how to sustain during recession

Discussion in 'Financial Education' started by lil sheggwen, Nov 18, 2016.



  1. lil sheggwen

    lil sheggwen Staff Member UF Member

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    what is recession? recession is the period of economic downfall during which trade and industrial activity are reduced, generally identified by a fall in the country GDP in two successive quarters. this period in the earlier days is call famine period, during which there is high rate of unemployment, reduced income,lost of job,bankruptcy, decline in investment return to mention but few.

    but at least man must still survive,and to this i have made a very dip research on how to sustain and combat during terrible recession which is facing our country NIGERIA.follow the following steps.

    step1. create an emergency fund account: here keep at least half of your income to this account,build the account up and let the money swell to the extent of your six month salary then,invest it but do not invest rushly because it can go down at anytime. while one mostly lose his/her income during recession so one has to diversify his or her income and be careful don't let this investment affect your work.

    step2. employ skill and talented workers: this is applicable to one who has a business or has taken the first step.
    here be careful of employing worker if you have a worker learn to retain them rather than sacking them and employing new worker,because of the cost of training and stress but if necessary to employ a worker employ a skillful and talented worker.but if the survival of your business depend on a worker,please sack him.

    step3. keep/get information:
    the differences between a successful and a failure is information. find out which business to invest your money,recently many people are rushing to the agricultural sector now, get enough information before investing.
    see:

    step4. don't ever waste your time because time is money,time is precious, and time wait for no man,kindly fully utilize your time and make change out of the change.

    we can leave in Nigeria where we can survive,the expert has made research that small and medium scale establishment is the surest way to escape through recession with hard work.
     

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