If You Didn’t Prepare For This Recession - Prepare for the Next One
There are so many posts out there about ‘How to Survive the Recession’. I find them so annoying. Here’s the reality: there’s nothing you can do if you haven’t been preparing for a rainy day. Kissing up to the boss and working OT isn’t going to save you now.
Instead use any problems you’re having as a learning experience for next time. As I’ve mentioned a ton of times, aim to start contracting and get a high rate in a niche as I explain in my ebook. Make sure you are saving money - forget 10%, I aim for 75%. I only spent a few thousand per month and the rest is saved. It’s really that simple, but it’s not really possible as an employee. Even managers making $150K will have a hard time after all the tax deductions, and government programs (like EI and CPP in Canada).
Having savings and paying off debt does so many things, even ones that are intangible. Like giving you confidence to negotiate an hourly rate, reducing fear of losing your job and so on.
Tell yourself ‘Never again’ and start preparing for the next downturn. Because there will be one.
