3 Keys To Making Yourself More Recession Proof
Are you prepped if Canada’s economy slows?
Let’s all rub our crystal balls. Mmm, maybe a bit more. Now predict if you could survive a nasty setback to Canada’s economy. Is your job safe if things go downhill?
#NewsFlash: no one is indispensable (no matter what your mommy told you). Only the delusionally arrogant, and people who make like ostriches, think tough times will never affect them.
Hope for the best, plan for catastrophe with work and financials. Go proactive to make yourself more recession-proof.
1. Become Extra Valuable To Your Employer
Keeping your job when a downturn hits is priority one. Stability is the goal. Get ready to see less of your loved ones, and grind harder, to reprove your worth.
Companies feast on productivity. But if your pedal’s already to the metal, pull some cost savings out of your hat. No need to be Houdini when conjuring ways of saving the company money.
Ever thought of yourself as a subject matter expert (SME)? Find a skill or area of know-how the employer’s hot for. Could either be a current or future need they’re fixating on. Then crush it. Free sites like Coursera, edX (linked to the best universities), Khan Academy and more put out online courses in a raft of subjects.
Plus you could always fall back on good old strategic kissing up. Pretend to like and respect your psychopath boss. Also, form fake friendships with key internal players (if being real pals isn’t in the cards).
2. Fix Your Financials
Stressing about money sucks. It makes you run from taking any risks. And pushes you toward desperate measures, like accepting a job you loathe, or that’s beneath you.
Hashing out a budget’s the starting point here. Gives a sense of your cash-ins and outs. Highlights where you’re bleeding green too. From this, you can do some contingency planning.
For instance, what if there’s a pay freeze? Or worse, you get canned? Pinpoint stuff to cut back on quickly till the economy settles. Smokes and vapes, booze and fancy vacations, and those lunches out add up.
Not overspending’s a drag. Except socking away, emergency loot’s a must. So’s keeping your credit score up. Maybe apply for a line of credit before you no longer qualify. It might stay unused but could keep you afloat while others sink in debt.
3. Prep For A Potential Job Loss
As if you’re not already run ragged. Now keep your resume updated. Secretly stay in touch with recruiters, just in case Clean up your social media, so you look legit Even scope out a potential side hustle.
Recession proofing is a pain in the butt, no question. Yet it sure beats sitting around prognosticating while polishing our crystal balls.