Recessions can be scary - filling people with worry and uncertainty about their assets, savings, and career. A recession is classified as an impactful decline in the economy spread across an entire country. Usually, they last more than a few months and will negatively affect employment statistics, income, industrial production, and retail sales. In short, a recession is an overall drop in economic activity that usually sees a crash in the stock market and value depletion on assets.

Welcome Joytimers!, I hope you have awesome week so far and I want to congratulate you on crushing your goals and making a choice to watch this video while everyone else’s binging netflix. in this video, we will share with you all the signs that will prove you can survive the upcoming recession, as well as give you advice on how to prepare yourself.

1 - Do you have enough savings?


With a recession looming, it is a good idea to pay off any high-interest debt before thinking about investing in anything else. After doing this, you can set up an emergency fund which will offer excellent protection if you were ever to face unexpected expenses or lose your job as a result of the recession. Investing any retirement accounts is a good idea, as they are long-term growth assets anyway.

The idea of losing money is terrifying, but it’s important not to fixate on your investments, regardless of the market activity. Commonly, people will panic sell their assets when things sound rocky, even selling off every asset out of fear they will drop in value and never return. This has a knock-on effect on the market and allows other companies and individuals to snap up a lot of an asset and then monopolize the value when they decide to flip it.

The most important thing to focus on when a recession hits is not to think about what happens to your investments but to look at your savings and determine whether you have enough to get you through a rocky financial period if you were to lose your job tomorrow.

2 - Do you have an updated resume?

The truth of the matter is, if a recession hits, then it is likely that many people will be laid off as companies are forced to close under the force of financial suffocation. Data from the 2010 recession shows that younger people tend to be let go first and more often during tough times. This could be down to being the least experienced or that the company wants to stay loyal to its longest-standing employees.

This is why it’s essential to have an updated resume at hand, so you can begin searching for a new position right away if you are let go. If your resume isn’t up to date, then do your research on what kind of resumes are most attractive to employers. Remember to sell yourself when it comes to your last position. It wasn’t your fault you left, so they won’t think you were a bad employee who deserved to be fired or the kind of person who can’t stick out a job. Use this to your advantage and include in your cover letter that you would have stayed at your former company for the long haul, and were hoping to rise the ranks. Even if this isn’t true, companies love to hear about progression goals and loyalty.

3 - Do you have other skill sets?

If you had to relocate or change professions as a result of a recession, do you have other skill sets to allow you to search for jobs that are more in demand? When recessions hit, many people have to adapt to the situation. This is why being as flexible as possible when it comes to your skill set could mean the difference between stepping straight back into work or having to wait a while until another position you are knowledgeable about comes up, which you aren't guaranteed to get.

Before the economy turns bad, why not utilize the time by learning new skills that companies have a real need for? You could learn how to program, analyze data or handle power tools. You could start projects around your house, or your friend's and family's homes, to hone your painting, assembling, DIY, or even woodwork skills. Not only will these help you step into another job straight away, but they will give you more job security as they are essential roles that businesses need to keep functioning.

4 - What is your gut telling you?

One of the biggest signs that will tell you if you will survive a recession financially is your own instincts. Your conscience can warn you about things that could be a problem in the future. When reflecting, if you think you are investing or spending too much money, then you probably are. What would happen if the rug was pulled on you right now? Would you be able to get those investments out so you can live comfortably?

If you feel like you are putting everything into assets with the plan that they will generate more money in the future, the effectiveness of that plan depends solely on the direction of the financial climate. While things were good, your investments and purchases may have paid off tenfold, but when an economic crisis

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