Whenever we start hearing a recession is around the corner, we start having shivers along the spine: will the company downsize if there are not enough sales? Will I be let go? The good news is there is a way to break free from the fear cycle.
Newspapers these days are filled with stories of how the dollar is weak, how the stock exchange has been plummeting and the dark shadow of massive lay off starts flying over us.
While not everybody will lose his or her job, and in fact we don’t know if ANYONE is going to even in face of the upcoming economic recession, you might still hold fears. The fear of losing your job is more real to you than what any economist or politician can say.
I can’t predict if you in particular will be let go, but I do know that you, yes you, in particular, can get over that fear.
There is one secret here to cope with any uncertainty you might face: fear is not only not going to help you, but in fact can destroy all your chances for success.
Now, I’m not saying you have to go out into the world thinking you are Superman. What I am saying is that fear is not going to help you.
From my own experience I know that fear kept me from planning when I was laid off of one job. I knew the company was downsizing, my post was cancelled and I was transferred to another department. My days were counted but I was paralyzed in fear. Eventually I was downsized myself. The economy was in ruins and my attitude was too.
What could I have done differently? Maybe not much inside that company. That was (and is) beyond my -or your- control. But I could have planned had I not be so scared of the future.
Every company, specially the big ones, have a crisis plan to implement when something bad happens. As an employee, nobody told you how you could prepare in case a crisis arised in your life.
Planning at this particular stage, when the recession is just about to start, gives you an immense advantage. Start thinking now what are you going to do if your job, if your company, is no longer there.
Here are some questions for you to start you thinking:
What if your particular trade is no longer necessary in the next economy cycle?
Can you train now for the future? Are you willing to invest in your education?
Can you see a trend for the future and re-train for that?
Are you willing to start a side business? Remember that very large fortunes were made during the Great Depression.
Can you save some more money?
Can you pay some of your debts or make a little sacrifice and reduce your debt?
Are you willing to invest to get help?
How can you generate a side income while still holding your current job?
How can you downsize your expenses in order to save or to pay debts?
Planning for the worst reduces your incertitude and that gives you peace of mind. It doesn’t mean you have to focus on the worst. There’s a lot on the Law of Attraction out there teaching how not to focus on what you don’t want to happen. My advice is that you see it from an objective point of view so if that scenario ever comes for whatever reason, you are ready to implement your plan and have some answers ready.