1) Be aware of the world news.
Things happening in other parts of the world affect India’s economy too. Emotions affect the economy. Keep an eye on the news when investing money.
2) Seek advice & keep asking questions.
Don’t assume market trends. Think & then invest. Not the other way around.
3)Avoid extreme dependency on DIY investment Apps Or on wealth managers.
Take assistance from the advisors but do your own research too.
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4) To invest money you need to earn money first.
So keep upskilling. As recession hits there are chances of a lot of layoffs. So, upskill & acquire more skills so you reduce your chances of being replaced.
5) Service & manufacturing industry in India
India’s service & manufacturing industries have the potential to boom. So, keep an eye out for opportunities in these industries.
6) Living in denial won’t help!
Accept the reality that after 2 major world events – the pandemic & war between Russia & Ukraine this upcoming recession can be turbulent.
7) Enjoy life but be responsible for your money too.
Being paranoid & being constantly stressed by the fear of recession will not help. Just spend your money wisely!
8) Don’t merely depend on saving money.
If you think you can do something without taking credit, then do it. Debt is the last thing you want to be in.
9) In the “potential recession’ scenario interest rates for credits might shoot up.
If you are a startup owner & want to raise funds then look for equity financing or crowdfunding