When I graduated college in late 2008, the job market was in shambles. The Great Recession had just hit, and entry level jobs were being filled by individuals with decades of experience who had lost their job due to the downturn. I was lucky to get accepted to Americorps, where I could serve nonprofits across the country, gain some valuable experience and bide my time until the economy recovered. But I saw the struggles of my friends and family, who lost jobs & struggled to make ends meet. It’s impossible to prepare for all the potential effects of a recession, but below are four steps that can put you in the best position to confront a downturn and potential job loss.
Steps to Recession-Proof Your Career
- Establish multiple sources of income-You may have heard that it’s key to diversify your investment portfolio, and the same concept applies to your income. Your risk goes down as the number of income streams goes up. If you lose your primary source of income, ideally you could maintain for a period of time with your savings and other income sources while you job hunt. Luckily, it is easier than ever to find a side hustle. Some common/easily accessible options include:
These four steps can recession-proof your career. The key is preparing now so you ensure a healthy future. If you want to focus on your credit and don’t know where to start, check out our Credit Health Education Session.