Will This Global Financial Instability Cause The Next Recession?

The global economy is currently undergoing financial instability. The coronavirus has affected almost every major continent around the world, inducing panic and fear amongst citizens.

Countries are closing their borders, governments are issuing lockdowns and people are more paranoid than ever. The majority of citizens are staying at home and avoiding public places where groups of people gather. As a result, many small and medium sized businesses are going bankrupt. 

This financial instability means that the world is heading towards another recession. People are suddenly finding themselves out of a job, or unable to work because of the lockdown. Consumer spending is decreasing as people are staying at home and saving money. And unemployment is rising as the coronavirus has made work environments dangerous to be in.

With each day going by, businesses continue to close down and families are struggling financially to survive this global epidemic. Until the situation regarding the coronavirus has stabilized, the economy will continue to suffer.

This global financial instability means that another recession is just on the horizon. If you want to survive the coming storm, you’ll need to be prepared. Here’s how the coronavirus is causing financial instability, and how it will impact the next recession.

How Rich People Are Taking Advantage of COVID-19

99.9% of people around the world are panicking. They wake up, read the latest news headlines about the coronavirus, and find someone to talk about how the world is ending. This is the daily life of the poor and middle class. And they are the ones who will be impacted the most if a recession occurs.

You see, rich people are not afraid of what’s to come. In fact, they welcome it with open arms. Wealthy people like Warren Buffett have been predicting a recession for many years already, and have been stockpiling cash for this very moment. Instead of being afraid of the coronavirus, the economy collapsing, and the rate of infection across the globe, they are taking advantage of this once in a lifetime opportunity.

The stock market is at an all-time low. Businesses and competitors are going out of business. Prices of real estate and investment funds are ripe for them to jump in. Rich people aren’t worried, they’re enjoying this rare moment for as long as they can. Because they know when everything goes back to normal, they are going to walk away even richer than they currently are.

But what if you didn’t predict that the coronavirus would cause financial instability? What if you don’t have billions of dollars like Warren Buffett does to throw into the stock market? What if you’re currently struggling financially to make ends meet, and with recent events, it’s even harder for you to pay your bills?

If you’re struggling financially because you can’t work, my advice is to find a better option before things get worse.

Your Job Is The Least Secure Income Stream During A Recession

The problem with the poor and middle class is that the majority of their money comes from just one income stream – their jobs. As a result, so many people are now finding themselves in financial trouble. They have relied on their jobs to provide them with income for so long, that they have become overly dependent on it. 

The coronavirus has shut down office buildings and forced many employees to work from home. Those who are required to physically be at a certain location in order to work their jobs are either being told to stay at home, or forced to make a tough decision. Do they risk going to work and becoming infected, or do they stay at home and reduce their chances of becoming infected in exchange for their wages?

Many employees are finding themselves forced to continue working, despite the current conditions of the coronavirus. That’s why infection rates are growing so quickly – people don’t have a choice. They need money to survive. This is precisely why relying on a job for income is a terrible decision.

The coronavirus is creating financial instability in the worldwide economy. Because of this instability, we are heading towards a recession. And during a recession is when most employees get laid off. Companies cut costs in order to survive during a recession, and if you’re an employee, you run the risk of being laid off overnight.

During a recession, your job is the first thing that bosses look at when cutting expenses.

How AI Will Take Over Your Job During Times Of Financial Instability

Technology is highly advanced in the modern world. For people that work in an industry that has low barriers to entry, their jobs are being threatened – especially during times of financial instability.

Think about it like this: Let’s say you are the boss of a small company. You have 40 employees on the payroll, and the coronavirus is getting worse as the days go by. Business is bad, you’re just barely covering your expenses and if things continue, you’re going to go out of business.

What’s the first thing you’re going to do? You’ll most likely look at your list of employees, and find ways to get rid of them. Your business doesn’t have that many customers, so there’s no need for your existing employees.

Automated Machines and Robots are Replacing Jobs

Now a smart business owner is not going to just lay them off, he or she is going to replace them. Technology has become so advanced that automated machines and robots are replacing jobs. In China, hospitals are using robots to deliver medicine and tend to the sick. It’s a way for them to care for those affected by the coronavirus, without the need to risk anyone else’s health. In fact, automation in the workplace is becoming more frequent – with the number of industrial robot jobs increasing by 14% every year.

That means if you think you can rely on a job for income, think again. Robots are doing your job better than you are, at a much lower cost. During times of financial instability, business owners and companies are going to look to cut expenses by replacing high payroll employees with robots and automation. Low entry jobs are the highest risk, because of how easy they are to automate.

China’s hospitals are already doing it. How long before you become replaced by a robot? 

Technology is advancing quickly. If your job does not require a high degree of skill, you risk being replaced by a robot.

The One Skill That Can Withstand Any Pandemic, Recession Or Automated Robot

So what can you do when your job is on the line and the coronavirus is growing day by day? If you’ve followed my work for some time, you’ll know that I believe a job is not the best way to earn income. Instead, I believe that everyone should invest in themselves and learn a High Income Skill.

Think of a skill you have. It could be juggling, singing, painting or being able to make people laugh. Now let me ask you a question – do you think it is possible for you to lose this skill? Is it possible for you to wake up one day and realize “Oh man, I forgot how to sing!”

Of course not. A skill is something that you develop over time. And once you do, it is with you for the rest of your life. Your skills can’t be taken away by anyone or anything. And you’ll be able to use your skills no matter what the situation in the world is like.

Now imagine you had a skill that could generate income on a monthly basis. Instead of working at a job to earn income, you use your skills to create wealth. Now what if I told you this is already done by millions of people around the world? You see, these people are no different than you or me. They have a skill that they leverage, in order to create money. You see them on television, on YouTube, at live concerts and on prestigious stages surrounded by thousands of adoring fans. They don’t have to worry about being fired, because they don’t have a boss. They don’t have to worry about the economy because their skills don’t depend on it.

High Income Skills Are A Way To Generate Income During Times of Financial Instability

That doesn’t mean you need to become a celebrity pop star in order to make a good income. It’s just an example of how I believe a person’s skills can give them financial confidence for life. And I believe if there’s any skill worth learning, it’s a High Income Skill.

A High Income Skill is a skill that you deliver to the marketplace, in exchange for money. You have a certain skill that is valuable and in-demand that produces results. For example, sales or closing is a High Income Skill. If you are good at selling, you can generate a lot of revenue for a company or business. And if you are good at what you do, you can believe your skill will be in high demand by business owners and CEOs who value what you can do.

The definition of a High Income Skill is as follows:

• Generates $10,000 or more a month
• Pays you based on the value you deliver to the marketplace, not the opinion of your boss
• Increases in income as you get better at it

If you want to become financially confident during times of financial instability, such as a recession, my advice is for you to learn a High Income Skill. You won’t ever have to worry that you’ll wake up one day and realize you were laid off. Or have a global pandemic force you to stay at home, unable to earn any income. In fact, if you wanted to work from home for the rest of your life, you could. A High Income Skill provides you with the freedom to set your own schedule and where you want to work from.

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