According to Anna Wong and Eliza Winger, two Bloomberg economists, “the forecast for a recession is 100%.” Are you prepared? If not, don’t panic, you’ve come to the right place. At Multiply My Money we’re here for you. You can start prepping for the recession by following this three step process:
- Do an honest career assessment.
Are you in an industry that is essential to the economy? Is your company currently thriving or just getting by? Is your current position essential to the operation of the company? If you answered no to any of these questions you should start blowing the dust off the old resume. You should start applying to jobs in essential industries. Moreover, take an inventory of your current skills, education, and talents. If you don’t feel that your skills are in demand you can earn a certificate in less than a year in a high-paying field that will make you more marketable. There are plenty of certifications that pay $50,000 after just a few months of training. If you don’t have the money or time to pick up a certificate don’t worry there are other options. As we live in a gig economy you can find and start a side hustle as soon as today.
- Get a side hustle.
- ➢ Sign up for task rabbit
Task rabbit is an online marketplace for odd jobs. It connects clients with local workers, who can make deliveries, assemble furniture, and complete many other tasks. It also allows you can set your own schedule. There is a $25 registration fee, but the site claims you can keep 100% of what you charge and you can keep all your tips.
- ➢ Drive with Lyft or Uber.
Everyone knows someone who is currently driving for or used to drive for uber or lyft. What you may not have known is that some sites list that the average salary up to $25/ hr. Some sites say the pay can be as high as $50/hr during peak times.
- ➢ Make Funny videos for WWYD4M.
This is a new company that pays people $25 to produce quick stand-up comedy acts, pranks, or skits. The clips are only about 2-10mins long, which translates to $2.5/min or $150 per hour. Contact them to get more information @ firstname.lastname@example.org
3. Reduce unnecessary bills.
Most of us believe that we have already maxed out our savings and are saving as much as possible; however, we also tend to overlook where we waste small amounts of money. For instance, the morning Starbucks run costs $5 per day, on the low end, which equates to $1,825 per year. Add to that eating out for lunch at $10 per day and you can add another $3,650 per year to the $1,825 for a grand total of $5,475. If you make $50,000 per year that’s over 10% of your salary. Also, look for subscriptions that you’re paying for monthly, but not using.
IF you follow these tips, then there’s no need to fear the recession that’s on the way.