Recession-Proof Ways To Protect Your Income
Hellooo 👋
A recession is a strong and stressful situation. It not only impacts the economy in question but the economies connected to it, as well. As the world becomes smaller by the day with globalization, most economies are more intertwined than ever before.
It’s unlikely that India will face the harsh effects of a full-fledged recession, but we haven’t weathered the storm completely. The airline industry keeps facing its issues, taking another airline down this month because of its inefficiency. Go First has suspended operations till May 15th, and its future is bleak.
Gold prices are reaching all-time highs every week. Indian investors have always liked investing in gold partially. Strategists at JPMorgan Chase & Co have recently claimed that even global investors are likely to favor gold and technology stocks as those bets are expected to provide a buffer against the possibility of a US recession this year.
Enough about the dark cloud looming over us! What could we possibly do about it to ensure safety in such times, you ask? Here's what:
1. A sufficient emergency fund: Build up your emergency fund to help you cover at least 6-9 months of your income/expenses in case you face any job losses or reductions in income. Keep it in a handy place here as a reference if you want ideas to where to stash it:
2. Insurance: Everyone should have health insurance and a term life insurance plan to make sure their family is taken care of in case of any emergency. Also, if you’re on a corporate health plan, try to get an individual top-up plan to make sure it doesn’t go away in case your job does!
3. A side hustle: Having multiple income streams never hurt anyone. Even if one stops working, another will keep flowing.
Spoiler Alert: Our friend Dhairya has something to say about it, scroll to read!
‘Sup with the market?
Recession-Proof Side Hustles Ft. Dhairya Gangwani📝📌
Dhairya is one of those creators who turned out to be a dear friend of mine! She is an Electronics and Communication engineer turned Management Consultant, who is now a Full-Time Career Coach
Recession is one word we have all been listening to quite often, lately and each day brings with it some shattering news of a number of employees being laid off from companies we all dream of working at.
Building a recession-proof career, is essential, now even more than ever. But before you get there:
Work on yourself. I cannot emphasize how important it is to invest your time, money, and effort in upskilling and becoming better at what you do every single day. Sign up for courses or learn a new tool via YouTube tutorials. Pick what works for you, and keep working on continuous learning to stay updated and keep up with the competition and advancements in technology.
Build a side hustle. Do it alongside your Day Job, if possible. The side hustle does not have to necessarily pay your bills or fetch you tons of money from the moment you start working on it or even a few months into it. However, the idea is to work on a particular skill or area of interest outside of work every single day and get better at it, so that you can explore and understand other career options that are available to you.
Here are three recession-proof side hustles that you could pursue:
1) Video Editing: Every single content creator, consultant, coach, business owner, and almost all types of institutions/individuals needs a video editor to edit and deliver engaging videos.
2) UI/UX Designing: If you are creative and have a knack for understanding colors, design elements, placements, etc, then UI/UX designing is a great career option with the increasing number of apps and websites businesses & individuals are creating.
3) Coach/Consultant: People are always looking for advice and opinions, whether it is with respect to their career, life, business, or health. If you can get skilled, certified, and practice as a Consultant/Coach and help people solve their problems, you will be able to build a recession- proof side-hustle.
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Coolest thing I did this month!
I finally got back to reading, and my favorite was 'A Good Girl's Guide to Murder.' It's the first book of a three-part mystery novel series by Holly Jackson and I was hooked to it. This one was fantastic and I cannot wait to finish the rest of the series, I absolutely love such gripping books! If you're someone who's getting back to reading after a break like me, this would be a perfect pick, you don't have to think twice!
Cocktail Pe Charcha
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It's insane how many people underestimate what they can and cannot do! They think that doing the bare minimum and barely skating through payments is "making it." That's why they fall behind! I think side hustles can come from anywhere and the possibilities are simply endless. Spend some time with yourself and figure out the sweet spot for a task that you can do well, like doing, and can pay you. If you’ve been contemplating getting started with a side hustle, treat this as a sign and delay it no further!
I'll write to you in a week!
Sayali ❤️