Managing The Upcoming Economic Downturn: Navigating Hard Times

I’ve said this in previous articles. I don’t think the economy is going to do well for the foreseeable future. I also think it’s going to get a lot worse before it gets better but never fear I have some good news. For the hard times that I think are about to come there are some ways to mitigate the effects to you personally.

First and foremost I think everyone should increase their efforts on their side hustle. If you do not have a side hustle then do yourself a favor and start one now. What is a side hustle? It’s your own business or service that you created. With a side hustle you can never be fired and if you’re successful you will never be under paid. This strategy has so many advantages. While many other people are desperate looking for a job you will already have one. It also strengthens your positioning when looking for a job. Gone will be the days of groveling to employers just to get a buck. Having a side hustle is so empowering. If you ever had to then no longer will you have to degrade yourself for a job. Also believe it or not people respect that.

Second, If you’re in the stock market like myself now is the time to increase your liquid assets. (That means save some money) If the stock market makes a huge correction or even worse crashes you want to have cash on hand to be able to buy up all the cheap stocks. This is how the rich get richer.

But what about the stocks you’re invested in? I think it’s a good idea to switch to commodities, precious metals, and utility stocks at this point and time. These stocks are more likely to hold their value during volatile periods of time.

Third, for those of you that can’t do the first two things for whatever reason it’s probably a good idea to start looking for jobs more likely to survive recessions and depressions. I don’t want to scare anybody but I have to be honest with everyone. I think the economy is going to turn bad, real bad. The good news is there’s someone like me giving everyone a heads up ahead of time.

Fourth, start preparing now. Don’t wait until it’s to late. You’ll be sorry then. Be safe and prepare now and reap the benefits later. The great thing about the advice I’m giving is even if my prediction about the economy happens to be inaccurate none of these precautions will harm anyone in anyway. In fact these things will help you anyway. The types of stocks I listed above will rise anyway because of inflation. (That means you will make money regardless) You’re side hustle will always benefit you and acting now not later is the quickest route to making more money.

These strategies are very solid and personally I think they are win, win situations. Well that’s all I have for now. Until next time lets make money together.