11 TIPS :: On How To Survive The 2020 World Recession For Wage-earner.

Posted on December 24, 2019 by Tarek Al Haddad, One of Thousands of Career Coaches on Noomii.

This year’s late quarter, bad News are overwhelming with all stories about upcoming recession and it was discomforting to many business sectors.
A growing number of economists flagged concern about a massive slowdown in the 2020 global economy. Furthermore, experts have measured that it is the largest quarter-over-quarter decline in seven years, and it shouldn’t come as a surprise then that it reviewed to be much worse than the recession happened 12 years ago. That also added a cherry to the top of public fear.
But before you hit the panic button, though, hear me out:
" The joy of battle comes after the first fear of death; says Chesterton (1910).
Not long ago, the majority of us (who born before 1990) have experienced a similar chain of events. At some point you know there will be a slam to your financial stability -It’s like living in an area that’s prone to hurricanes. So it makes sense to take preventive action to safeguard your Income, job, and family, and you can emerge out from this recession as strong as you were before it.

The following tips will help you tide over difficult times:
1 :: STOP VAMPIRES FROM BLEEDING YOUR WALLET.
Look for any subscription you don’t need and stop it. You may not be aware of many of the payments you have on your bank statements.
Every three months, I look at my bank statement and not surprised anymore, there are some payments which I didn’t know when or for what! Obviously, Some websites or phone-apps offer you a free subscription on your first month as a trial; you enter your credit details and Boom!! They charge you irrespective of whether you are using this service or not.
Start looking for other subscriptions you may want to stop, for example:
How many streaming services do you really need? Cut off all online TV and other networks, and you will thank me for this later.
Lower your Internet package, there are many options available, but you only have to ask your service provider.
Some mobile applications offer free service, but it could be that you had accidentally chosen to subscribe for Ads-free option, it is now the time to cut this unnecessary leaks off.
You may also want to reconsider your electricity bill and check with your service provider on how they can help you consume less electricity.
You are using your gym and health clubs club subscription, Fine! Keep it, but perhaps it’s worth thinking of using your building gym.
Scan for recurring charges in your credit card and alert your bank if you don’t know what these charges are for!

2 :: BE SMARTER THAN YOUR BANK.
You will hear many advises that you should close your debt before the recession comes, but I am here to tell you DO NOT DO THAT!
One silver lining: You have to be smart with your existing debt, never increase it and don’t write it off, but make your installments on time so that you will not increase your charges and get penalized. Dear Lord!! Banks love you when you do that; they are thrilled to charge you more!
Why now is not the time to pay off your debt? Good question, because the biggest challenge in the recession is the cash flow. Once a recession hits, people start panicking about bounced checks, and cash will get bigger value. Besides, banks usually get stingy with loan approvals and lose their zeal to lend people money.
To explain more, let’s say you have a $20,000 loan that you have to pay over 24 months, but you manage somehow that you have the funds and you can write-off your debt now, what is the right move to do then? With a small calculation, you can save some interest that will not exceed 5%, and that with no doubt is something good, but what if you find yourself in a sudden urge for that cash again? Let’s say, your children’s school fees that can’t wait till the end of the month, or any of the countless tragic possibilities, what you will do then?
This money will be your Rescue-Wheel, it can save you from embarrassments such as borrowing money from relatives who will give all excuses you can imagine or from the disappointments if your bank refuses to lend you money again.
In a dark scenario, the chances are that you require this money to keep living till you find a new job if you’re laid off.
So my advice is: Don’t increase your debt, don’t write it off, and make your monthly payment on time.

3:: HAVE A TALK WITH YOUR FAMILY.
Sit with your family member, and explain the upcoming situation, let them know that you will all go through this together. Families must understand the difference between needs and wants, avoid creating fears, or causing tears as you may find yourself impulsive to spend more money to prevent children from getting depressed. You need to be careful with this because sometimes the rippling effects on your children last longer than the recession time itself.
Make sure that they only see the bright side of this conversation, and that is what you have prepared, and that you will all survive the situation. Now is the perfect time to set a good example for your children and show how the family can stay together during tough times.

4:: MAINTAIN AN EXCEL SHEET.
Make a small Excel sheet that is simple and clear; you need to create 3 lists as follows:
The first list will show your main expenses: your home rent, electricity bills, your car payments, etc. All your priorities that can’t wait for next month will go in here.
The second list will show and calculate your children’s school fees, your food expenses; you need to list the doctor’s medical visits if one of your members needs to do this monthly. All your priorities that can wait for one month or two will go here.
On the third list, make sure you mention the expenses that are not important and which you could take off in case of an emergency. I will leave it to your standards and priorities.
Track Those lists all the time. Don’t let something from a later list uses the money you have tagged for earlier lists.
Reduce your expenses and don’t buy anything you don’t need to live. Resist your addiction to spend and avoid sales promotion and salespeople as much as you can, unless, of course, your spouse is one of them.
Reduce your expenses and don’t buy anything you don’t need to live
Reduce your transportation expenses; I would say that it is hard in some countries like GCC in summer, Canada in winter, though be creative and come up with solutions.
If you are single or family living fare, get a roommate.
Stop going outside to eat. Cook at home or find a good deal with your neighborhood restaurants. However, there are thousands of saving money ideas.
5. HELP YOUR COLLEAGUES.

If you are employed, then just do the right things, yet don’t step on your colleague’s feet to get noticed or get a raise. It’s a tough time for all. Besides, if you do your job right and they do theirs, the company will do well and may never have to fire anyone. It is not an opportunity to prove yourself over the security of someone’s family. The right things to do will always be the right things to do, no matter what the situation is. I am inviting you to resist the urge to enforce the low of jungle here: kill or be killed.
On the other hand, I am not asking you to become lazy, like others who are choosing to be so. Remember again to do the right things and keep your family in your heart always.

6:: SWITCHING JOBS !? NOT A GOOD IDEA!
Keep your CV updated, but it’s not the time to jump to a new job. I am not talking about the situation where it is the company is clearly about to jamb over the hell; if this not the case, then stay in your current job. Why? Because companies usually attempt to get redundant from the newly joined member. Stick to your current job and be faithful, be willing to do good intuitive works for your employer, and establish good karma with your company.
One good idea is to apply for a 3-month unpaid vacation. That could help keep your job safe, and your company will appreciate that.

7:: CONTRIBUTE TO YOUR COMMUNITY.
Contribute to your community, help others in finding jobs, or you can organize a fundraiser to help someone who has lost his job, don’t stop giving poor people money. Giving away your $9 Starbucks coffee will never harm you, instead, can buy two economic lunch box for poverty-stricken people,
Start networking from now with people who could be helpful later recommending you for open opportunities so that you still available if you get laid off. We all know some people whom we don’t hear from unless they need something, don’t be that person.
You may find some advice a little weird, but be assured that your contribution to the community will pay off back soon. Given life, something in difficult times will reduce your anxiety, and You can rest assured that is nothing going to harm you or your family.
It Is A Personal Life Lesson I Have Learnt.

8:: HAVE A POSITIVE VIBE.
Enjoy and be positive. Entertainment and joy don’t just come by spending money. Take your family to the nearest camp, visit a national site in your country, spend time at your friend’s house and invite them to your house too. Go to malls, and make your children feel happy with even very less amount of money. Magnificent time and activities you do with your family will help avoid recession depression. Don’t stay home and let the fear of spending control your life.

9:: DON’T INVEST IN THE STOCK MARKET.
If you like monkeying around risking your assets with bitcoin or individual technology stocks, then you need to stop, Investing in stock may be tempting when prices go down, but it is a wrong decision.
It is a word of caution here: You should not go for it, but even if you do, don’t use your home rent money or any money from list 1 or 2, hoping that you will get paid back with profit before your next payment is due. If you do that!! then all that has been said before is not meant for you because if you are a careless, irresponsible person, then I pray from my heart that God be with your family.
Yes, I’m going to be dramatic with this one.

10:: DON’T OVERVALUE MONEY.
Recession could be a tough time for anyone, but it is a worthwhile opportunity to take a break and stop valuing money. Ask oneself: what are people willing to do for money? And why is money constituting that threat to our life? What do we really need to feel secure? All that can be answered when you don’t have the indulgence of money.
For instance, other things in our life will further prosper and rise like health, love, sexuality, and communication.
Think about it like fasting!! Fasting is a mind-body quest for purification; it weakens our self-image defenses to hold open to a spiritual vision, that is, to carry within us a source of inspiration and power that gives purpose and meaning to our life. We have been in a continuous struggle with money because we are plagued with the issue of Survival, Health, Food, and Habitation. Yet still, we find that our primary needs of safety and security elude from us no matter what we do!! No matter how much money we have!! Even when there are no real threats to our survival.
There is always enough money for those little extras’ pleasure and security in our life. I am not saying that loving money is something bad. Money, in my opinion, is a form of Energy that you have been rewarded with, in exchange for other types of Energy you have given.
But for once, let’s look for the happiness we are seeking outside… within us. When money is not available, we will force ourselves to replace it with something else. Then, the brain automates new action in our unconscious mind to look for discovering new things or start looking for an old hobby, painting, reading more books. This opportunity may not come before our future retirement.

11:: To Save Money Or To Not? THAT IS THE QUESTION.
A lot of other web bloggers already first you to save money, but I have kept this advice last for a reason. Saving your money is an essential part, and if you didn’t start saving money, START NOW…..
I will repeat that: If you didn’t start saving money, start now!
Yet, let me give you my big hit — DO NOT GET PANIC!! Every time your brain focuses on negativity, it will attract more negativity. If you concentrate on your financial problem, you will become anxious and be in physical pain. You will become imprisoned with your negative feeling and will lose your aim doing good things in your life, your job, your relationships, and the world around you will fall apart. Your body will start producing a highly charged negative reaction, leaving you in a hopeless cycle of repeating negative trauma without being able to resolve them and move on.
Good thing happens only if you think about it. Wealth and happiness are only a state of mind. Have you noticed that rich people can never feel satisfied or secure?! Because they compare themselves with their peer group. They will always feel jealous and envy a friend if he gets a new car, and they did not. While poverty-stricken man will jump on one feet if you give him $10 to buy food for his family.
For all the happiness mankind can gain Is not in pleasure, but in rest from pain. ~ John Dryden 1814
When a person fills his mind with ideas of wealth, he will surround himself with everything he needs to live a happy and powerful life. Wealth will keep finding the way to him even when all other business fails, and the stock market is weak. The feeling of wealth produces wealth. Keep that in mind all the time.
I invite you to visit my website to know more about how to reach my ideas of success, and how to reach your own wealth, please make sure you subscribe to my email list.

Perhaps I can sum up by saying: Stop worrying!! It’s not the end of the world. Recession is only a business cycle. Think of it as a house renovation!! Or better, as a building under maintenance, it usually gets messy. Still, it is required work from time to time, and this is also true for companies that are no longer productive, factories that were no longer developing their products and almost out of the market, all types of fraud or weak organizations, etc. Recession will not last till hell freezes over, and right after this maintenance is over, a new era of decoration work will take place, It’s the time for significant opportunities to arise from ashes.