subject: How To Prepare For The Next Recession [print this page] How To Prepare For The Next Recession How To Prepare For The Next Recession
A recession is something that can happen at any time. No one can know exactly when these start and when they will end. The only thing to know is that there is a possibility of living through a number of them during your lifetime. Since you know they can happen, you should do what you can to prepare for them. Find out what you can do that will help you be more prepared for the next recession.
The first thing that you should do is to have some savings to live on in case the recession hurts you. Many people will lose their job which will then put their homes in jeopardy. You should have more than a few months of savings to live on just in case you lose your job and can't get another one that quickly.
Try to work hard with your job right now. Work extra hours for more pay if possible to build up this savings. You might also have a better chance of not getting laid off or at least keeping reduced hours if something does happen if you have proven yourself as a hard worker.
Keep your options open with other companies that could potentially hire you. Stay in touch with contacts in case you need a new job quickly. Have that resume updated and ready to go at a moment's notice.
Try to learn a skill that you can use that will help you supplement your income. You might moonlight that skill and get some basic income from it. With a recession, there is no guarantee you will keep your primary income source. When you have more than one, you will have more of a chance of keeping income.
Do what you can do downsize right now. What is it that you really don't need that is taking up your funds? Get rid of those things. You might even go into a smaller home as well. This helps you protect your assets since you won't need as much money to fund them and keep everything running.
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