7 Practical Steps to Survive the Next Great Recession

By Cade Shadowlight
Recent economic indicators suggest trouble on the horizon. The ADP National Employment Report revealed a loss of 33,000 jobs in June, while Microsoft announced plans to cut 9,000 employees. Whether you believe a recession is imminent or not, one thing is certain: economic downturns are inevitable. The time to prepare for the next Great Recession is now, while the economy is relatively stable. Here are seven actionable strategies to help you weather the storm:

1. Accept Your Vulnerability
   No matter how skilled or valued you are, no employee is indispensable. During a recession, downsizing can hit anyone. Acknowledge this reality and take proactive steps to strengthen your position.
2. Become Invaluable at Work
   Make yourself harder to let go by expanding your skill set. Stay current in your field and learn new skills, even those outside your current role. In a recession, companies often expect remaining employees to handle multiple responsibilities. Versatility can make you a keeper.
3. Stay Professional and Drama-Free
   Avoid giving your employer a reason to target you during layoffs. Follow company rules, steer clear of workplace conflicts, and refrain from bad-mouthing colleagues or the organization. For more tips, check out the 15 Commandments of Keeping Your Job on the Wealth From Chaos website (article link).
4. Prepare for a Job Hunt Now
   Even with your best efforts, job loss is a possibility. Keep your resume updated and maintain current contact information for references. Build and nurture a professional network. Connections through friends or colleagues are often more effective than job boards or employment services.
5. Diversify Your Skills
   A recession may force you to pivot to a new industry or start your own business. Take classes at a community college to learn skills like marketing, public relations, or coding (recommended book on Amazon). Consider reading SPIN Selling by Neil Rackham (Amazon link), a business classic on effective sales techniques. Explore trades like plumbing, electrical work, or HVAC repair as a backup. The broader your skill set, the more employable you’ll be.
6. Strengthen Your Financial Foundation
   Financial preparedness is critical. Create a budget, live within your means, pay off high-interest debt, and build an emergency fund. Prioritize saving at least $1,500 for emergencies before aggressively tackling debt (while still making minimum payments). To jumpstart your savings, consider hosting a yard sale to declutter and raise funds or brown-bagging your lunch to save $25 a week, which is $650 in just six months. For more guidance, read Financial Preparedness from a Survivalist’s Perspective on the Wealth From Chaos website (article link). 
7. Stock Up on Essentials
   Food storage and other preparedness measures can be a lifeline during tough times. A prepper I know weathered the 2008 Financial Crisis after both he and his wife lost their jobs. Their stockpile of food and supplies sustained them through months of unemployment. Start by acquiring two weeks’ worth of food and essentials, then aim for a month, and eventually six months or more, depending on your comfort level.

Final Thoughts
Economic downturns test our resilience, but preparation can make all the difference. By enhancing your value at work, diversifying your skills, building financial security, and stocking up on essentials, you’ll be better equipped to face whatever lies ahead. Start today and your future self will thank you.

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