The Stock Market Crash Of 2008 Caused The Great Recession.Edu How to Survive in an Economic Recession

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How to Survive in an Economic Recession

The economy ebbs and flows. It is a fact of our lives and we can either sink or swim during this time. These times don’t have to be scary, especially if you’re prepared. Even if you don’t, if you can think clearly and creatively and are willing to learn and grow, you can thrive during an economic downturn. Some entrepreneurs can easily profit from an economic downturn. Here are some simple tips to get you started.

1. Read and learn how to survive a recession. Go to the library or bookstore and buy/borrow the book: Day of Financial Reckoning: Surviving the 21st Century Mild Depression by William Boehner and Beating the Crash: You Can Survive and Thrive in a Deflationary Depression by Robert R. Preacher.

2. To avoid layoffs during a recession, see if your current job is in a critical sector. Most jobs in healthcare, food production and supply, government and military jobs are safe bets. Avoid retail and construction, or any field where you can easily do without.

3. Make a list of your spending habits and change them to include only the essentials. Use the excess money you normally spend to create an emergency cash fund. Also, learn to do more things for yourself without hiring or paying others to do it for you.

4. Find a niche that makes money and interests you and get involved. Even if people are afraid and money is tight, there is still money to be made if you have a skill or service that people need. Grow food to sell, learn to do home repairs, rent out space, teach others about financial planning, learn or use skills and monetize them.

5. Don’t take on additional debt during an economic downturn. You want to be able to survive, but the goal is to thrive. If you learn to live on less money (by putting it in the emergency cash fund mentioned earlier) than when the economy picks up, you’ll make more money faster with the skills you acquired during the economic downturn.

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