If you can shrug off a loss, you can't be a winner.
I have never shrugged off a loss, I have always tried the loss into profit if I have the ropes in my hand.
when it comes to entering into a recession, where many people try to maintain their current lifestyle, even though it is coming at an increasing cost...
I don't think that people try to maintain their current lifestyle, but an inferior one. This is like that at least in my country. Many people have been in a poor diet, in which they will likely eat beef once in a year, perhaps milk and milk products once in a month...
I think this is the average yes, but when the recessions hit, rather than making lifestyle changes like cutting back on entertainment, they maintain entertainment, and cut back on quality food. I might not have explained it well :D