BUSINESS CENTS
3. Build an Emergency Recession Fund
Most financial experts suggest putting aside three to six months' worth of expenses into savings. Holding onto so much money might seem like a daunting task, but when that rainy day finally comes, you won't be left without an umbrella. Recessions occur every 4.5 years on average and last about 18 months. Knowing this, it may help to set a timeline for your family's nest egg before the next economic downturn. Calculate how much time remains until the next predicted recession, and how much cash to put aside each month to achieve that goal. Even if you don't reach your goal before the next recession, your emergency fund will ease the strain.
4. Don't Stop Networking
Businesses have to tighten their belts during a recession, and that could mean laying off a considerable portion of the workforce. If you find yourself without work when the economy goes south, you can still rely on your industry contacts for that light at the end of the tunnel. Company functions and parties are the perfect time to mingle with your colleagues and build a decent list of industry contacts. Don't be afraid to introduce yourself and even exchange a few business cards. Those friendly acquaintances could end up being a lifeline when work is scarce.
5. Start a Side Hustle
When times are tough at work, having