I find recessions scary. I get overwhelmed with questions. Do you feel the same?
Will I lose my job? Should I book tickets for travel later this summer? Should I spend money ordering food? Should I start saving?
To be honest, I have done a lot of research and read many articles. They all, to summarize, talk about the same five things we can do.
I'll discuss those in this article. Don't miss the number five.
The first and foremost thought among all experts is to focus on things you could control.
Unnecessary debates with other people or speculation would only wind you down.
Keep in mind everything in this article is a personal opinion and not investment advice. Please talk to real experts about that.
Let's get right to it then.
1. Invest in essential stocks
Even during the covid, you would remember that essentials were not shut down and any company serving essentials performed well. Invest in them.
Essential companies are generally fulfilling the most basic needs of us humans such as Healthcare or Consumer goods. No matter what happens we do need them.
2. Invest in dividend stocks
Find companies that have paid consistent dividends for the last 25 years. Just a few google searches will get you to them.
These companies have weathered the 2007 recession and generally have a strong balance sheet.
3. Invest in real estate
They say that when markets are low you should look into buying land and properties.
The easy way if you don't much about it, is to talk to some real estate advisors, get the feel of the market, and then dive in.
4. Invest in metals
Which ones? The precious ones. Gold and silver will do. They have considered stable investments and their prices go up as the recession progresses.
There are various online and local dealers you can look into to make your purchase.
5. Invest in yourself
This is the only one in your control. Upgrade your skills - find courses and take them. Whether you plan to enhance existing skills or learn a new one.
If you will, I would like to expand on this.
You must acquire relevant skills. And the most sought-after these days and foreseeable future is in the digital landscape.
Easy way to digital landscape - Become a creator
Creators are those who create content and publish it through various different channels on the Internet.
You can be an artist, comedian, coach, blogger, etc. In literally any field you can imagine.
In fact, most freelancers will have to become creators. For example, those who are actively creating content on Linkedin are getting the best freelancing gigs.
This is the future and you can't deny it.
Even if you continue to have a job, the skills you learn just by trying will make you future ready and can start adding a couple of grand every month to your bank account.
You have to realize that this skill is not taught well in schools yet. This is very fast-paced and evolving.
While most services and jobs are moving online, you can't go wrong learning any new skills just by being in this space.
Some of the top skills are social media marketing, search engine optimization (SEO), content marketing, graphic design, etc.
Investing in yourself would be the best for the long term. Start learning to be a creator and gain digital marketing skills.
One simple way is to start posting content on a social media channel. You can sign up for a free 10-day course on Instagram delivered to your email inbox.
Instagram is one of the top two most downloaded social media platforms and relies on various different content types.
This makes it perfect to learn many things before branching out to other social media channels or blogs, etc.
It won't be long before you start earning extra dollars and potentially carving out a brand new exciting carrier.