No one asks “if,” but rather when the recession is coming
The recession is coming, which most people are aware of. But different from the downturn we had in the economy in 2008. It was when the real estate market collapsed overnight, and the economy fell in pieces like rolling domino game tiles. This time it is a more “normal” entrance we will face when the recession is coming.
We are right now living in challenging times. Inflation goes sky-high, and interest rates follow to curb inflation as much as the central banks have the power to do.
Organizations with influence and reputation, like IMF, are giving heads up. There is no doubt the recession is coming, and the only question mark to bend out is when exactly it will happen.
Suppose you live in a place with a high risk for earthquakes, weather-related disasters, or other vulnerabilities. In that case, it’s quite common to prepare a sort of box or basket with the most critical tools, food, and water, to survive if everything suddenly is cut off.
You always have this box ready because you never know when the disaster will appear. It’s like fire extinguishers, always prepared and ready to use. You will never know when to use it, hopefully never, but if needed, it should be there.
If you know that the fire should come, I promise you that you should make sure you can handle the extinguisher correctly. It’s pure self-preservation not to become a victim of the fire.
The Recession is Coming – Are You Prepared?
It’s time to prepare your “rescue kit.” If you are ready, you will not be scared.
Here is the “rescue kit” I recommend.
Control your shopping
There are some things you need to start immediately, and that is your shopping habits. In a few words, only purchase what you need. All marketing around shopping malls and online shopping are also built around your emotion.
How often do you visit a shopping mall to search for a specific product you need and return home with something else? In the best case, you found the product you were searching for, but you also spent money on a lot of other stuff.
That’s the way it works!
When the recession is coming, you need to change that habit dramatically.
Never leave home for shopping without having a detailed list of what you need to buy. Stick to that list, no matter all the tempting offers you will be exposed to during your shopping tour.
When the economy hits your wallet and personal budget, it’s all a numbers game. How much money in and how much out? Control of your shopping habits will be crucial for your “survival” in the upcoming challenging times.
Reduce your debts
Continuing on the “less out” path, reducing your debts can make a huge difference in your economy. With interest rates in a spiral rise, all debts will cost you more. To start somewhere, your credit cards should be your first target.
If you have been accustomed to financing your life with credit cards, you need to break that habit immediately. Yes, it will hurt, especially if you live a lifestyle requiring credit card financing.
If you don’t take action now, the pain will be worse, as interest rates will only go one way during the following years: Up!
Something that seldom is taken seriously is your savings. Surveys show that 57% of U.S. citizens don’t have enough cash to cover a US$500 unexpected expense.
Perhaps you already have some sort of long-term savings for your future retirement or something. That’s good, but typically these savings are tied up with a more long terms agreement to benefit from an optimized rate of return with higher interest compensation.
What you need to do today is to prepare your emergency fund. Money is to be used only in case of emergency. No matter how much money you deposit into such an account. What matters here is continuity and fixed amounts.
If you can deposit US$3 daily, that’s US$90 a month and more than US$1,000 in a year.
So far, we have been tackling the three principal tasks when controlling your input and output of money.
When the “defensive” actions are in place, it’s time to check the progressive movement to implement.
Networking is absolutely something to count on. In the new fast-moving digital world we are living in, networking is more important than ever.
Step number one is to list, in your opinion, the 30 to 40 most relevant contacts and start contacting them immediately. When the recession is coming, you are not the only one on this planet who can run into problems. Many of your contacts will also face the same issue, maybe worse.
Together as a small community, each and everyone having their contacts, ideas, and even opportunities will show up.
The pandemic we all have been accustomed to for a couple of years is an excellent example of how networking can be essential to get on track again. More than ever, a long-term solid business is all about connecting with people.
The basic rule for successful networking:
“You give before you get.”
Build new income streams
Whatever you are doing right now, face reality. If you have a permanent job, the situation can change quickly in the environment of turbulence we are going into.
Look around what alternatives exist to add an additional activity part-time. If you lose your corporate job, at least you have some kind of extra income stream to rely on.
Another reason to actively search for extra income streams is the effect of inflation. Everything is getting more expensive while your monthly paycheck remains the same. Your personal economy’s debit and credit sides aren’t in balance any longer.
The whole cost structure mentioned earlier could force you to get money into your bank account. Perhaps you can’t get rid of expensive loans and credits, and the cost just digs a big hole in your economy every single month.
“Never depend on one single income. Make investment to create a second source.”
There are different ways of adding extra income sources. Check which one suits you best based on personal interest, investment, risk, and time for ROI.
Have Your Rescue Kit Ready When the Recession is Coming
However, when searching for a suitable affiliate business for you, you need to watch out carefully for the following:
- Good products or services to promote
- Interesting commission scheme
- Possibilities to passive income
- Complete and professional training
- Coaching and full support
- Platform and system to build your business
- Proactive community
- Outstanding reputation in the market
- Reasonable prices
- Money back guarantee
Affiliate business – a good choice
If you would like to be prepared when the recession is coming, you should take a deeper look into the affiliate program I’m a member of and have been so far for eight years.
You will go through six step-by-step training, where you will be guided, click by click, through how to get your business and marketing system up and running.
We will teach you how to market online, including what works best right now.
Your authority marketing system will be set up with world-class technology, and all this without the need for any previous skills. With “over-the-shoulder” training, it will be super simple and fun.
There are three alternatives you can choose from, depending on your interest and situation:
You can go all-in from the very beginning and get everything you need to build something you love and turn it into a profitable reality. Click on the box to start now!
Another alternative is to learn all the skills that will enable you to start building your dream business. Enter here to start your journey!
A third option is to begin with, a free-of-charge starter account. You will remove all the guesswork from launching your dream online business. Get your free starter account now!
Your choice is up to you as it depends on many different situations. The core point here is to DO SOMETHING to be fully prepared when the recession is coming.
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Jan O. Nilsson – Skills to Have When the Recession is Coming <==Go to the top of the page