If the 2020/2021 Pandemic has taught us anything it is that 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 will likely face three or more economic calamities.
So, if it’s likely that you will have to face future economic calamities, what can you do now to avoid being one of the casualties?
Below are four 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:
- Become an Industry Expert – When you become an industry expert you are among the best at what you do, and 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 or improving your skills. This means not only acquiring new knowledge and skills, but also reinforcing what you already know and the skills you already have. To become a Knowledge-Based Industry Expert you will need to devote at least two two hours a day to reading/learning and maintaining your knowledge-base. To become a Skill-Based Industry Expert, you will need to devote two to three hours a day improving and practicing your skills.
- Create Multiple Streams of Income – Those who fare best during recessions are the ones who have multiple streams of income. Multiple streams of income create 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 eventually dispenses income. It might be side businesses, rental income, guaranteed annuity income, dividends, interest income, royalties or the like. In my Rich Habits research, immunity seems to occur at the point in which you have three streams of income working for you. With multiple streams of income, when one more streams is adversely impacted by an economic calamity, 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 any downturn in the economy.
- Become 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, Kiley Jenner. While the flood of money into the bank accounts of these individuals may drop somewhat during a recession, they are nonetheless, 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”, and Kiley Jenner will still get her legions to buy her beauty products.
- Forge Rich Relationships – Building strong relationships with influencers helps open doors that are closed to everyone else standing on the unemployment line. When an economic calamity hits, those doors often seem to be padlocked. The more influencers you forge relationships with now, they more individuals you will have to unlock those doors.