An economic recession is a fact of life and shows the ups and downs of any economy. There are times of great economic growth, and like the opposite, there are times of great economic decline. There are also times of with little change. But during a time of economic recession one does not need to be fearful, but they should be prepared and educated. Here are a few simple starting tips to help you survive an economic recession.

1. Read, learn, study, and educate yourself on how to survive a recession. Buy, borrow, or check out at the library a copy of “Financial Reckoning Day: Surviving the Soft Depression of the 21st Century” by William Bonner. As well as: “Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression” by Robert R. Prechter. Long titles, yes, I know.

2. If you can, make sure you are working in a recession-proof industry to avoid job loss during an economic recession. Consider one of the fields of health care (that’s the only job I see in the “Help Wanted” section of the newspaper these days), food production and supply (waiters aren’t making a lot of money now, but cooks get paid regardless of the tips), government jobs (if you like our government), and military jobs (be prepared to go overseas, even if it’s the National Guard). Avoid management jobs (first person to go) and areas where work can decline in a bad economy – especially construction.

3. Explore one of your unused niches and monetize it. Even when money is scarce, there is still money being spent for everyday goods and services. Grow extra food to sell, learn how to repair cars or leaky pipes or rake leaves. Maybe you can help others as a life coach or financial planner or go shopping for the elderly or drive those around who are without a car. During economic hardships, find ways that can help others, and in return you make some extra money.

4. Stop living paycheck to paycheck. Now, more than ever, do you need to learn how to stop doing this. First off, pay yourself first. Second, pad your savings account or the safe in the closet. Then, follow your budget. Don’t use credit cards and only buy necessities (food, water, utilities, gasoline, etc.). Then go shopping – but use discount stores or your friends garage.

5. Do not accumulate new debt. This is especially true for anyone with unmanageable credit card debt. The first way to stop accumulating more debt is to stop using credit cards. It may sound strange, yes, I know, but cut up the plastic, cancel the accounts, and remove them from your online accounts. Canceling your lines of credit is the first step to becoming debt free.

By: Michael Seth

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