{"id":12142,"date":"2022-08-29T17:15:00","date_gmt":"2022-08-29T21:15:00","guid":{"rendered":"https:\/\/www.meetup.com\/blog\/?p=12142"},"modified":"2022-08-29T17:22:18","modified_gmt":"2022-08-29T21:22:18","slug":"how-to-be-recession-proof-at-work-and-at-home","status":"publish","type":"post","link":"https:\/\/www.meetup.com\/blog\/how-to-be-recession-proof-at-work-and-at-home\/","title":{"rendered":"How to Be Recession-Proof at Work and at Home"},"content":{"rendered":"\n<p>There\u2019s a lot of talk in the news about whether the United States economy is headed for\u2014or is already in the midst of\u2014a recession. For many people, the talk of recession brings back bad memories from the 2008 financial collapse. Recession can be a frightening subject, and some of that anxiety comes from not understanding what \u201cbeing in a recession\u201d specifically means.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Economists identify cycles in the way our nation\u2019s financial state develops, as a whole. It\u2019s common for periods of growth and periods of decline to follow one another. Here\u2019s a simple overview of how these two periods differ from one another:&nbsp;<\/p>\n\n\n\n<ul><li><strong>Growth \u2014 <\/strong>High rates of employment, low interest rates, lots of new production, a general increase in spending&nbsp;&nbsp;<\/li><li><strong>Decline \u2014 <\/strong>Unemployment rises, high interest rates, stagnated production, a widespread drop in spending&nbsp;<\/li><\/ul>\n\n\n\n<p>The period of decline is referred to as a recession. In some ways, it can be seen as part of a natural balancing act, because unchecked growth would lead to prices going up, up, up\u2014in other words, inflation.&nbsp;<\/p>\n\n\n\n<p>The reason many people believe the United States is headed for a recession is because of the inflated price of everything from gas and rent to movie tickets and dining. Others argue that the United States has already entered a recession because of the currently high interest rates and increased layoffs at major companies. Whether it\u2019s about to happen or is already happening, it seems clear that the economy is facing decline. Be prepared by following these career and personal finance tips to make you more recession-proof.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"2560\" height=\"1441\" src=\"https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/08\/maranda-vandergriff-7aakZdIl4vg-unsplash-edited-scaled.jpg\" alt=\"\" class=\"wp-image-12145\" srcset=\"https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/08\/maranda-vandergriff-7aakZdIl4vg-unsplash-edited-scaled.jpg 2560w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/08\/maranda-vandergriff-7aakZdIl4vg-unsplash-edited-560x315.jpg 560w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/08\/maranda-vandergriff-7aakZdIl4vg-unsplash-edited-1120x630.jpg 1120w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/08\/maranda-vandergriff-7aakZdIl4vg-unsplash-edited-768x432.jpg 768w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/08\/maranda-vandergriff-7aakZdIl4vg-unsplash-edited-1536x865.jpg 1536w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/08\/maranda-vandergriff-7aakZdIl4vg-unsplash-edited-2048x1153.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-career-advice-for-navigating-a-recession\">Career advice for navigating a recession&nbsp;&nbsp;<\/h2>\n\n\n\n<p>When economic decline is the general trend, it affects every industry. So don\u2019t be caught unaware\u2014the best career advice during a recession is to expect the unexpected. Layoffs can occur all the way up and down the business chain, from the global tech giants to the local retail outlets.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Your best move is to update your resume, references, and professional portfolio <em>before <\/em>you see the signs that a layoff may be heading your way. If you are unfortunate enough to lose your current position, the transition period to finding a new job will be much quicker with your supporting documents ready to go.&nbsp;&nbsp;<\/p>\n\n\n\n<p>If you want to worry a lot less about job security, consider entering a new field that is less volatile, meaning it\u2019s less affected by the fluctuations of the economy. These jobs are the kind that are always in demand, no matter the circumstances of the market, like teaching\/childcare jobs, healthcare jobs, and computer engineering jobs.&nbsp;<\/p>\n\n\n\n<p>Make the switch much more easily by learning new skills and networking with professionals on Meetup. Discover career development communities such as:&nbsp;<\/p>\n\n\n\n<ul><li><a href=\"https:\/\/www.meetup.com\/flatiron-school-seattle\/\" target=\"_blank\" rel=\"noreferrer noopener\">Seattle Learning Community | Flatiron School<\/a>&nbsp;<\/li><li><a href=\"https:\/\/www.meetup.com\/healthcare-entrepreneur-meetups\/\" target=\"_blank\" rel=\"noreferrer noopener\">Healthcare Entrepreneur Meetup Group<\/a><\/li><li><a href=\"https:\/\/www.meetup.com\/bostontraders\/\" target=\"_blank\" rel=\"noreferrer noopener\">Boston Traders Meetup to Teach\/Learn Trading Strategies<\/a>&nbsp;<\/li><li><a href=\"https:\/\/www.meetup.com\/art-teacher-collaborative\/\" target=\"_blank\" rel=\"noreferrer noopener\">Art Teacher Collaborative<\/a>&nbsp;<\/li><li><a href=\"https:\/\/www.meetup.com\/beers-with-engineers-chicago\/\" target=\"_blank\" rel=\"noreferrer noopener\">Beers with Engineers (Chicago) <\/a>&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-stay-on-top-of-personal-finance-during-a-recession\">How to stay on top of personal finance during a recession&nbsp;<\/h2>\n\n\n\n<p>Keeping track of your spending is always important, and for some people it can be a real lifeline during a recession. Personal finance isn\u2019t rocket science, it just takes consistent effort and determination. Here are a few of the building blocks of stable finances:&nbsp;<\/p>\n\n\n\n<ul><li><strong>Lower expenses \u2014 <\/strong>Do what\u2019s possible to lower the amount you regularly spend in a day, week, or month. You don\u2019t have to cut corners with the essentials, but consider cooking at home more often or conserving gas with alternate modes of transportation.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<ul><li><strong>Pay down debt \u2014 <\/strong>Lots of people have some form of debt, from student loans to credit card bills and beyond. Debt can feel overwhelming, especially during a recession, but ignoring it will only cause the problem to grow. The best approach is to set aside whatever amount you can manage each month to pay down debt. If you have multiple sources of debt, always prioritize paying down the higher interest debt first. Over time, it could save you thousands.&nbsp;&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<ul><li><strong>Create a few budgets \u2014 <\/strong>Compare your income with your expenditures and create some spending guidelines for yourself. Try coming up with three potential budgets: comfortable, tight, and minimum. A comfortable budget has the most room for money spent on fun and the least percentage of savings. A minimum budget is mostly concerned with getting by and saving as much of your income as possible. A tight budget is somewhere in between.&nbsp;&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<ul><li><strong>Don\u2019t go it alone \u2014 <\/strong>There are millions of people just like you who want to take control of their personal finance. Find a supportive and knowledgeable group and learn more about saving strategies, investing, retirement planning, and more. Check out communities like <a href=\"https:\/\/www.meetup.com\/chicago-financial-education-meetup-group\/\" target=\"_blank\" rel=\"noreferrer noopener\">Chicago Financial Education Meetup Group<\/a>, <a href=\"https:\/\/www.meetup.com\/blue-bell-women-and-finance-meetup-group\/\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Philly Women and Finance Meetup Group<\/a>, and <a href=\"https:\/\/www.meetup.com\/biggerpockets-atlanta-real-estate-investing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Atlanta REI Meetup<\/a>. Many Meetup finance groups host virtual events that you can attend from anywhere, often for free!&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<ul><li><strong>Take breaks \u2014 <\/strong>Clearly personal finance is a vital aspect of daily life during a recession, but that doesn\u2019t mean you should worry about it 24\/7. As you begin to develop a solid budget and explore career options, remember to live the part of your life that has nothing to do with money. Find a purely social community that will provide you with something fun to do, no matter the state of the economy. You can even <a href=\"https:\/\/www.meetup.com\/lp\/how-to-group-start\" target=\"_blank\" rel=\"noreferrer noopener\">create your own chill hangout and relaxation Meetup group<\/a> and invite others to join you.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<div class=\"post-excerpt\"><p>It\u2019s normal for the economy to go through peaks and valleys. Learn what you can do to be well-prepared and thrive even during a recession. <\/p>\n<\/div>","protected":false},"author":45,"featured_media":12143,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Be Recession-Proof at Work and at Home - Meetup Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.meetup.com\/blog\/how-to-be-recession-proof-at-work-and-at-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Be Recession-Proof at Work and at Home - Meetup Blog\" \/>\n<meta property=\"og:description\" content=\"It\u2019s normal for the economy to go through peaks and valleys. 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