How to Thrive in a Recession

An economic recession is associated with workers laid off, salaries cut, jobs becoming impossible to find, and so on. Consumers stop spending for fear of what is ahead. All results in the economy slowing down tremendously. As scary as it sounds, we can prepare to survive and thrive during an economic recession starting now.


1. Stay Calm

When a recession hits, people tend to panic and lose control of the situation. To thrive, you need to prepare. To be well prepared, you need to stay calm and focused. Imagine yourself and your business in the next three to five years. How many kids will you have? Do you want to build a branch for your business? What should you do to reach those points successfully? You answer by creating specific action plans. As you set targets, you will gain the strength and resilience to survive. As Henry Ford once said, “Whether you think you can or you can’t, you are right.” It’s all about your mindset!


2. Emergency Fund is a Must

One never knows when hard times will arrive. Start preparing for the worst instead of waiting around. A simple step is to stop overspending money. List your past and current monthly expenses, then analyze it. Can you get a similar item cheaper? What luxuries can you give up or delay? Create a financial plan on how much you can spend and should save every month, then follow it to the dot.


Allocate the extra money to build an emergency saving for your life and business. Whether you are going through a recession or not, a rainy day fund is forever vital. Suddenly, you could lose your position at your company, your investments might fail, or your family member could be critically ill. All these misfortunes will hit harder during a recession, so an emergency fund can help reduce the impact. Who likes to be in debt?


3. What is Plan B?

What if you hit rock bottom during an economic recession? When one plan goes wrong, what is the other option? Multiple financial plans come into play now. Think about multiplying your income streams by finding new opportunities, effectively handling taxes, and generally not relying on outside influences. Should you diversify your stock market or real estate investments? Perhaps you have unique skills or hobbies; can you sell your products or services? If your plan is impossible to handle alone, can you bring a friend on board? Look into the opportunities around you and utilize them to the best you can!


4. Share the Burden

Some people stop communicating when they are stressed, leading to unnecessary conflict. It may be beneficial to sit with your people to talk about financial difficulties and how they affect everyone. Make sure that your household is on the same page, then work on the solutions as a team. Everyone is in this together!


Economic recession is always out of our control, but we can control our reactions. Taking the right measures can make a difference in how a recession impacts your life and business. Stop worrying about the future starts today with you!

Leave a Comment

Your email address will not be published. Required fields are marked *


Ang is committed to helping future AND current Entrepreneurial Rock Stars to reimagine and reinvent their careers or businesses to align with both their souls and their bank accounts.   She helps people “Find their Joy. Make their Mark!”


How to quickly assess what’s working and what isn’t in your life and business.

Click Here for Your complimentary “Wheel of Success” Assessment