As he issues a recessionary warning, Jeff Bezos, the founder of Amazon, has offered some “spending” advice to consumers.
The billionaire has given people advice on how to spend less during the holidays and how to keep their money safe.
According to Bezos in an interview, American households should refrain from buying expensive products like refrigerators or brand-new automobiles since there is a chance that the economy will get worse.
Bezos said, “If you’re a single person considering purchasing a big screen TV, you might want to wait, save up the money, and see what happens.” Similar principles apply to new cars, refrigerators, and other items. “Just remove some risk from the equation.”
In addition, the former CEO of Amazon advised small business owners to put off buying new equipment and focus on increasing their financial reserves.
He urged the listener to minimize risk as much as possible. Bezos said in this week’s broadcast interview, “Hope for the best, but prepare for the worse.”
Bezos stated separately that the majority of his $124 billion net worth will be donated over his lifetime.The founder of e-commerce told the television network that he would use the majority of his riches to fight climate change and promote those who could bring mankind together in the face of severe social and political differences.
Bezos assumed the position last year when Andy Jassy took over as CEO of Amazon. He is currently the executive chair of the company.
As a result of rising interest rates, slow consumer spending in the US, a strong dollar abroad, and other factors, the e-commerce giant has started making layoffs after other digital companies like Twitter, Meta, Lyft, and others did.