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How to Recession-Proof Your Income

“I was so scared I couldn’t think straight when they first started laying people off at my job,” Loyola Parker stammered. “We didn’t know who would be next!” Loyola, Lola for short, is a manager at a major retail outlet. She was motivated to assess her source of income after a wave of downsizing at her job.

Lola was shocked to learn how complacent and dependent she had become in the five years she had been employed by the company. “I was relieved at first when the layoffs finally came to a halt, then I got angry at myself for being so totally dependent on one entity,” she admitted. “I realized a company can decide to cut staff at anytime for any reason. The employees are just at the mercy of the bottom line of the execs.”

Lola made immediate changes to her lifestyle to become more self-reliant. She cut way back on spending to boost her savings. Growing her own herbs and vegetables in a container garden on her balcony was part of her budget makeover. She set her sights on accumulating enough funds to cover her expenses for 12 months. Lola also began taking classes in database administration, a field that had fascinated her for years. She felt an investment in a profession she enjoys and one that is predicted to expand within the next six years would be a wise move. When we last spoke, Lola was on a fast track for obtaining her credentials in database administration and building her recession-proof bank account.

When times are difficult, many people look for solutions that will safeguard their standard of living. A wiser approach would be to take action when you are comfortable to ensure that your lifestyle will be maintained regardless of economic conditions. You can roll with the changing economic tide with planning and discipline.

Take a tip from Lola and ensure you have funds on hand to guarantee safe passage throughout an unexpected job change. Learn to live below your means. If you are making $50,000 annually, live on a $40,000 budget. As you become accustomed to living leaner, you will find that this method builds wealth quickly.

As the country grows more health conscious and environmentally friendly, more do-it-yourself resources are popping up in support of self-reliance. Community gardens where people share the work and the harvests are a familiar scene in many urban areas. DIY seminars on everything from installing an energy efficient air conditioning unit to building your own Zen garden are readily accessible. A little research and motivation can increase the size of your bank account while adding to your overall sense of well being.

You should also check out your occupation. Are you aimlessly spinning your wheels in a job that has a shelf life? Do some investigating and find out the prospects for your career path. Some professions expected to experience increased demand within the next few years include: accounting, nursing, home health care, computer related positions and executive sales.

SOURCE: Forbes
IMAGE: Courtesy of NYC Gov Parks

Adrienne Jones

Adrienne Jones has worked as a freelance author, ghost writer, copy editor and writing coach for several years. She is the author of “Rhymes of Death”—a mystery novel and “Bible Theories”—a critical synopsis of biblical text. Her work has been published in various print and online media sources. She specializes in movie reviews, feature articles and artist profiles.