Jeff Bezos, the founder of Amazon, has offered some “spending” advice to customers while he issues a recessionary warning, in an interview with CNN.
The billionaire has warned customers to save their funds and refrain from irrational holiday spending. Given the likelihood that the economy would continue to deteriorate, Bezos advised American households against investing in expensive products like refrigerators or brand-new vehicles in an interview with CNN.
“If you’re an individual consider to purchase a big-screen TV, you might want to wait, hold onto your money, and see what transpires. The same is true with a new automobile, refrigerator, or whatever else. Just remove some risk from the equation,” Bezos during the interview.
The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves. He advised, “Take as much risk off the table as you can.”
In a CNN interview that aired this week, Bezos said, “Hope for the best, but prepare for the worst.”Bezos also declared that the majority of his $124 billion fortune will be donated throughout his lifetime.
According to the e-commerce pioneer, he will use the majority of his riches to fight climate change and support those who can bring people together in the face of severe social and political conflicts.
After Andy Jassy took over as CEO of Amazon last year, Bezos assumed the position of executive chair.
