There is a likely recession already going on or upcoming in the United States of America, called U.S. or America, suggest many reports. The results of the survey that was published in August 2023 say that more than 50% of small business owners in America are already thinking that the U.S. economy is in a recession.
However, investors are of different view wherein they are thinking that the recession will be postponed to next year. While some experts believe that the U.S. is already undergoing a recession and the Fed has not declared the same.
Although the inflation rate has been lowering in recent months, the interest rates are at 20-year highs, which means Americans are already in a mess. Here are some ways in which you can prepare yourself for the upcoming or existing recession in the U.S.:
1) Focus on creating a recession-proof career:
If you are working in India or any part of the world, there is an obvious reason for you to feel affected or impacted due to the economic slowdown in the U.S. It is because the U.S. is the largest economy in the world, and if it going through the economic crisis, then it will affect other parts of the world and people’s jobs and livelihood too. So, whichever job or field you are into, ensure to upskill yourself by learning some recession-proof skills that can help you have the job even if your company goes into losses. You can look for new jobs as well if the negative news of your job being affected is already spread in your office. You can also learn some new courses or start a side hustle that can start giving you income.
2) Rewrite your thoughts by being fearless:
Taking the news of a recession easily won’t come naturally to anyone, even if you live in the U.S. or your friends or spouse lives there. It is quite evident that whenever any economy breaks down, it affects one and all, including housewives or family members who depend on their partners or parents for normal living standards. Instead of always living in the messy situation of expecting a recession or exploring all those web stories that talk about both possible and impossible scenarios of recession, it is time to put a full stop. You can simply start learning to accept the reality whenever it comes and not panic if the recession gets announced officially.
3) Focus on your investments and close your debts:
You can create a savings account wherein the amount will be used only for emergency purposes. For example, if your family member or you lose your job or the inflation rate touches the sky, then you can cut down on unnecessary expenses and focus only on using the amount that you have saved in your bank account. If you have any assets like gold, financial instruments, etc. then please consider them to close all your pending dues and debts so that you can face the recession boldly and without any worry.