I know it’s a bit of a tense time.
I’m no oracle, but I do think things will turn out fine. I graduated from an expensive Bschool bang in the middle of the last recession. The past two batches were taking increasing average salaries, and ours was told that if we had any offer over ₹35,000 per month, we needed to take it - no exception. One-third of my starting salary went towards a loan. It was a trying time.
The reason I say this here is that things like this have happened before and will happen again. Maintain perspective, don’t do anything silly, acquire skills and good experience that matters… And things will be fine. (Recessions / downturns have proven to be good times to start businesses - perhaps not one based on cashbacks, though).
Hopefully all this will not last too long. Even then, I feel some of the things I said above will play out in the long run. As many analysts said, Covid acted more as an accelerant than a change agent. A recession / correction could very well be the same - crunching into one year what we might have experienced over ten.
If it helps, I wrote an article on exactly this
during the last time we were staring in the economic pits - September 2019 - long before corona was anything more than a premium beer. It was my first article for Arre.
I do hope The Great Correction leaves us with some positives. Unviable businesses deserve to not be in business. People who can afford to need to pay what products and services are actually worth. Anything propped up by artificiality will eventually collapse. I hope people come out with interesting ideas for products and services that will be of benefit to humankind and the planet, instead of whatever the heck web3 is.