People unlikely affected by inflation and recession
This blog post is a follow-up on my Friday, June 17, 2022 blog post titled, “People who are worried sick about inflation and recession.”
Today is Saturday, June 18, 2022 and I want to discuss the people who are likely unaffected by high inflation and recession.
I know my readers might say this topic is a no-brainer. Additionally, it is easy to opine that people who are not extremely anxious about the present soaring inflation and the looming recession are the well-off who have roughly seven to ten figures in the bank under their names.
These affluent people are likely to be the rich and famous, Hollywood celebrities, or the technology titans who usually have multiple income streams and relishing financial security and peace of mind for themselves and their families. These popular names are in the Forbes’ Annual Rich List, Bloomberg Billionaires Index, or The Sunday Times Rich List.
Nonetheless, I find it interesting to write about the other people who may be working-class or middle class and may not be millionaires, multi-millionaires, or billionaires but are in the auspicious position to weather a major economic downturn that involves high inflation and a recession.
They are obviously the direct opposite of the people I wrote about yesterday for they are in the catbird seat. They are likely not “worried sick about inflation and recession,” according to me:
- Childless people: These individuals may be those who opted not to have children or are uninterested in children and/or raising their own families, which include offspring partly because of the high cost;
- Homeowners: These people have fully paid mortgages. They are likely retirees in their 60s;
- Car-free people: These consumers may have opted not to own a motor vehicle partly because they work from home or their workplace is near their residences, making owning a car impractical and unnecessary;
- Vegans, vegetarians, and pescatarians: These people do not eat red meat whose price has gone oh-so-dearly for the past year;
- Healthy people: These individuals are not suffering from any serious and fatal ailments that are typically very expensive and take a patient’s entire lifetime to treat;
- Homebased workers: Since these people work from home, they are free from the financial worries of increasing gasoline and transportation costs;
- Deadbeat credit cardholders and those without or have fully-paid loans: These people can rejoice since they do not have to worry about the need to settle a debt obligation before their due dates;
- People who do not consume rice: These consumers can save their money to buy other affordable, healthy food staples;
- Tenured professionals: These people enjoy a stable income from their steady and permanent employment;
- Money-savers: These people are educated about the significance of saving money in the bank for the “rainy days.” Moreover, they successfully “made hay while the sun shines” and were able to stash their hard-earned funds in the bank during the “sunny days” in preparation for any emergencies or economic crash that may transpire;
- Local hires: These human resources who work in their own country do not have to fear getting laid-off, repatriated during a global economic crisis, and face job uncertainty;
- Workers of in-demand sectors: People working in always-relevant industries like healthcare, technology, food, and finance can feel comfortable. These human resources can also revel if their employers have not decided to replace them with robots. Workers of in-demand sectors are safe in their employment even if there is a recession. After all, due to high market demand, the products and services of these laborers’ company will save and keep them in their day jobs;
- Established companies that have been around for the past decade or two: These firms may have been able to thrive and remain relevant, despite the recessions and global economic crashes. Furthermore, suppose these business establishments have succeeded in their brand awareness campaigns. Their services and products gained massive support and consumers know quite well, patronize, and make the offerings a part of lives. Therefore, these firms can look forward to being safe from closures and bankruptcies.
Apparently, there are people who can consider themselves lucky since a recession or soaring inflation cannot adversely impact them. Again, I am not referring to the established multinational corporations’ owners, or entrepreneurs and investors of the Fortune 500 companies, such as Walmart, Johnson and Johnson, Intel, Apple, Microsoft, Dell Technologies, Citigroup, and Meta Platforms.
The world, indeed, loves these multinational business establishments’ products and services today and it obviously looks like this reality will carry on in the next decades. Therefore, a recession and inflation will not adversely impact these business people that it is unlikely for them to shut down, be out of business, or go bankrupt in the near future.
However, I am specifically pertaining to non-millionaires and non-billionaires. They are also not the Hollywood celebrities or sports superstars buying and selling their multi-million-dollar, sprawling mansions nestled in Malibu or Calabasas, California or other rich people’s zip codes as reported by major celebrity news outlets like TMZ.
I am particularly referring to the working professionals who can carry on with their fortunate lives and plan for the future or what is next for them and their families after an economic meltdown.
