Making Yourself Recession Proof

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Economic calamities happen. Some are worse than others. Depressions are, by far, the worse type of economic downturn. But they are rare. Recessions, however, are more commonplace. During recessions, millions lose their jobs. In the aftermath of a recession bloodbath, many lose their homes, families are fractured and careers damaged, temporarily or irreparably. During recessions, those affected the worst never fully recover. For them, life will never be the same.

In a given career, an individual could likely expect to face 3 or more recessions. It’s the nature of capitalism. What goes up, must eventually come down. Since the Great Recession of 2008/2009 ended, we have seen anemic economic growth in most parts of the world. The United States, it seems, has fared somewhat better. Still, in the United States, today, there are approximately 30 million who are either unemployed, underemployed or who have given up trying to find work. That is 14 million more than in December of 2007. For these individuals, the Great Recession never ended.

So, if it’s likely that you will have to face future recessions, what can you do to avoid being one of the casualties? Below are five strategies that will not only help you to excel in your career but make you immune to economic downturns. In effect, these strategies will make you Recession-Proof:

  1. Become an Industry Expert – When you become an industry expert you are the last to get fired. You are indispensable to employers, customers and clients. To become an industry expert you need to make a daily habit of growing your knowledge-base. This means not only acquiring new knowledge, but also reinforcing what you already know. To become an industry expert you will need to devote between one to two hours a day to reading and learning.
  2. Create Multiple Streams of Income – Those who fare best during recessions are the ones who have built up over time multiple streams of income. In my research, immunity seems to occur at the point in which you have created at least three streams of income. When you have multiple streams of income, when one more more streams is adversely impacted by a recession, the remaining streams come to the rescue, like knights on a white horse. Building multiple streams of income takes many years, but it virtually guarantees that you will survive a recession, life in tack.
  3. Be a Brand – Those individuals who have successfully branded themselves are the most sought after individuals in any industry. Think Tony Robbins, Taylor Swift, Warren Buffet. While the flood of money into the bank accounts of these individuals may drop somewhat during a recession, they are still in great demand. Companies and events will still hire Tony Robbins for motivational talks; Taylor Swift will still be selling her music and will still be hired by the wealthy for private events; Warren Buffet will still have more devotees than he can manage, investing alongside the “Oracle of Omaha”.
  4. Forge Rich Relationships – Building strong relationships with successful individuals means doors will be opened to you that are closed to everyone else on the unemployment line. When recessions hit, those doors often seem to be padlocked. The more successful individual relationships you forge over time, they more individuals you will have to unlock those doors.
  5. Create Trails – Some call this residual income. Residual income is cash flow that continues to flow to you as a result of previous efforts. Those previous efforts represent assets you have built up or created over time that dispense income. It might be rental income, guaranteed annuity income, dividends, interest income or any number of cash flows coming from your previous efforts of building assets.
Thomas C. Corley About Thomas C. Corley

Tom Corley understands the difference between being rich and poor: at age nine, his family went from being multi-millionaires to broke in just one night, due to a catastrophic fire that destroyed his Dad's thriving business. For fourteen years they struggled with poverty. There were eleven in Tom's family, and they lived in constant fear of losing their home.

Driven by the desire to unlock the secrets to success and failure, Tom spent five years studying the daily activities of 233 rich people and 128 poor people. He discovered there was an immense difference between the habits of the rich and the poor. During his research he identified over 300 daily activities that separated the “haves” from the “have nots.” Tom decided to write a book to share what he learned. That book, Rich Habits: The Daily Success Habits of Wealthy Individuals (1st Edition), went on to become an Amazon Bestseller in the United States forty times over a three year period. To give you some perspective, in order to be a true Amazon Bestseller in the United States, where you actually receive a specific Bestseller designation from Amazon, you need to be in the top 100 of all books sold by Amazon in the United States in a given day. Rich Habits did that for nearly thirty straight days, rising as high as #7, eclipsing such Bestselling authors such as Stephen Covey, Robert Kiyosaki and J.K. Rowlings. Imagine that - an unknown, first-time, self-published author selling more books than J.K. Rowlings!

Tom now travels the world, sharing his Rich Habits and motivating audiences at industry conferences, corporate events, universities, multi-level marketing group events, and global sales organizations’ presentations and finance conferences. He has even spoken on the same stage with famous entrepreneurs and personal development experts, such as Sir Richard Branson, Robin Sharma, Dr. Daniel Amen, and many others.

Tom has shared his insights on various national and international network, cable, and Internet television programs such as CBS Evening News, NBC News, Yahoo Financially Fit, Money.com, India TV, News.com Australia, and a host of others. He has been interviewed on many prestigious nationally syndicated radio shows, including the Dave Ramsey Show, Marketplace Money, and WABC.

Tom has been featured in numerous print magazines—such as Money magazine, Inc. Magazine, SUCCESS Magazine, Entrepreneur magazine, Fast Company magazine, More magazine, Epoca Magazine (Brazil’s largest weekly) and Kiplinger’s Personal Finance magazine—and various online publications, including USA Today, CNN, MSN Money, SUCCESS.com, Inc.com, and the Huffington Post. Tom is a frequent contributor to Business Insider, Credit.com, Bankrate.com and a few other media outlets.

National publicity has garnered international media attention for Tom and his Rich Habits research spanning 23 countries. Broadcast media, online publications, and television throughout Asia, the South Pacific, Europe, the United Kingdom, and Central and South America have shared his powerful message.

In an effort to help parents, grandparents, teachers and adults become success mentors to the younger generation, Tom released his second book, Rich Kids: How to Raise Our Children to be Happy and Successful in Life in 2014. This book was the self-help category winner of the 2015 New York Book Festival and Runner-up in the prestigious 2015 Writer’s Digest Self-Published Book Awards Contest. In 2016 Tom released his third book, Change Your Habits, Change Your Life. This book provides the latest science on habit change as well as more of Tom's unique research on the specific habits that helped transform 177 ordinary individuals into self-made millionaires.

Besides being an author, Tom is also a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
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  1. That was a really good post. Thank You!

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