According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the great recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. seeing signs that recession 2020 is inevitable. With the Covid-19 virus looming around the globe, it has helped fueled the unemployment and retrenchment rate.
There is no bulletproof solution to avoid a recession and we are all worried about recession because it will lead to:
Recession 2020 will impact everyone, especially those who are living from paycheck to paycheck. As the economy takes years to recover from a recession, you got to be prepared to prepare for the word.
Parents need to think of a solid framework to generate enough income your kids and loved ones.
Singles need to focus in building a strong financial stability because you might lose your job overnight.
What's I'm about to share with you are golden stuffs—stuffs that will help you build strong financials and stability that I had personally used for over 14 years now. Bookmark this page and share with your friends now. This is an important time to take action.
Here's a quick summary of what you can expect from this post.
Recession 2020 will going to impact you, me, your neighbours and everyone you know. Even the richest in the world will be impacted one way or another.
The goal here is to understand WHAT will happen when recession kicks in, not during the early stages but when it goes into a full-blown problem for the world. That's exactly when everyone will feel the pinch.
I'm sorry but this category of people will have the heaviest impacts. Because you are working from one paycheck to another, there is absolutely no room for error. You need to understand that you need to have secondary and tertiary income streams to ensure that you are constantly putting food on the table.
This group of people are most likely employees and look out for signs shall the company downsize or closing down.
Every kid needs education and education can be expensive. Sure, some governments provide subsidize for education but these only go that far. You need to understand that when you start putting money into your kids' education, your financials are going to be super tight.
I'm sorry but there is no way to sugarcoat this. It's your responsibility as a parent to provide the best (education) for them.
Another group that will be impacted badly from the recession 2020 is the younger generation—those who had just finished college and universities, and those who had just been in the workforce under 5 years.
You are most likely to draw a lower pay but if the company is going to downsize or close down for business, there is no escape.
The advance that the younger generation has is that they are often good with computers and Internet. If you are one of those, pay close attention to the next part where I'll show you exactly how you can build strong passive income quickly and without leaving your day job.
Last but not least, experienced employees are often the hardest hit during any recession. When recession happens, organizations (big or small) would want to reduce cost and probably downsize. The fastest way to remove huge overhead expenses is to remove the highest salaried employees and replace with less experience ones (with a pay cut).
During recession, everyone will be looking out for themselves and there will be a large majority who would take a pay cut just to survive!
This is the juicy part and I recommend you to read this part at least several times. Memorize them if you want, but you need to take action. What you will find here are actionable strategies that you must take to survive a recession, unemployment or retrenchment.
You don't have to follow them all, but you need to take at least one strategy and stick to it.
It is important to understand that most of these strategies are going to force you out of your comfort zones. With recession 2020 coming your way, you can't stay pat in where you are and hope for the best.
You can only survive if you take action ... and take action right now!
Here's a summary of what you CAN and MUST do to survive the next great recession that is coming your way. You may click on any of them that you are comfortable with, or read them all of them before deciding.
"The best time for anything was yesterday. So, what are you waiting for today?"
The above quote was shared to me once by someone influential that I knew of.
Let me start by asking you some questions.
If the answer is "Yes" to any of the above, this is for you.
There is no better time to start a business that you can be truly proud of. But before you start thinking that this is the bad time for business (due to recession), let me ask you this.
Food delivery industry had always been in the floating (life or death) for the past few years. With the uncontrolled emergence of the Covid-19 and forced controlled movement, food delivery companies are growing exponentially—more than anyone can imagine.
This is exactly how you can start a business on the right foot and leverage the current economy.
FREE Masterclass: Be the first 100 to join the masterclass and learn how to start an information product business in under 7 days! Register for free.
It is important to understand that there is no bulletproof business that can withstand recession. However, there are certainly two types of businesses during recession:
For business that grow during recession, there are industries that will enjoy growth rate compared to others. These are businesses that you need to start building right now before recession 2020 starts.
Here are some of the best businesses to start right before a recession.
Regardless the state of economy, information always sells. The demand for information is on high gear and it will get even higher in the coming months.
Take a look at Udemy, an online space for course creators and tutors. Hundreds of thousands of students had enrolled and studied courses online.
Because information is powerful and yes, information is recession proof (kinda).
When recession hits, there are several things business owners would usually do.
So, how can they grow the business when they have a smaller workforce?
Chances are they are going to get the workers to multitask and some smart business owners are going to hire freelancers or outsource to get the jobs done.
This can be from auditing, administrative works, social media marketing and branding strategizing.
Hiring freelancers or creative agencies allow business owners to get more job done under one roof and on project basis instead of paying for permanent employees which will increase the headcount dramatically.
Last but not least, freelancing is one of the best ways to make money during a recession (especially during recession 2020).
The demand for freelance writers are growing by the day because they are affordable and they get the job done quickly.
If you think that you have no skill, you are wrong.
We have skills (whether we know it or not) and it can be from painting, gardening or having meticulous mindset to do designing.
Platforms such as Freelancer.com and Upwork.com are excellent mediums for you to get started quickly and without paying a single cent. You only need to pay a certain amount for every successful job you had been awarded to and completed.
Here are two guides I wrote about freelancing to get your started on the right foot.
Recession is coming and we need to prepare to brace for it. If you are a salaried employee, I strong recommend you to take action right now to build at least an additional stream of income.
I want to help you get started on the right foot. What you will find below are two different guides that I will be sending to you via email (once you opt in). Both of them are absolutely free—and I want to help you build a passive income stream in the coming 3 months or less.
Young at heart and a deep passion for entrepreneurial success, Reginald is devoted to share everything he had learned about online marketing with the public. Follow him for more awesome postings.
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