Economic recession is one of the major problem most countries in the world is currently facing. Almost everyone or business venture is suffering by the recession currently ravaging our economy. It has gone so bad that the price of dollar has doubled in the last 2 years. Many businesses are cutting cost, laying off staff and diversifying just to maximize profit and stay in business.

There are so many articles online on how to manage or survive an economic recession, but i noticed most of them failed to explain how to take full advantage of the situation and win in those challenging period.

I will sharing ways to manage , survive and win during an economic recession.

Economic recession occurs as a result of a problem that has been created in the economy, in my own view, every problem provides an avenue to proffer a solutions, this therefore automatically gives you a leverage to make lots of money by solving some of these problems.

Little did you know that more millionaires are made during economic recession, some have claimed it’s a way the nature redistribute wealth, others claimed it’s a manifestation of hardwork by smart and solution oriented people, after careful studies, I was able to come up with my own school of thought and i realise that during recession, if you are able to think outside the box, create solutions to solve specific needs of the people through creative means, the sky is your limit. Also i noticed during recession, the Ninety ten(90-10) rule take full effect. In the sense that 10% of the popular makes 90% of all the money. No wonder recession leaves more people broke that they used to be.

Contrary to popular opinion that there is shortage of money during recession. No! There is no shortage of money but a redistribution of wealth or money from more people to few people.
History of Economic Recession across the world

Have you ever wondered, during economic recession some economy grows to their peak, while others are ravaged in poverty. One thing you must understand is this, the world is a market place, the money are already printed or made, So if there is a shortage somewhere, the question should be where did the money flow to? As people , community or country losses money or their currency losses value,another currency or economy is gaining the equivalent or more. That is just the best way of explaining this concept to a layman.

I would go back in history and explain some of the biggest recession in the world and how some countries took advantage of it to become the world power. Let me start start from the days of the Egyptian Empire, It was recession that made Egypt the world power some thousands of years ago. When the world experienced one of the greatest farming since the history of the world. Egypt had stored up grains and other food items that could last them for years. In return they were able to solve the food problem by selling to majority of the country in Africa and middle East at that period. This made Egypt so powerful that they took lots of territories and gained world power at that period.

Back to the current world, recession also made countries like the United States of America (USA) the world leader during the World War I and II where other nations were running into crisis, USA was busy producing food, machinery, electronics etc for other war and recession ravaged economies. This also made their currency the world trading currency.

Now fast forward to the last world recession which was barely less than two decades and which affected great countries like the USA, Germany, Britain etc . One of the fastest growing economies in the world sprung up. This incident made China the biggest economy in the world as of today.
HOW TO SURVIVE AND WIN DURING ECONOMIC RECESSION

I will be speaking based on my own personal experience and the experience of others, when I noticed that the Naira was loosing it’s value and the dollar is getting high by the day, also I noticed there are few jobs out there and everyone was crying no jobs , also due to this recession it was hard to get clients as everyone was complaining about the harsh economic condition. so I decided to think outside the box and change my focus , I started targeting foreign clients , so automatically I started earning in pounds and dollars. While many Nigerians are crying that the dollar is getting too high some of us are becoming richer in the process , for example every time the dollar goes up we have automatically lost some money to the dollar its simple arithmetic don’t forget that the US dollars is used in the International market , meaning if an investor in the US used to change naira for 157 now that dollar is 350, without doing much stress his revenue is automatically doubled, for example if you give the US government 150 naira to one dollar before now, now that the value had gone up, you are giving them over 350 naira to a dollar for the same commodity.

Now some business men have now abused it , they are now round tripping it thereby making triple profits from the rise of dollars. So here I would explain ways to become rich during this economic recession , please open your mind , sit back and relax , let’s make some money!
1. Start looking for foreign clients to pay you in foreign currencies
2. Look at the problem we face as humans and try proffer solutions
3. Don’t see the problem see Avenues to make money
4. Diversify , you need to start focusing on other areas of business to generate money
5. Obey the multiple streams of in come law – have many sources that money flow from
6. Reduce or cut cost significantly and find cheaper alternatives
7. Use Technology to tackle problems
8. Maximise every money generating avenue
9. Go global, start targeting foreign based clients
10. Don’t get discourage and don’t lose focus


Source : Business Mopol

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Cool

Nigerians face several conditions today that are sending many to food banks and soup kitchens for the first time in their lives, simply because they can't afford both food for their families and the costs of living in the modern world. Obviously, if you can't change the economy, you must learn to change your economy. To survive today, do the following...

1, Start Living Frugally

There are some things that are necessary but not important. Some are so important, but not necessary... If you say yes, sometimes your bank account must learn to say NO... For example, if the super-stores are getting tougher, switch to a lower shop down the road, or the local kiosk owners...

2, Can You Bring Home More Income?

Most of us are crying on spending alone without thinking on how to take the advantages of tough situations...we should also consider additional ways that can start bringing in more money, residually. For those of us who spend a lot of time on social media, e.g Nairaland, here's an opportunity to build a business, meet with reasonable people... talk less on politics, explore the business forum and stay abreast with the world. Majority of us here are victims of this... will never want check into a forum that is non celebrity, romance, or politics..


3. Stop Going Out

We must be willing to make sacrifices...For some of us, this is like the world coming to an end. But really there is life outside of the social scene, the weekend bars and nightclubs or restaurant outings that drain wallet's, including those ladies who are predators.. chose a new hubby and redirect your energy to the opposite. Cut costs and look back again each time your wallet says no

4 Pack the SUV

Every day I see people in my area jumping in their vehicles and heading off to work -- 20 to 30 miles away I'm sure for many of them actually wants to be bossy and look keeping up with the Joneses.. Take public cabs and cut cost. I know this might sound low to your reputation but sincerely most of the filling stations are not funny today. Try this for a month and compare it to when you drive down to work in your own car, you'll discover that you're really spending large amounts of money annually on transportation on private cars than the cabs.

5 Stop Spending Money

STOP -- don't reach for the phone and call the first person that comes to mind. Communications must be done with reasons... Calls is a spirit not a duty. Phones are meant for emergencies and nothing more. This is the obvious step to take. Often though we simply can't stop spending money. There's always something else that pops up. Especially with families. But look what happens when you simply run out of money. You stop spending. Purchases you felt compelled to make suddenly get delayed or put off or forgotten completely. And the world still goes around. You wake up to see another day. The world hasn't come to an end simply because you're broke that day and have no money to spend.

6. Stop Complaining
Anybody can be a CEO. Get engaged into something profitable. Engagement bypasses pessimism, says saggerston... Roll up your sleeves, stand up, explore for an idea, be it business or where you can be an apprentice, irrespective of your graduate qualifications... With time, when you do what you love, you will love what you do. Remember happiness is the key to success, success is not the key to happiness.

7. Don't Eat That Last Cake

I believe this is the time to start loving your job. There are usually no greener grasses on the other side of the field. You do not know how others on the other sides of the fence are walking on broken paths out there. We usually see it smooth. But ask them, you will understand really good.

You can't eat your cake and have it. The proverb literally means "you cannot both possess your cake and eat it". Once the cake is eaten, it is gone. It can be used to say that one cannot or should not have or want more than one deserves or can handle, or that one cannot or should not try to have two incompatible things. The case is true when you have no better opportunities in sight and will start feeling dumb to leave the current job. The streets is never friendly. Remember, "an idle mind is always the devil's workshop."


Back to my business..... The little I know

Production

Looking for a foreign client to pay me in foreign currencies

Nice piece

hmmmm!

Looks more like a copy and paste from a foreign perspective.
U say there is still money but just a redistribution?
In a climate where salaries are not being paid, how can that be true.
Nigeria's present crisis is too critical to be solved by the simple things stated by the op.

ok.. thanks...

We wouldn't have needed all this lectures on how to survive under recession if Zombies have not voted this IDIOT to power

Nice read....

Think before you spend. Spend every penny you have wisely. Ensure to spend the money in your possession slowly till you earn or get the next one.. Avoid debt! This my rules work for me.

To do all this, you need money,money and more money.... but where the money? Can u spend what you dont have?

God punish Buhari

doctokwus:
Looks more like a copy and paste from a foreign perspective.
U say there is still money but just a redistribution?
In a climate where salaries are not being paid, how can that be true.
Nigeria's present crisis is too critical to be solved by the simple things stated by the op.

You are to far to see
You are also sad to see.
Your analysis will paralyze your thinking faculty.
Believe it or not people are making good money. Is your choice to keep blaming the economy and salary.
I will advice you to take a second look at the thread and wake up from slumber.

I have discovered this long ago. Op thanks for sharing.

ok

Ok

Nigeria is changing dats watsup...we have left the management of Nigeria to the old folks with archaic reasoning( u can confirm this if u can have a chat with any man above 50) they hardly make real sense...am not insulting o, just stating facts..thier era is slowly fading by the day nd so is our economy, because we still rely on parents,uncles, elder siblings etc, for us to overcome this recession the youth should leave the old folks with their money and work hard mentally nd physically and stop relying on handouts or the government to get money, Nigeria will only get better and greater if the youths takes thier destiny into thier hands and stop relying on that 90 yrs old man in the government house

.

did you guys watch Tuesday live yday?
you guys should stop pressing IPAD
Go and till the soil if you want to be proud of yourself and your communities,
if you want your community to be prosperous and wealthy.

those criticising this writeup should take positives from the fact the are truths hidden in the writeup.

Look for alternative streams of income
Reduce your frivolities and save more

herzern:
This type of shii doesn't work in Niqeria



That is why I don't read foreign motivational books


The writer may be Niqerian buh dhiz doesn't work here

U must realy be ignorant.

for some, it a redistribution of weathy.that i grab from op write up ,seriously for some this is their time.,oh lord let this time be my time.,i pray,