things we want in the future. Well done on being able to save, even during these turbulent times.
     
  6. Kay

    Kay
    uix_expand uix_collapse
    Member

    Joined:
    Sep 29, 2008
    Messages:
    1,816
    Likes Received:
    21
    I wouldn't say I'd benefited, much as I'd like to. I've always been careful about money and am working hard on not allowing it to get me down but right now it does. It's maybe just not a great day for me to respond to this. :) I know I'll pick myself up and dust myself off and find some silver lining another day. I'm glad you guys are all finding something positive in it, that's great. :)
     
  7. simplyjo

    simplyjo
    uix_expand uix_collapse
    Member

    Joined:
    May 11, 2009
    Messages:
    555
    Likes Received:
    17
    Hi ! I have benefitted a lot from recession. Do you know why ?
    Simply coz I was on the verge of losing my job - So, i decided to look for alternates in market.
    The job market was terrible so i tried making money online and in just few months, I've become a successful internet marketer. I have my full time job and i earn almost the same online as well.
    Imagine doubling your income ? :)
     
  8. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    I'm sorry to hear that you feel that way at present Kay. Perhaps reading other people's replies can inspire you in some small way. Unfortunately this downturn is difficult for lots of people, personally I've been hit by the collapse of the Irish property market.

    Please feel free to use our business forum or other relevant sections to get ask for advice and tips as to how you could increase or maintain your income, in these difficult times, if you feel that could help.

    That's fantastic Jo, congratulations and thanks for sharing that with us. You are an inspiration to us all.
     
  9. kingmurtaza196

    kingmurtaza196
    uix_expand uix_collapse
    Member

    Joined:
    May 12, 2009
    Messages:
    172
    Likes Received:
    0
    I have got benefit from this Global Economic Recession . I spend my money wisely which I never did before, I have got more careful & loyal with my job so that I don't loose it. If I loose my job, I'll start my own business & I hope that I learn from that too !

    Always remember 1 thing, there are Sunny Days after the Storm. :)
     
  10. scifi

    scifi
    uix_expand uix_collapse
    Member

    Joined:
    Nov 2, 2008
    Messages:
    1,207
    Likes Received:
    44
    Hi!simplyjo
    Well it is really a great example of turning tide into your favours..Thats the fighting spirit I mentioned about too...Its good to hear a live example ..nice :)
     
  11. Nazreen

    Nazreen
    uix_expand uix_collapse
    Member

    Joined:
    Apr 16, 2008
    Messages:
    1,727
    Likes Received:
    40
    I think that the good lessons that I've learned with the recession are humility, thankfulness and charity. I've seen and I have to admit that I've also known some people who have lost their jobs because of the recession. There's nothing quite humbling than losing your job. I've learned to be more content and not always buy expensive stuff; and just live a very humble lifestyle. Living is not all about having a bigger TV than your neighbors, or having a fancier car than them. We must be content and be thankful of what we already have.

    Although charity is one of the pillars of our religion, I've also learned to be more charitable to those who are less fortunate than I am. That is also one of the most important lessons I've learned because of the global financial crisis.
     
  12. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Thanks for sharing that with us Nazreen, please feel free to cast a vote in the poll.

    It's a good point you make, most of us do in fact find it easier to be compassionate and to empathize with others, when losing your job and everything you have worked hard for suddenly appears to be a realistic prospect.
     
  13. Nazreen

    Nazreen
    uix_expand uix_collapse
    Member

    Joined:
    Apr 16, 2008
    Messages:
    1,727
    Likes Received:
    40
    Oh, I only browsed through the posts and didn't see the poll earlier. Yes, it is very humbling to see so many people losing jobs. What I find it hard to take is that I can still see a lot of people who are so stuck up. A lot of workers here are so proud just because they were able to land a good job. I also don't understand why some of them also resort to crime and steal from their workplace. Why couldn't they just be happy and thankful that they're employed while many others are having problems in getting a job?
     
  14. ShawnLim

    ShawnLim
    uix_expand uix_collapse
    Member

    Joined:
    Mar 1, 2009
    Messages:
    162
    Likes Received:
    2
    For me, you definitely will learn something during a recession IF you're optimistic. If you're someone pessimistic, you might think negatively and just give up on everything and then you'll just blame on the recession for not doing good.

    Some people think that recession is a great time to start a business while on the other hand, some people think that recession is bad time for business. After all, it is your own perception about it.

    However, for me, in my opinion, recession is a good thing. If you can survive during recession, your business will be even better when the times are good. It may be tough during recession, but, always remember this, "Tough Times Never Last, But Tough People Do", this is a book I read recently.
     
  15. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    That's an inspiring quote, I like it.

    One advantage that a recession brings to anyone starting or expanding a business is that you can buy products and services at a much lower cost. Most businesses are reducing their prices in order to increase sales. If you are buying this can be an opportunity to find some real bargains.
     
  16. Kay

    Kay
    uix_expand uix_collapse
    Member

    Joined:
    Sep 29, 2008
    Messages:
    1,816
    Likes Received:
    21
    Very true. The opportunities are there if you have the funds behind you to take advantage of them. I know when I got made redundant I was scared to spend a penny in case I didn't get another job, which I did very quickly. If you're lucky enough to have a large lump sum redundancy payment behind you, (I didn't as I'd only been there a few years) that will cushion the blow and give you more scope.
     
  17. Nazreen

    Nazreen
    uix_expand uix_collapse
    Member

    Joined:
    Apr 16, 2008
    Messages:
    1,727
    Likes Received:
    40
    You're right Kay. Even though I know of some people who were made redundant because of the recession, I wasn't in that situation myself. Only those who have been in the same situation can know the fear that you've gone through, the fear of not knowing whether you'll be able to get another job and many other fears.
     
  18. iamjohns

    iamjohns
    uix_expand uix_collapse
    Member

    Joined:
    Jun 6, 2009
    Messages:
    45
    Likes Received:
    0
    yes

    by havinga recission the money supply is increased to decrease interest as well as for that recission causes owners to hire more labour in order to increase production to lower prices at normal rates
     
  19. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Thanks for your reply iamjohns, please feel free to cast your vote in the poll.
     
  20. iamjohns

    iamjohns
    uix_expand uix_collapse
    Member

    Joined:
    Jun 6, 2009
    Messages:
    45
    Likes Received:
    0
    thats great i will go vote right at the moment
     

Share This Page