Recession Proof Your Mindset

There is talk about a looming recession across every news outlet. In every LinkedIn feed we are seeing more announcements about tech layoffs. If you’re starting to get jittery about what this could mean for you and your career, you’re not alone. 

I had this conversation with my friend the other day as she was sharing her concerns about the layoffs happening at her company. We talked about some of the proactive steps she could take right now to “recession proof” herself, her family and her career. 

The Practical… The Strategy.

Have an Emergency Fund Ready 

Having a rainy day fund set aside can be incredibly helpful in times like these when job security is far from guaranteed. Talking about money has always been seen as taboo but here at the Propeller Experience, we want to make sure that women have everything they need to thrive in their financial future. If you’re a member of the Propeller Experience, you can check out the Money and Finance stream with Canada Life. An emergency fund is so important and we chat about building a plan that works for you. 

Diversify Your Sources of Income 

Another way to recession-proof yourself is by diversifying your sources of income. Consider adding additional revenue streams as protection against an economic downturn, such as starting a side hustle! A side hustle can be anything really - identify your top skill or something you're passionate about and start warming up your network. If you need more support, we can help! Members can bring their ideas to our weekly Virtual Mastermind group to get started. 

Reconnect With Your Goals

You might get laid off. It might happen. With your savings in place and your income diversified you’re doing alright - you’ve bought yourself some time in finding your next right opportunity.  

Job search panic often results in finding a job where you’re settling - maybe on pay, impact or flexibility!

Our advice - don’t wait until it happens to you, create your own opportunities. At the Propeller Experience we avoid settling wherever possible!

Get clarity on what you want to do and revisit your career goals. If you were forced to change jobs right now, what would you do? What kind of job would you look for, who would you want to work with? Doing what?  

As the clarity starts to materialize, you can prepare for that next opportunity (while you still have a job). Update your resume, your LinkedIn profile and start reaching out to your network to check in with them. Be proactive and go opportunity shopping! 

The Mindset… Your Results

Create Your Own Circumstances

The truth is there are always opportunities, regardless of what is going on in the world. 

The challenge for most people is recognizing them. How can you expect, or even see opportunity, if you’re emotionally invested in, or stuck, in fear and negative thinking? 

• There are no jobs. 
• No one is hiring. 
• I can’t spend any money on upskilling or coaching. 
• I won’t be able to sustain my income or client base.
• It’s too risky to move jobs. 

Your mindset, which accounts for 95% of your success (5% being strategy), is the key to helping you navigate any uncertainty - including layoffs, a pandemic or an “impending” recession.  

Whether you believe you can or can’t, you’re right. 

What if you believed instead… 

• There are jobs. In fact, it is still a challenge for employers to find the skilled talent they need. 
• People are hiring. The tech sector is downsizing but opportunities and roles are available across many other sectors and industries. 
• Investing in my personal and professional development creates more opportunity for me to earn. 
• I am marketable and my skills are needed beyond my current and immediate network. 
• There is risk with any job, in every market. 

Feeling worried about the news and the shaky economy is normal. It is important to remember though, that you cannot control interest rates or how other people spend their money (unless you’re the Finance Minister).

What you can control is your mindset - your thoughts, beliefs and actions. Don’t stay stuck in fear. Choose thoughts and beliefs that will help you see your next opportunity. 

If you need some help or support with your recession mindset or are looking to reevaluate your career goals, please book a discovery call with me.