Learning the friendly way

The crypto market has entered a phase that veterans often call the "boring zone." It's a time when Bitcoin's price seems stuck, fluctuating between $50,000 and $70,000 for months. Altcoins are in an even deeper slumber, with many down 50-80% from their peaks. Trading volumes on major exchanges have plummeted, dropping 30% from the last bull market's heights.

Sound familiar? It should. This lull is a recurring theme in the crypto market cycle, and historically, it's often the calm before the storm. It’s also a common attribute after a recent Bitcoin halving. Let's look at what happened after previous Bitcoin halvings:

• 2012 Halving: 92 days until a new all-time high
• 2016 Halving: 291 days until a new all-time high
• 2020 Halving: 216 days until a new all-time high

For perspective, 28 July 2024 marks 100 days from the most recent halving, with 25 February 2025 marking the 300-day mark.

The power of patient trading

Trading cryptocurrencies over longer time horizons can be likened to early-stage ventures, where patience can sometimes lead to significant outcomes. While past performance doesn't guarantee future results, historical examples like Ethereum and Solana illustrate this potential. Ethereum, launching at less than $1 in 2014, and Solana, starting below $1 in 2020, have since seen their values grow to over $3,000 and $140 respectively as of early 2024.

In the crypto space, what’s known as the HODL approach emphasizes the power of time and compound growth, similar to that of traditional asset classes. The idea is straightforward: if you've taken a position in a project you believe has strong fundamentals, maintaining that position through periods of high volatility could potentially lead to significant gains. To illustrate this point further, in 2010, Bitcoin was worth less than $0.01. By April 2024, it had reached around $70,000. A buyer who purchased $100 worth of Bitcoin in 2010 and held it until 2024 would have seen their portfolio grow to millions of dollars.

Strategies for surviving (and thriving) in the "boring zone"

During quiet periods in crypto, it's helpful to dive deeper into blockchain fundamentals and research promising projects instead of anxiously checking prices or reacting to every piece of news.

Alternatively, for those with available capital, dollar-cost averaging (DCA) could be something to consider. A Vanguard study found that DCA outperformed lump-sum contributions in 68% of cases during market downturns, highlighting its potential effectiveness in notoriously volatile markets.

Know with certainty that this "boring zone" is often temporary. Based on previous cycles, we might see a new Bitcoin all-time high in 30 to 150 days, and once Bitcoin breaks its previous record, top altcoin projects have historically seen gains of 200% to 1,000%.

By staying patient and disciplined during quiet periods, you can be prepared for potential opportunities that may arise as the crypto market evolves. Remember, while historical patterns offer insights, they don't guarantee future results, but these historical patterns are worth considering as you plan your approach.

We get it, the waiting game is hard

Holding onto your crypto during boring market times can be tougher than you'd think. When prices aren't moving much, it's easy to get antsy or start doubting your choices. But keeping a cool head and being rational is key to long-term success.

First off, remember why you got into crypto in the first place. Was it the tech? The potential? Keep that big picture in mind. It helps to set realistic expectations too—crypto's known for its ups and downs, so flat periods are normal. Try to limit how often you check prices. Constantly peeking at your portfolio can drive you nuts during slow times. Instead, focus on other parts of your life or dive deeper into learning about blockchain.

Connecting with other crypto enthusiasts can help too. Chat about ideas, not just prices. And don't forget to celebrate small wins—even if the market's quiet, projects are still developing and growing. Stay patient, stay curious, and remember: in crypto, today's boredom could be tomorrow's excitement.

This year has seen a gradual but significant improvement in cryptocurrency prices from the chilly crypto winter of 2022. Factors such as cooling inflation and a more relaxed macroeconomic situation have given crypto the space to turn upward and settle in the green. While the road to recovery (to 2021 prices) might be long, there is definite hope on the horizon.

Before we dive in, let’s first review the previous crypto bull runs associated with halvings. When it comes to bull runs, there is a historical pattern of prices rising several months after a Bitcoin halving. This effect tends to take place twelve to eighteen months after the halving event.

This article tends to focus heavily on Bitcoin as the cryptocurrency holds a lot of weight in the industry. Bitcoin market trends tend to dictate the way forward for many other altcoins, while this isn’t black and white, it tends to be the norm. When Bitcoin enters a bull run, so too do other cryptocurrencies, and when the Bitcoin price is down, the same applies. 

What is a Bitcoin halving?

Satoshi Nakamoto, the creator of Bitcoin, strongly believed that scarcity creates value. When designing Bitcoin, it was decided that there would only ever be 21 million coins, and while these can be broken down into small decimal places, there is no changing that maximum supply. 

In order to leverage the scarcity and ensure an even distribution of new coins entering circulation, Nakamoto designed a halving mechanism. The mechanism ensures that the currency remains deflationary, controls how many new coins enter circulation, and plays little havoc on the market. 

To understand how a halving works, one must first understand how Bitcoins are mined. Through a decentralized network, new transactions are entered into a mempool while they await confirmation. Miners will then compete to verify them by completing a complex cryptographical puzzle. The first miner to successfully complete the puzzle is awarded the job of verifying the transactions as well as earning the rewards. 

Once all the transactions have been verified they are executed and the data from each transaction is added to a block, which is added to the blockchain in chronological order. The miner then receives a transaction fee from each transaction as well as a miner's reward for adding a new block to the blockchain. 

Every 210,000 blocks, roughly four years, this reward is halved, making it a significant factor in what is known as the halving experiences. In 2009, the miner's reward was 50 BTC, today it is worth 6.25 BTC. While the price tends to increase substantially, the reward is automatically halved at these intervals. Written into its code, the halvings are automated activities that cannot be altered.

Reviewing previous bull runs

Bitcoin's first mini bull run

The first recorded "bull run" in the crypto sector took place in April 2011 when the price of Bitcoin rose 3,000% over the space of three months. After reaching $1 in April 2011, the coin went on to reach $32 in June. However, this price increase was short-lived as the price returned to $2 in November.

The next year the cryptocurrency underwent its first halving in November, ending the year between the $13 and $14 price mark.

2012 halving / 2013 bull run

In the first few months after the halving, the price rose from $13 to $30. By April, one Bitcoin was trading for $100, its then all-time high, spurring interest from curious outsiders. By November, twelve months after the initial halving, Bitcoin broke the $1,000 barrier. This too was short-lived as the price dropped to around $530 a month later.

2016 halving / 2017 bull run

The next halving took place in July 2016, when the price was trading at around $600. After years of the Bitcoin price bouncing between $100 and $900, it finally hit the $1,000 mark again in January 2017, six months after the halving. By mid-May, the price had doubled to $2,000, and by December of the same year, the price sky-rocketed to just under $20,000.

Sparking a Bitcoin frenzy, the digital asset became a hot topic in mainstream media and many market participants hopped on the bandwagon. This also sparked widespread development within the industry, with many altcoins being launched and what has become known as the "ICO craze". Due to the quick ascent of this nascent technology, user adoption and regulation became prominent topics of discussion in financial and regulatory circles.

By December 2018, just a year later, the price had shrunk to $3,236, while in December 2019, Bitcoin was trading at $7,200.

2020 halving / 2021 bull run

In 2020 the world was struck by the Covid-19 pandemic, causing unprecedented damage to economies around the world. While Bitcoin and other digital currencies took a knock, the industry proved to be much more resilient than most other traditional markets.

Dropping almost 50% to lows of $4,900 in March 2020, the price gradually recovered to $9,000 in May when the next halving took place. The upward price trend continued its climb, reaching $29,374 in December, another all-time high.

In the early months of 2021, the Bitcoin price doubled in value reaching $64,000 in April. By July, it was trading around $30,000 again before skyrocketing to $68,000 in November. By January 2022 the price had corrected to $35,000 before the market was faced with several unfavorable factors.

Markets around the world took another hit when Russia declared war on Ukraine, sending the price of everyday items including fuel soaring. Governments increased interest rates to the highest they've been in decades, and global supply chain issues caused by the pandemic continued to drive upset.

With the world in financial uncertainty, not to mention the demise of several cryptocurrency networks and exchanges, many participants pulled their money from the crypto markets as well as tech-based stock investment markets. This saw the price of Bitcoin dip below the $20,000 mark for the first time in two years, causing widespread uncertainty and speculation.

2022 was officially declared a crypto winter and while prices rose roughly 29% year-on-date, 2023 wasn’t the promised land that crypto enthusiasts had dreamed of. 

Are we headed toward the next crypto bull run?

Price increases aside, the Bitcoin Fear and Greed meter observed ( at the time of writing) a hopeful incline from a state of “Extreme fear” to a “Greed” greed rating. This measure of market sentiment is a vast improvement from 2022 and, alongside expert analysis, indicates that the cryptocurrency has moved into the accumulation phase. According to the Wyckoff market cycles, this is the prerequisite to the mark-up phase and indicates the end of a bear cycle.

The digital asset market remains volatile and unpredictable, and one cannot predict what might happen in the coming months or even years. What we do know is that historically bull runs have succeeded halvings, so grab your popcorn we should be in for an interesting ride. 

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With growing pressure to "have it all figured out" consider that since the start of their careers, millennials have seen slower economic growth than any other generation in the United States' history. Living through two recessions wreaks havoc on not only one's career path but finance success too. 

Below we've listed the 5 golden financial tips that every millennial should know when it comes to managing their personal finance. From things you can do now to planning for the future, these simple and actionable steps will assist in making your financial situation that much more of a financial success. 

1. Be prepared for hard times: emergency fund edition

While none of us enjoy emergencies, they are an unfortunate and inescapable part of reality. The best way to deal with them is by being prepared, and this means putting in the work ahead of time. By having a plan in place, you can minimize the stress and damage that these situations cause.

While rule number 1 of financial health is getting yourself out of debt, rule number two is creating an emergency fund. This is considered to be six months' worth of living expenses saved in a savings account so should something go wrong - from unemployment to medical bills to car or household repairs - this doesn't take a negative toll on your personal finance. 

While this is not something one can typically create overnight, consider your budget and how much you can allocate to your emergency fund each month. Then start putting the money aside, even if it takes you a year or two to get there. 

Consider if something went wrong and you needed access to cash fast, would you instead use the money from your emergency fund, or take out high-interest debt in the form of a credit card or personal loan? Note that taking funds from your retirement savings was not an option, and nor should it ever be.

In your path to financial success, always have a plan to fall back on. 

2. Living large is fun, but can your personal finance really afford it? 

Before making big money decisions, you must ask yourself difficult questions.

Before you upgrade your car, consider whether you can really afford it. Aside from the car, there is also insurance and gas and services, can your budget afford to take these on? 

Or when moving apartments, is the upgrade totally necessary, and can your budget handle it? As millennials, we love to live the high life, but just make sure that your budget isn't taking strain and that everything you buy is well within your means. 

3. It's ok to say no sometimes (and avoid credit card debt)

Celebrating with friends and family is a big part of life, but you don't have to say yes to everything, especially if these celebrations are taking a toll on your personal finances. 

When planned ahead of time, one can usually budget for these, but last-minute surprise events come with added pressure. Also, consider that all these functions and events add up, don't get caught off guard "living in the moment" only for your finances (and financial goals) to suffer later. 

Create a budget that outlines exactly what your financial obligations are to establish what you can spend on entertainment and socializing each month. Then, and most importantly, stick to it. If a last-minute event falls outside of this budget, you're well within your means to politely decline. 

Having fun with friends and family is special, but taking a financial knock will only hurt you in the long run. Prioritize your social calendar and don't live beyond your means. 

4. Watch out for direct debits (except to your savings account)

Living in the digital age we find ourselves in now is designed to be stress-free and seamless. Companies are making payments effortless through automatic payments, aka direct debits, but are you entirely aware of all the payments going off your checking account each month? It's very easy to lose track of your expenses when they're all automated. 

When building your budget make sure you go through old statements to make sure that no direct debits are going off your account for services that you no longer use. Ideally, do this quarterly to ensure that you're always on top of your expenses. 

The most NB direct debits should be to your emergency fund, savings account, and any investments (including your retirement fund). These are not considered expenses but are deposits into your future. 

5. Don't be fooled into thinking that retirement is light years away

Your retirement is closer than you think, don't get caught out. Many millennials have seen their parents and grandparents struggle with no retirement planning, break the cycle and make sure that you are prepared with a plan and a solid retirement account.

Don't wait until you're old, start preparing now and reap the rewards when you finally get there. A great way to prepare is to start putting money into long-term investments with compounded interest. These types of accounts ensure that your money works for you. Also, look to passive income options to help you build your retirement account.

Alleviate some of the grey hairs by getting your financial planning started today.

Closing thoughts on achieving financial success

While the economic cycles haven't been good to us, we are resilient and strong and will rise above it. Consider these 5 golden financial tips and build a financial strategy to ensure that you're covered for everything from an emergency to retirement. The first steps to taking the reigns of your personal finance are to write out a monthly budget, allocate funds as necessary, and then stick to your spending frameworks.

If in doubt, contact a financial advisor who can assist with furthering your financial education and provide more in-depth money tips.

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We might all view success differently, but at the end of the day, we want to have enough money to allow us to live debt-free, stress-free, and with a positive retirement ahead of us. While we’re not advocating that being a millionaire is the be-all and end-all, we are looking to them to see what small changes we can implement into our lives to better steer our own financial paths. 

A few basic principles of self-made millionaires

Below we explore 5 habits that the average millionaire does, according to a plethora of data collected by Tom Corley. Over five years he asked 233 millionaires 20 broad questions (and 144 sub-questions) concerning their daily activities. These were the results. 
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1. They never stop learning

U.S. President Harry Truman is known for saying, "Not all readers are leaders, but all leaders are readers." Self-made millionaires prioritize learning and self-improvement, with 49% saying that they spent a few minutes every day learning new words. 61% said that they spent at least two hours a day practicing new skills.
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Reading plays a vital role in this process, with 71% often reading self-help books while 63% said listened to audiobooks during periods of commute. It was noted that most of the case studies admitted to reading biographies of successful people, typically wealthy people who had built something from the ground up.
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Health was another top priority. 
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2. They are aware of their weaknesses, and delegate accordingly

86% of the millionaires interviewed worked an average a minimum of fifty hours a week. While the hours are impressive, these millionaires committed time to build and surround themselves with great teams. They focused on their strengths and outsourced their weaknesses. 
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No one is a jack of all trades, and these successful individuals honed in on identifying and accepting their weaknesses. Most millionaires noted that if they didn't possess a particular skill, they delegated the task to someone that did, freeing up time and energy. 
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3. They're not afraid to dream big

Millionaires are not confined to small-space things and actively work on setting and implementing their dream lives. While financial moves are calculated, and rarely based on instant gratification, they also allow space to think outside the box and pursue dreams that others might try to deter them from.
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With a solid mindset and the right determination, most of these millionaires were able to achieve their dream goals. According to Corley's data, many of the participants in the study used the "Dream-Setting" strategy where they sit down and write out what they want their day-to-day life to look like in 10 years' time. The results didn't arrive overnight, but for many, it did materialize in the years to follow.
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This strategy is used by coaches around the world to assist their clients with building wealth and ultimately reaching a million dollar net worth. While people tend to associate rich people with lavish lifestyles, the reality is that a lot of them can be found living in a modest neighborhood wearing inexpensive clothes and driving modest cars. It's the money habits that matter.
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4. They listen more than they talk

Over the course of the study, several strategies kept appearing. One of them was the "5:1 listening rule". This involves listening for five minutes for every one minute that you talk. This strategy is known to provide a variety of perspectives and strengthen work relationships. 
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In fact, 81% of the participants said they make a daily habit of actively seeking feedback from others within and outside of the workplace. 
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5. Millionaires create their own opportunities

The Roman philosopher Seneca is often quoted as saying, "luck is what happens when preparation meets opportunity." Surprisingly, 94% of the participants held a resolute stance against gambling. However, a majority of them possessed the acumen to perceive what others couldn't and took decisive action. Whether through unconventional paths to achievement or imaginative solutions, these millionaires were adept at constructing their own "luck."

Over time, relentless diligence creates substantial openings. By persistently pursuing your aspirations and maintaining unwavering commitment to your dreams, fortuitous moments will inevitably present themselves.

The habits of wealthy people

If your goal is to build wealth, whether to retire comfortably or impact future generations, it might worth consider these habits that self-made millionaires have adopted and consider incorporating some or all of them into your daily living. While wealthy people might not be the greatest role models, self-made millionaires certainly know a thing or two.

Whether you're trying to navigate the world of Crypto Twitter or preparing for Web 3.0, understanding the lingo is imperative to understanding the information available and fitting in. You might be very familiar with the English language, but don't let that fool you, crypto slang on social media is a language of its own.

While you might be familiar with concepts such as mining and smart contract, here we upgrade you to the next level of crypto jargon content. Below we run you through the 20 biggest acronyms and terms you need to learn when embarking on your Crypto Twitter journey. Good luck!

20 Top crypto terms and acronyms

Apeing In 

Apeing in refers to buying a token or more commonly an NFT right after launch without doing the necessary research. Also sometimes expressed as "I aped", this is usually a result of being fearful you're going to miss out on potential gains. Always DYOR. 

Bag Holder 

This term refers to an investor that is holding a cryptocurrency or NFT that they cannot sell for a higher price, and cannot sell at the current price (as it is too low). While this isn't entirely negative, it's not very positive either. Bag holders will simply need to wait out the market dip.

BUIDL

First made famous by Ethereum founder, Vitalik Buterin in 2018, buidl is an obvious typo of the word build and refers to "build useful stuff". The concept revolves around developers utilizing blockchain technology, to hopefully, provide a solution to the industry as a whole. 

BTFD 

Standing for Buy The F** Dip, BTFD has been described as a "prominent lesson in strategic engagement". Buying the dip is when investors accumulate cryptocurrency during a bear market when the prices are trading at less than their value. Quoting Warren Buffet, "be fearful when others are greedy, and greedy when others are fearful."

DAO

DAO stands for decentralized autonomous organization and acts as a form of venture capital funding, replacing a board of directors with open-source coding. Operating entirely automatically, everyone is granted ownership and is involved in the decision-making. DAO essentially describes the structure of Web 3.0 companies. 

dApps

You may be familiar with this term already, decentralized applications are any digital apps built on top of a blockchain network. Instead of operating off of a centralized computer system, dapps harness the power of blockchain and are maintained and operated by the network on which they're built. 

Ethereum, Solana and Cardano are popular platforms on which developers built their dapps, with no limit to what industry these dapps can be built for, from payments to entertainment to supply chain management.

Diamond Hands

This term refers to an investor who will never sell. Diamond hands push through the losses, gains and volatility, resisting the dips and the peaks. These are hardcore hodlers who strongly believe in a project's vision. 

DeFi

Another term you're likely to have come across is decentralized finance, DeFi. DeFi is a sector of the crypto industry that provides traditional financial products and services only using blockchain technology, like lending, borrowing and providing liquidity. The aim of DeFi products is to remove the centralized nature of banking and make things more accessible to the masses. PancakeSwap, Aave and The Graph are examples of DeFi platforms. 

Degen

Degen is short for degenerate risk-taker, someone who makes highly risky bets without due diligence. While this is typically frowned upon in the real world, in the crypto world this is a badge of honour. Being a degen and making money fast is the ultimate flex. We still recommend that you DYOR beyond just the project's website. 

DYOR

Possibly the most important phrase when it comes to navigating cryptocurrencies and NFTs: always do your own research. Never follow anyone's guidance blindly, regardless of their financial gains. Instead, always thoroughly investigate a project before engaging with it. DYOR takes a firm stance in emphasizing that you hold accountability and responsibility for your engagement decisions.

GMI

A term of endearment in the crypto space, GMI stands for Gonna Make It, used to reassure someone that they're on the right track. Often thrown around on Twitter and Discord, GMI offers someone an affirmation in their decisions. 

On that note, NGMI stands for Not Gonna Make It. Usually used when someone makes a mistake or does something crazy, or when someone makes ignorant comments about the crypto space when they know little about it. It can be brutal out there, but DYOR and you'll be ok.  

Genesis Collection

Similar to how the first block on a blockchain is referred to as the genesis block, a genesis collection is the first NFT collection created by an artist. Buying items from a genesis collection is a symbol of early support and usually comes with some added benefits. Following the transaction for the digital currency, holders might be treated to early releases, insider info or concert tickets.

HODL

While we're familiar with what HODL refers to (holding onto a cryptocurrency for a long time in order to tap into possible future gains), many might not be aware that it has been gifted an acronym of its own. We say gifted because the term originated from a typo in a Bitcoin forum. HODL has affectionately been expanded to Hold On for Dear Life, encouragement for when markets dip and weak hands consider selling.

Metaverse

A hot topic at the moment, but do you know what it means? The metaverse refers to an alternative reality that exists in the digital realm. This digital space allows users to work, play, socialize and do business, interacting with others as they do. The metaverse can be described as a combination of VR (virtual reality), AR (augmented reality) and 3D worlds.  

NFT 

This is a big one. It stands for Non-Fungible Tokens and refers to anything that someone can create store and sell on the blockchain but is not fungible. Each NFT is unique and cannot be used interchangeably like most other cryptocurrencies. Also note that an NFT is a token standard and can be built on various blockchains, while ETH for instance is the native token to Ethereum and cannot be used by other blockchains. 

Shill

Shill refers to someone promoting a particular cryptocurrency to create excitement for it, usually to their own financial benefit. The purpose of shilling a coin is to generate hype that will hopefully lead to mass buying. Most platforms frown against shilling as it's essentially part of the same family tree as pump and dumps. 

Paper Hands 

The opposite of diamond hands, paper hands are quick to sell, often too early. Giving in to pressure and volatility, paper hands sell when the financial risk is too high (as opposed to waiting out the dip). 

P2E

P2E stands for play to earn and is a concept in gaming where players can earn an in-game asset that holds value outside of that ecosystem. Axie Infinity, for example, is a game in which users can earn AXS, which is traded on many big exchanges. Gods Unchained and Evaverse are other P2E games.

RUG

Sometimes referred to as a "rug pull", rug is used to describe a situation where the founders of a project run away with the raised funds. These scams are not uncommon in the unregulated world of cryptocurrencies, however, they have become much fewer and far between since the earlier days. Their actions often send the crypto price plummeting to zero and cause huge losses among investors. 

With rising inflation rates and economic downturns around the world, there's plenty of speculation that we're headed for another global recession. While the media tends to paint the darkest picture, it's always worth being prepared. In this article we're providing five action points you can do now to ensure that your finances remain recession-proof.

The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months. It's worth noting that these are a natural part of the economic cycle and are completely unavoidable. The best thing you can do is be educated and prepared with a reliable plan in place to overcome any economic downturn.

According to a study conducted by Empower and Personal Capital, 74% of consumers in the U.S. are concerned over an impending recession. While some analysts believe the recession has already started, Goldman Sachs has predicted there is a 30% chance of one materializing while UBS has forecast "no recession".

Whichever side of the fence you sit on, it can't hurt to be prepared. While it sounds dark and gloomy, we're here to help you prepare for a recession.
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Anxious about an incoming recession?
Here are 5 steps to get yourself recession ready

1. Try to eradicate debt

The first step of most financial plans, paying off high-interest debt is a valuable practice. The recent increase in interest rates by the Federal Reserve has seen credit card rates rise over 17% for the first time in two years. Analysts are predicting that these interest rates will continue to rise in the coming months. Avoid credit card debt and the high-interest rates associated with them.

If you are carrying high-interest-rate debt, your best port of call would be to strategically manage this, with the intention to pay it off as soon as possible. With recessions oftentimes come job cuts, and if this happens to you paying off your debt now will be a worthy exercise. Known that in times of recession, interest rates will increase.

2. Lessen your expenses

Consider your monthly living expenses and what you spend money on and see where you can make cuts in order to prepare for the "worst case scenario". Consider what would happen if you were to receive a lower salary, if you were to lose your job, or if you were suddenly faced with an emergency (more on emergency savings next).

While these can take place at any stage, having a plan will help you to be prepared should you come face to face with this. Monitoring your monthly expenses is, either way, a great opportunity to stay on top of your finances and improve your financial situation.

3. Establish your emergency savings fund (and bulk it up)

If you haven't already done so, establish an emergency fund. Financial advisors define an emergency fund as three to six months' worth of living expenses. This emergency fund is to be used for unexpected expenses like home repairs, a car issue, a medical emergency etc. This is separate from your retirement account, and acts as a cash cushion should you need it.

As you prepare for a recession, it's advised to bulk up your emergency fund to be at least six months' worth of expenses/salary. This personal budget will act as your financial safety net should you need it, a rainy day fund. For bonus points, try to keep this in interest-generating savings accounts. 

4. Update your resume

In the unfortunate event of losing your job in a recession, it will bode well to build your resume up before the time so that you can immediately start searching for a new job. During recessions, the job-seeking market tends not to favor job seekers so being prepared beforehand may work out to be to your advantage.

Alternatively, if you were considering advancing your education or going back to school, this could be a prime time to do so. This will not only improve your chances of employment in the future but also allow you time to emerge when the job market is more favorable.

5. Adhere to your long-term investment plan.

During economic recessions, the temptation to scale back on retirement savings or liquidate investments can be strong. However, it's crucial to stand firm. These investments are designed for the long haul and prematurely pulling out can lead to significant losses, particularly in the stock market. Focus on managing your emotions and consider the extended benefits.

When the recession transitions into its next economic phase, weigh the advantages of maintaining your long-term investments versus starting anew. This is especially relevant if your investments are tied to a retirement portfolio. For peace of mind, historical data reveals that bull markets tend to outlast bear markets.

Whether you're invested in gold or the stock market, sticking to your long-term strategy and avoiding decisions driven by fear is important. Such decisions rarely yield positive results.‍

Closing thoughts on surviving economic downturn

Recessions tend to carry a lot of fear mongering news, however, did you know that the recession in 2020 only lasted for two months? While they're times of little to no economic growth, they are just as quickly corrected and allow new innovations, services, and economic activity to ignite. Consider it a breeding ground for new opportunities.
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Use the time beforehand to prepare for a recession by managing your expenses, freeing yourself from high-interest rates, and building an appropriate savings account to see you through. If in doubt, consider speaking to a financial advisor who can professionally guide you in building a solid financial plan.