How to make money during an economic downturn

How to make money during an economic downturn

  • If you are worried that an economic recession is approaching the United States, we are going to tell you some ways in which you can invest in such a stage

Although the arguments about an economic recession are vague, since while some advocate that it will happen in the following months in the United States, many others say that it will not, that the country will prevent it. Be that as it may, it is always good to prepare and for this reason, in Globe Live Media we are going to tell you about some ways on how you can obtain income if a recession occurs in the country.

1.- Investments

The only way to make money grow and make a profit for it is by learning to invest.

Investing gives you compounded returns on your wealth, so you can double or even triple your savings over time,” said Ben Dobler, a financial planner, in an interview with Cheapism.

“A recession is the best time to start investing because you can buy in the stock market at a discount and sell later when the economy recovers. If you’re not sure where to invest, look for a fiduciary financial advisor who only pays a fee that bills you for a short commitment per hour to help get you started on the right track,” added Dobler.

2.- Look for stocks that are at a discount

“When sellers panic…and sell off, it drives down the price of stocks for buyers,” explains Mark Phillips in an interview with Cheapism.

“For long-term investors, recessions are a great time to add more stocks to your holdings. If you’re used to buying 10 shares for $100, a 30% drop in the stock market means you can now buy 14 shares for the same $100″, he added.

3.- Buy gold and silver

In a recession and when it does not, we will find that precious metals will always increase in value. So they will be a good investment. One of Cheapism’s recommendations is that you buy gold and silver.

“Silver is cheap compared to gold, and once you own it, no one can take it away from you,” Scott Johnson, a businessman and owner of Pitt Home Buyers in North Carolina, told Cheapism.

For his part, “history has shown that when economic downturns occur, most economies and investors turn to gold as a safe haven to preserve their wealth,” Jason said.

“So the precious metal becomes scarce; leading to massive gains in value. Only buy gold in the early stages of a recession or other global financial crisis,” he concluded.

Samuel Edwards
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