Can you benefit from the recession?

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

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Have you benefited in some way from the recession?

  1. Yes

    76.5%
  2. No

    23.5%
  1. JOEY BONNER

    JOEY BONNER
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    According to one of Robert Kiyosaki's books "Rich Dad Poor Dad", economic depression such as recession are just but normal and we can benefit from it. All we need to do is to let the mind see what our eyes cannot see.
     
  2. MikeHardaway

    MikeHardaway
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    I believe these 10 benefits above are true... I found it here http://michaelhyatt.com/2008/11/10-benefits-of-a-recession.html . Because of recession, I was able to invest a lot in so many ways. I had a regular day job at an office and I earn money in selling affiliate stuffs online as well.
     
  3. Fergal

    Fergal
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    Good points there MikeHardaway. It has certainly helped me to make tough decisions and to become much more disciplined at managing my finances.
     
  4. mv5869

    mv5869
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    I haven’t benefited.

    I was careful with my money before. I saved what I could, didn’t borrow, and avoided buying a flat as house prices were so over-valued. In the recession the government has brought interest rates to near zero to save borrowers, allowed inflation to rise above target, and bailed out unproductive companies, all of which has just loaded debt upon those that were sensible. Taxes will now rise massively for those that didn’t live the high life with money they didn’t have.

    The lesson seems to be borrow to the hilt and forget the consequences. The “government” will always step in and save you.
     
  5. Fergal

    Fergal
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    mv5869 I'm sure that you are better off now, than if you had borrowed a lot. The government are bailing out large companies and the banks, but they aren't doing much to bail out people who have found themselves with high debts and negative equity. These people may have lower interest rates at the moment, but they still have big loans hanging over them and interest rates will eventually rise.
     
  6. mv5869

    mv5869
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    Yes, but thats not the point. I am better off than if I had high borrowings, but that isnt due to the recession.

    The recession led to goverments cutting interest rates drastically in an attempt to stimulate new borrowing (never mind that excessive borrowing was a large part of the porblem in the first place). That meant borrowers benefitted from low interest rates (good for them) and savers lost their interest income (bad for savers).

    It will be interesting to see how it pans out but I think the next few years will be hard for everyone.
     
  7. Fergal

    Fergal
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    Good point, very true. Borrowers will benefit from lower interest charges, however, if they borrowed for investment purposes, whatever they invested in is probably not making a good return for them at the moment and is most probably worth less than they paid for it. As you say, savers will also be suffering due to lower returns on their savings. Hopefully lower interest rates will help stimulate business, to the benefit of everyone.
     
  8. mv5869

    mv5869
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    Yeah. I hope so too. Or else I'm moving to somewhere warm and sunny.
     
  9. neilfriston

    neilfriston
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    Yes why not? I have benefitted by making money online. There are many affiliate programs that helped me earn money. I made double the previous income...:)
     
  10. georgelukie

    georgelukie
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    Well recession didn't helped any body to be true but yes it was useful in making me stronger as a person. it helped me understand my business better and also it helped me understand that things can change any time and one should be ready for all sorts of challange.
     
  11. Barney

    Barney
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    It is what we make of the recession that counts. Times were great in the boom and people made a lot of money. That was then this is now Things are improving we are on the way out of the recession, there is still plenty of opportunities out there for people with new ideas, and tere allways will be think positive. We should play the hand we are dealth and make the most of it.
     
  12. mike8591

    mike8591
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    Recession forces us to move forward in meeting our financial goals, reminds how to grow our business and brings us back to reality - just makes us to work harder for our business again.
     
  13. iamjohns

    iamjohns
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    yes , you can of course first of all prices go low , more workers for less the wage thats if your an owner , if your the worker it can work out because banks will give back more interest rate
     

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