The anticipated global recession in 2023 has many people concerned, including in Indonesia. Economic uncertainty requires us to prepare to not only survive but also thrive amid unstable conditions.
Here are 10 steps you can take to face the 2023 recession:
Stay Focused on Your Job Maintaining good performance at work is a crucial first step. When companies are forced to lay off employees, they tend to retain those who perform the best. Therefore, stay focused on your job and strive to continually make positive contributions.
Build a Cash Reserve Having an adequate cash reserve is another important step. This fund should be kept in liquid assets like stocks, bonds, or money market funds, which can be quickly liquidated in case of emergencies.
Reduce Consumer Debt Reducing consumer debt is vital, especially as a recession approaches. Interest rates may rise during a recession, making floating-rate loans more burdensome. Prioritize paying off consumer debts to lighten your financial load in the future.
Manage Expenses Wisely Reevaluate your expenses and cut back on unnecessary costs. For example, reduce the frequency of dining out or subscriptions to services you don't really need. Wise expense management can help secure your finances during tough times.
Learn New Skills In an increasingly competitive job market, enhancing your skills is essential. Learning new skills like digital marketing, data analysis, or web development can increase your job opportunities and enhance your value in the job market.
Prepare for Potential Layoffs Although undesirable, layoffs can happen during a recession. Prepare by updating your resume, gaining certifications, and improving your LinkedIn profile to make yourself more attractive to recruiters.
Expand Your Network Expanding your professional network can open up new opportunities, whether for finding a new job or starting a business. Join relevant communities and build good relationships with people who have different expertise.
Seek Additional Income Seeking additional income can be an effective way to face a recession. Turn your hobbies into a source of income, such as selling online or freelancing in a field you excel in.
Keep Investing Although financial markets may be volatile, continue to invest wisely. When asset prices drop, you can buy promising stocks to gain future profits.
Diversify Your Investments Diversifying your investment portfolio is a way to reduce risk. Don’t focus solely on one type of asset; instead, spread your investments across various instruments like savings plans, gold, and money market funds.
By following these steps, you can better prepare for the 2023 recession. Remember, a recession is a challenge that can be overcome with proper planning and action. Don’t be afraid, but prepare yourself as best as possible!
