How to Survive in an Economic Recession
The economy ebbs and flows. It’s a fact of our life and we can either sink or swim during this time. These times do not need to be frightening, especially if you’re prepared. Even if you’re not, being able to think clearly and creatively and willing to learn and grow you can thrive during an Economic recession. Some entrepreneurs can easily profit from an Economic recession. Here are a few simple tips to get you started.
- Read and learn how surviving an Economic recession. Go to the library or bookstore and buy/borrow the book: “Financial Reckoning Day: Surviving the Soft Depression of the 21st Century” by William Bonner and “Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression” by Robert R. Prechter.
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See if your current job is in a critical sector to avoide layoff during the recession. Most jobs in health care, food production and supply, government and military jobs are safe bets. Avoid retail and construction or any area that can easily do without you.
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Make a list of your spending habits and alter them to only include necessitates. Use the excess money that you usually spend to create an emergency cash fund. Also, learn how to do more things for yourself without hiring or paying others to do them for you.
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Find a niche that is making money and you are interested in and get involved. Even if people are fearful and money is tight there is still money to be made if you have skills or services that people need. Grow food to sell, learn to do house repairs, rent out space, coach others with financial planning, learn or use a skill and monetize it.
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Do not take on additional debt during an Economic recession. You want to be able to survive, but the goal is to thrive. If you learn to live on less money (by placing it in that emergency cash fund mentioned earlier) than as the economy picks up you’ll make more money quicker with the skills you learned during the downturn.
How to Survive in an Economic Recession
An economic recession can be a difficult time for many people, as it often brings with it job losses, financial hardship, and a general sense of uncertainty. However, there are steps you can take to survive and even thrive during an economic recession. Here are some tips:
- Cut back on expenses: During a recession, it’s important to live within your means. Take a close look at your budget and identify any areas where you can cut back. This might mean eating out less often, canceling subscriptions you don’t use, or downsizing your living arrangements.
- Create an emergency fund: If you don’t already have an emergency fund, start one as soon as possible. This will help you weather any unexpected expenses that may arise during the recession. Aim to save at least three to six months’ worth of living expenses.
- Look for new sources of income: If you’ve lost your job or had your hours cut back, look for new sources of income. This might mean taking on a part-time job, freelancing, or starting your own business.
- Update your resume and skills: If you’re looking for a new job, make sure your resume is up-to-date and reflects your most recent experience and skills. Consider taking online courses or attending workshops to improve your skill set and make yourself a more attractive candidate to potential employers.
- Take care of your mental health: An economic recession can be a stressful time, and it’s important to take care of your mental health. Make sure to prioritize self-care activities, such as exercise, meditation, or spending time with loved ones.
- Stay informed: Keep up-to-date on the latest news and trends in the economy. This will help you make informed decisions about your finances and career.
- Don’t panic: Finally, it’s important to remain calm and avoid making rash decisions. Remember that economic recessions are a natural part of the economic cycle, and they eventually come to an end. By staying focused on your goals and taking practical steps to manage your finances, you can survive and even thrive during an economic recession.
Prepare and write by:
Author: Mohammed A Bazzoun
If you have any more specific questions, feel free to ask in comments.
For More Article
Liberty Magazine – Economic Website
Liberty Magazine – English Website
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