Could You Survive a Recession?

Because it’s coming

As many of you know, the United States and (likely) the world are heading full speed into a recession. We already may be in it, depending on which economist you ask.

We can argue how we got here and whether all those stimulus checks are to blame. (They are not as much as some would have you to believe.)

The bottom line is that the American economy has overperformed and is due for a pullback.

I want to ask you if you are ready for a recession. If you have money saved, that’s a good thing. But that’s not what I want to know.

I want to know whether you can make money if your job lets you go tomorrow.

You may have heard (and seen) that companies are struggling to fill positions. You may not have heard that the Federal Reserve Bank recommended companies start cutting jobs to stop inflation. Companies such as Robinhood and Tesla have already laid off staff.

I’m not saying you will get laid off; I can’t predict that and wouldn’t dare try. But what is your backup plan if it happens?

Could you meet your essential obligations outside of your work income?

I had to answer this question for myself years ago. Though still employed, things were tight because I was going…