I have good news. And bad news. Then some more good news. The good news is that it won’t last a long time. Typically 2-10 months maximum. The bad news is that it is coming, but we’re not too sure about that because there’s divided opinion. Most experts believe it will land in the Year of our Lord 2023, others think we may narrowly miss it. Well, as the Americans say, the jury is out on that one. The last bit of good news is you can weather it. It is an artificial construct of humanity, arising out of the need to control everything. A product of economic tectonics and therefore survivable, especially if you follow what I’m about to tell you
If you didn’t read the title and wondered what I’m harping about, I’m talking about a recession. Although there is no agreed definition of a recession, Wikipedia defines it as a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, unemployment, industrial production, and wholesale-retail sales. Wait. Before your eyes glaze over and your brain completely freezes, what I mean in simple terms is that tough times are looming and there will be very little money to go around. Your indulgences might not be fully satisfied.
One of the precursors of a recession is, among others, two or more consecutive negative GDP growth values. The good ol’ U.S of A has registered two back-to-back negative GDP growth values, which to me, means its economy might be shrinking. And we know that, in this modern, digital, and interconnected world, when America sneezes…well, it might be a good time to queue for a PCR test. The outlook might be bleak but Hela Pesa Salary Advance has your back. I know, we are a loan company and we might have absolutely no business telling you how to survive a possible job loss. But before you throw the first stone, here is the writing on the ground. We are a customer-centric company and that means that above, all our relationship with you is of utmost importance to us. Your well-being comes first and profits a distant second.
So…
To survive a recession, you should:
- Diversify your income
- Learn a new skill
- Stay cool and don’t panic
Diversify your income
Depending on a single source of income to cover everything you dream of is akin to being a one-legged man in a butt-kicking contest. Yes, you might be busy believing even that you’re working hard but all you are doing is wearing yourself down. This is the 21st century and hard work has been replaced by S.M.A.R.T work. Work hard and you will never rest a day in your life. Work S.M.A.R.T and you will never tire. One way of diversifying your income is to have a side hustle, if you already don’t have one, that is. A side hustle loosens some of the tightness your money might be feeling in a recession. Remember when I said Hela Pesa Salary Advance is customer-centric? We are giving you a Salary Advance so you can have the much-needed capital to start your side hustle. That’s how customer-centric we are. When everyone runs away from you, even firing you; we run to you, with open arms. Our Salary Advance Loan, unlike other conventional loans, allows you to set your repayment period for up to 24 months. Being the savvy side hustler you are, this gives you ample time to repay your loan and make a tidy profit. Click to apply on our website (link), or on our app for the Salary Advance Loan to start your survival run.
Learn a new skill
A side hustle, most likely powered by our Salary Advance Loan is a new skill. But, a side hustle is not the only new skill and frankly, if your natural habitat is the corporate world, then a new skill is a no-brainer. Learning a new skill will never grow old, or tired and will never go wrong. It is like…nothing I know about. If we’ll slip into a recession, you must get cranking and learn a new skill that will add to your already impressive resume. Learning a new skill improves your prospects for more money by increasing your income streams. Which is the whole point of wanting to survive a recession. To have more money. However, that won’t be the only benefit. Learning a new skill improves your personal development, especially if you use the 80/20 rule, as indeed.com calls it. A new skill, further upskills you, especially if it’s in line with what you do for a living. This way, if the other guys get laid off, you are retained because you have something that makes you unique. That’s the whole point of survival.
Stay cool and don’t panic
Average investors know two words around which they build their whole vocabulary: buy and sell. If you have invested in some stocks then you might want to learn a new word, hold. Panic buying, especially in times of a recession has killed more companies than you could count with all your digits. Average investors liquidate their stocks reinforced by the fears that the stocks they have invested in will lose value. Some of it might be true but most of it is not. You are a smart investor and something that separates the chaff from the grains is staying cool in the face of tribulation. Most businesses fold in times of a recession, but from an investor’s point of view, take your time and do not, and I mean, DO NOT go with the flow. If you want to survive, sometimes you have to go against the crowd however wise it is.
PS:
This is a series of finance guides from Hela Pesa and our product, the Hela Pesa Salary Advance Loan. Although I did not put part one in the title, I put my belief that you will read the PS. So keep your eyes peeled for more of the finance guides because, we are not customer-focused, we are customer-centric.