Thank the current ongoing inflation, we are now finding ourselves in search of ways to make it through. And so, this is your guide on how to survive a recession, but as a MILLENNIAL. This is for you, Gen Z!
This is a guide from a millennial to a millennial. We’re going to tell you how to make it to the other side of inflation… if there is one!
WARNING: this will not be an easy feat!
HOW TO SURVIVE A RECESSION
TIP 1: TAKE WHATEVER YOU CAN FIND
Our first tip on how to survive a recession as a millennial is to take whatever you can find. We’re in survival mode, so this means that compromises will be made. Especially if you’re fresh out of college and excited to work in your field; it’s okay! Anything that makes you money.
Do not get discouraged! You just have to ride the wave while it’s high.
If you already have a job, you should expect a potential job loss because that’s the reality. It’s very possible and no one can avoid it forever. The biggest companies all over the world are going through layoffs and it’s a possibility. So, make sure that you’re always prepared! And, for that, you should:
- Build your resume or portfolio, polish the heck out of it
- Reach out to your network and people who might offer you job opportunities
- Make sure you keep an emergency fund aside
- Take anything you can take, do double shifts if you must
TIP 2: DO NOT QUIT YOUR JOB
BUT, KEEP YOUR OPTIONS OPEN
Next, a key point on how to survive a recession might be pretty obvious, but we have to say it again. Do not quit. You might be thinking, who would quit in the face of a recession? Well, you’d be surprised! You might quit in search of a better opportunity only to find yourself unemployed with nothing lined up!
Don’t believe everything you hear when it comes to open hiring and work opportunities.
But, at the same time, don’t stop looking for jobs – keep your options open. Stay on high alert for better positions and even APPLY to different jobs. Do some interviews and explore all the options available for you out there.
Don’t quit. But, keep the possibility of a layoff in your mind. That’s how you’ll make it through this recession.
TIP 3: MANAGE YOUR MONEY
AND, CUT COSTS
Also, obviously, another great tip on how to survive a recession is managing your money and cutting costs. Personal finance is not as scary as you might think it is and it doesn’t have to be complicated. You don’t have to have a degree in finance to manage your finances!
Get yourself a planner, open a Google spreadsheet, and see where your money’s at.
What do you need and what do you not need? Write down all your main costs including ALL your bills, payments, and debts. And then, try to weed out all the unnecessary things in your life. This is not the time for luxury. And, although that sounds pretty sad, we gotta do what we gotta do to survive!
You can pamper yourself once in a while. But for now, we’re in survival mode! But, do you really need all your subscriptions?
Our last tip on how to survive a recession as a millennial is a bit controversial. And, we wouldn’t suggest this if you don’t have a small investment to put in. But, a great way to guarantee you survive times like these would be to learn a new skill.
One of the biggest and most lucrative industries in the world is the sneaker industry. We did research pegging the sneaker industry against two giant industries; retail and NFTs. And, our research gave us one clear answer as to where the real money is: sneakers. We’re talking about buying and selling sneakers online!
Click on the button below to check it out more in-depth. But, this is something you can do from home next to your 9 to 5! So, make sure you check this option!
- Have a rainy day fund
- Diversify your income
- Don’t let your credit score slip
- Don’t panic and blow your investments without proper research
- And, hold on! We’re going to learn how to survive a recession and we’re gonna succeed!