How to prepare for an economic recession?
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How to prepare for an economic recession?
It's time to prepare for this economic downturn.
Navigating Web3 tides with focused insightsWritten by: GREG ISENBERG
Translated by: TechFlow intern
Beyond the cryptocurrency price downturn, global finance seems to be entering a wave of recession—we should prepare ourselves for this economic downturn.
Let’s assume you get laid off during this recession. What matters most is how to increase cash flow and breathe new life into your finances.
TL;DR:
1. Cut costs as much as possible
2. Maintain high morale
3. Keep producing consistently
4. Take the $1,000/month income business challenge
5. Relentlessly hone new skills
6. Update your portfolio and personal website
7. Make new friends
Build Relationships
First, we need to make many friends—after all, the whole world can be like brothers. One more friend might mean one more opportunity. Try to meet at least two new people each week. Ask them what they’re working on, how their projects are going, and whether they need help—with compensation possibly in cash, equity, tokens, or a mix.
Try Entrepreneurship: Launch a $1,000/Month Business in 2022
Dreams can be huge, but starting small works too. Earning $1,000 per month is achievable. Treat it as a challenge and work alongside others with similar entrepreneurial goals—it increases accountability.
Community
Let’s create a small but cohesive community (MVC). A community unlocks your potential—you can sell products, services, or NFTs (profitable or not) to them. Being a community leader makes you feel valuable.
Mergers & Acquisitions
If you have enough money—or have raised enough—you could try buying a company. It’s often easier than starting from scratch. During economic downturns, there are plenty of attractive deals available.
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Step 1: Find a business worth acquiring
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Step 2: Create a fair deal for investors
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Step 3: Secure funding
To-Do List
Turn your to-do list into a friend. Too much money breeds laziness, so we need a checklist to keep us alert and active even during a recession.
Invest in Yourself
Of course, during this time, I believe the best investment remains investing in yourself. This period calls for enriching your “arsenal”—something no one can ever take away. Ground yourself now so you can shine later.
Release Your Work
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Step 1: Update your portfolio
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Step 2: Increase your openness to freelance opportunities or explore new ones
Maintain High Morale
Don’t get swept up in the storm of recession. Negativity pollutes your mind. This is the most dangerous part—your confidence is key to making a comeback.
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