If you haven’t been living under a rock lately, you’ve probably heard reports that a recession is lurking in 2021. Now Trump and his administration are saying that’s not true. They’re saying the economist experts are wrong. The economy is strong as well as the labor market. And they’re right… except for the fact a recession is coming despite the markets right now (or as a result of, depending how you look at it). And it’s probably not going to be anything like the recession we faced in 2007/ 2008, but an economic dip is on the horizon.
Let’s just use some basic high school education here to explain why a recession is headed our way. History, a subject every American was required to take in high school, shows that it often repeats itself, but more importantly, economic dips and recessions are normal. They’re patterns. It’s how the market corrects itself. Fine. Don’t like history (I didn’t either till later in life)? How about physics? One Newton’s laws states that what goes up, must come down. Okay, I’m dumbing that down a bit much, but basically what it’s stating is that a object will stay in motion until an opposing force of equal force is exerted on it. The object is the economy/ inflation and the force is the market correction. The cost of goods, services and living has steadily increased over the past 5 years because the force of the market hasn’t yet corrected itself.
I was gonna jump to math if you weren’t a physics fan, but I’m not here to battle why there will be a recession. I’m here to help you get prepared for it. And if one never comes, well then guess what? You have a stash of extra money you’ve been growing over this coming year. Otherwise, hustle. Your “recession” hustle is going to be different than your regular hustle as it’s going to be an independent service from one that you’re already offering now. I’m deciding on whether or not I want to do résumés for people or proof read and edit documents.
Editing, for me is easier, but the need for resumes is greater which means more business. More money, essentially. Hey, I could do both. But what makes the recession hustle different or possibly have a greater impact on increasing your finances? It’s gonna be more cut and dry. No package tiers or multiple offers. You’ll market it the same way and provide samples of your services, portfolio if necessary. And you’ll do far less negotiating. Prospect clients will either take your offering as is or not all. This hustle doesn’t have time for the nitty gritty back and forth. Technically, neither do you.
We have 4 months left in 2019 so it’s imperative that you squeeze in an extra hustle if can. If you can’t? Then the hustles you’re already performing need to go hard. You need to find more creative places and platforms to market your hustle. Reach out to more people. Connect offline more frequently. You need to dig out every tool and assest under your belt. Make this time matter.
Too many of us were caught off guard by the last recession. I was working in a department store in college and was laid off because of low sales as a result of the recession. Lost my little part time. I was living off campus and supporting myself at the time. So, I felt that lack of income deeply and immediately. I never want to feel that again. Neither should you.