The great depression of the 20's: we are in the post-war period, people are happy, the economy is prospering, it is easy to invest in the stock market and to borrow from the bank. So everyone goes into debt to be able to invest in the stock market and make money.
The banks also use the money of the individuals to invest in the stock market, so that when the bubble bursts whether you are invested or not, your money is lost.
John is a doctor, a qualified job, he loses all his savings in this crisis. He is forced to sell valuable family property to pay his debts.
Louis is a bricklayer, a skilled job, he has also lost all his savings but still has his job. He is slowly trying to pay off his creditors.
James is a laborer, unskilled job, his factory closes and he finds himself on the street. He has never invested in the stock market and yet he is the big loser.
And who are you?
My advice:
Increase your income: If you don't have a qualified job, it's time to invest in a diploma, a course to obtain a technical skill that will allow you to get out of the need.
Build up your savings: Try to save as much as you can, especially if you expect to lose your job or face other financial challenges during the recession.
Keep your debt under control: Try to pay off your debt as quickly as possible, and avoid taking on new debt if you can.
Consider temporary changes to your lifestyle: During a recession, you may need to make temporary changes to your lifestyle, such as downsizing your home or selling a car, in order to stay afloat financially.
Seek financial help if needed: If you are struggling to make ends meet, don't be afraid to seek out financial assistance, such as through government programs or non-profit organizations.
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