How to survive this recession

Are you freaking out headed into the downturn? I’ve survived six recessions. You’ll survive this one. Here’s how.

Photo by Yash Karmur on Unsplash

1991. 1998. 2001. 2008. 2020. 2022.

Recessions end

Before we get into specifics, take a moment to imagine yourself at the other end of this one. What does that look like for you?

Recessions take a toll on us as we worry about the money and things we stand to lose. Uncertainty can destroy our marriages, friendships, and family. So be certain. Recessions end. By preparing yourself mentally, even by simply reading this article, you’re in a better position to get through this. When the worst comes, you‘ll shrug your shoulders because you planned for it and know what to do next.

Here are five key areas to focus on: Relinquish all debt, stay liquid, keep your day job, play like you’re going to lose, and have a backup plan.

Relinquish all debt

Just prior to 2007, I had $35,000 in debt working an entry-level job. I paid off my debt in 18 months, just in time for the Great Recession. How? I moved into an apartment with three roommates. A friend of mine sold me his car for $1. Those two factors, your home and your car, are your biggest…