What to do in the Next Recession

Published by Joey Ellis on

What to do in the Next Economic Recession

The Great Recession of the early millennium (late 2000s/early 2010s) was a disaster that stunted an entire generation. Graduating seniors, already burdened with college debt, found that outside the confines of the academic halls was a world that could neither support their livelihoods nor embrace their ambitions.

The college degree, once representing the zenith of achievement for young people, was no longer enough. Many graduates saw their prospective hopes dashed to bits under the realities of an economic downturn. Young adults with science degrees working at McDonald’s or as a delivery driver was the norm.

It was within the Great Recession timeframe that the gig economy gained a greater foothold in the workforce. This gig economy consisted of doing odd jobs to get by. While tooted as the new work culture, in truth, it was little more than a substitute for a career and supplementary income. Many individuals realized that it could not sustain basic living expenses, or forward economic progression like securing a house, building up one’s savings or buying a car in the future.

News outlets like the Wall Street Journal and Forbes mention the possibility of a new recession, in part because of Trump’s aggressive trade stance and other factors. Should the recession become reality, here’s what you should know to be prepared and what you can do…

Save Now

Building up a nest egg as a backup can save you from a world of hurt in the next recession. Creating a budget and cutting down excess in your spending habits on non-essential items (manicures, video games, etc.) are ways to help you live through hard times. These accumulated funds can help you pay your bills if worse comes to worst. 

Build a Network and Small Business

Job security weakens in recessions. Companies cut costs and if the economic downturn becomes too much, then you could be laid off. To prepare for this, it is prudent to ask for help from your colleagues, friends and family.

A business network helps… These consist of clients that are referred to you by close friends or extended family.

You can start finding extra income for a buffer in case you yourself become a victim of company downsizing.

Investing in a small business by buying or starting a limited liability corporation, working from home and networking, all while buying business cards and flyers to promote yourself, is another way to shelter the storms of the economy.

People have multiple streams of income or financial tactics to survive a recession, and this is just another suggestion.

Flee the Country

Fleeing to Canada, New Zealand or Japan is a viable option if the economy gets into a rut. Study abroad programs aside, a stint as a worker in a foreign country can be beneficial. You get to explore the world and work. It could be more lucrative to look for opportunities in a place like Ireland or China than to hunker down and endure a recession.

Recessions make job security and procurement of employment uncertain. The last recession hindered millions of Americans’  financial progress– and graduates, fresh out of college, were especially vulnerable. If you or your family can help [or an employer], get a visa to teach in China or work in France. Both have opportunities for growth in personal perspective and your pocketbook.

There are many programs that include housing, so this avenue is a good shot.

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