Taking Charge of Your Life in a Recession: 6 Ways to Thrive, Not Just Survive

According to a recent report by 高盛 , a recession will be hitting the UK in Q4 of this year. Throughout the rest of the world, many are saying the recession is already here. Those who’ve lost their jobs in recent months would most likely agree with the latter.

Nobody can predict 100% what is going to happen in the next year or two. All we know is that the future of the economy looks uncertain. The problem is, uncertainty can often lead to feelings of powerlessness, and lack of control. This can cause us to kick into survival mode. In short bursts, this isn’t a bad thing and can in fact be what’s needed at that time. The problem is when we start to live in survival mode for longer periods of time. Living in a constant state of fear and uncertainty can wreak havoc on our mental health, our relationships, well-being and overall quality of life.

The good news is, while a recession often incites images of doom and gloom, it doesn’t have to be that way. Recessions can actually be a great opportunity for us to not just focus on surviving, but to explore how we want to thrive during these times, and beyond.

Here are some things you can take control of to:

1) help you feel like you’re taking charge of your circumstance rather than feeling powerless and your circumstances taking charge of you

2) explore what thriving looks like to you, then plan for it and execute it.

FINANCES

Read any book by someone who has built wealth and they will say it’s about three things:

a)????Being careful with your expenses

b)??? Creating different revenue streams

c)????Making your money work for you

During a recession, we might naturally start to reduce our spending. But a recession is also an opportunity for us to really take a look at our finances to see what we can do to start to not just financially survive but thrive.

Decluttering your expenses by getting rid of any wasteful, non-life-value-adding expenses is a great place to start. Putting money into an emergency fund, or saving plan, paying off debt or looking at different investment vehicles can all make you feel like you’re taking control of your finances and help set you up for the future.

Diversifying your income streams not just through investments but also through e.g. rental income, starting a side hustle, offering your expertise to people or small businesses as a freelancer, or creating and selling online/digital products etc. can all help reduce the pressure on our jobs as our only source of income and start to build wealth too.

CAREER

You don’t just have to survive in your career during a recession. I lost my job during the financial crisis in 2008 and was unemployed for almost a year. It was scary but I realised recessions can be an opportunity for us to explore one key question: what does thriving in my career look like?

Recessions can be a chance to:

• Reassess your career – are you happy/unhappy? Do you want to change companies, change industries, change careers entirely or invest your efforts into being even more successful where you are now? What actions can you take to start making progress towards this starting from today?
• Evaluate your skills gaps – what skills do you need to learn and develop to perform at your best, get promoted, find a new job and achieve your career aspirations?
• Invest in yourself – take a certification, go on a course, get coaching – whatever will help you to upskill and achieve your aspirations. If money is an issue, take advantage of all the free online resources and courses out there!
• Get yourself hiring fit - meaning that you’re ready to start looking for a job immediately if either you lose your job or you want to find a new one. This involves polishing your CV and making sure your self-marketing and interview skills are up to an outstanding level. Having a keyword-optimized LinkedIn profile can help your profile show up in searches for both job and business opportunities, so make that a priority too!
• Start a new venture – many successful businesses started during a recession. Think about all the problems a recession brings, and see if there’s one you’re passionate about or qualified to solve that you can monetise. Let your brain dream big!

JOB SEARCHING

I know how hard navigating a job search can be during an economic downturn. Not to mention staying motivated when application after application is rejected or gets zero response.

It's how we stay motivated that will determine our success in our job search. Lose motivation and you won't take the necessary actions and steps required to succeed! To stay motivated you need to put a proper?job search strategy?in place by setting clear goals around:

- solidifying your Unique Value Proposition and Personal Brand

- which companies and people you will target

- how many LinkedIn messages you will send a week

- how many networking events you will attend or coffees will you arrange

- trying and testing different e.g CVs, LinkedIn messages and email content, LinkedIn content and what’s on your profile

- upskilling in areas holding you back from getting the job you want e.g. interview or leadership skills

Because all of these goals are 100% control within your control (as opposed to getting a job offer which isn’t) you can create a sense of accomplishment every time you hit your targets. This sense of achievement helps to keep the motivation alive when times are tough.

It’s also crucial to stay hopeful. Hope is the belief that what you want is possible. Maybe not today, maybe not tomorrow. But at some point, it will happen. Believe in yourself, keep upskilling, stay up to date with the latest industry trends and challenges, and keep assessing where you can add the most value and aim your job search strategies towards there.

Quick tip: Look at the recession-proof industries – what value can you add to the companies and industries that are less affected by an economic downtown? What skills etc. might you need to develop to move into these companies and industries?

The competition for roles is going to be fierce in a recession – make sure you are ready to fight with everything you’ve got. A good career coach can help you with this.

BUILD AND NURTURE EXISTING NETWORKS AND RELATIONSHIPS

In times of uncertainty, it's natural for the brain to focus on our own survival. This causes us to become more egocentric which might help us to survive but not necessarily thrive.

In Tony Riddle’s book “Be More Human” he said after our basic survival needs are met, one of the most important things we need to thrive in life is a loving, nurturing community. A community which provides opportunities for growth, adding value, and feeling appreciated. This could be our communities at work, at home or other communities such as a church or volunteer group.

Your network can be an invaluable source of advice, support, guidance, introductions, ideas and even potential job offers. Investing the time now to expand your network and deepen current connections, friendships and relationships could not only open you up to feelings of love, support and being of service, but also to a world of resources that you didn’t know existed. Resources that could help you survive, and even thrive, in an economic downturn. If you're current work community is toxic, it might be time to consider finding another one.

GET IN SHAPE - PHYSICALLY AND MENTALLY

It’s unsurprising that suicide rates increase during recessions. Hospitals have also recorded an increase in heart disease-related diseases in the unemployed during this time. If people had been better prepared to cope with uncertainty both mentally and physically, there is a possibility some of these could have been prevented.

Taking care of ourselves mentally and physically is crucial if we want to thrive in life. It’s our health, courage, resilience, grit, willingness to face adversity and ability to make decisions and continue moving forward that determines our success.

If you are prone to stress or cope poorly with uncertainty, get yourself mentally and physically fit so you are strong enough to cope with whatever could happen. Get a coach, personal trainer, mentor, therapist – whatever you need to help prepare you for what may lie ahead. There are plenty of free support groups out there too if you need them. Doing the work now will not only help you cope in the coming months but will also gear you up to thrive in the future.

CHANGE YOUR PERSPECTIVE

An economic downturn is only a problem if you perceive it as one. It's why we get so stressed - because we see a recession as something to be afraid of. What if it was actually an opportunity? An opportunity for growth and personal development. An opportunity to enhance your skills. To build loving relationships and expand your network. To learn how to budget, be more resourceful and invest. To change careers or level up in the one you have now. To explore business opportunities or to finally execute your dreams. There's always an opportunity behind every challenge - if you choose to look for it.

How will you choose to thrive over the next few months?

Big love everyone.

Zeta

#recession #personaldevelopment #growth #coach #opportunity #work #life #change #business #recessionproof

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If you're a senior-level or career-minded professional who would like help in leading and living more authentically, reach out at?www.zetayarwood.com

Zeta Yarwood is a leading, award-winning international Executive Coach, Career Coach and Life Coach, helping leaders worldwide achieve success in all areas of their lives. With a degree in Psychology and over 15 years of experience in coaching, management and recruitment – working for multinational companies and award-winning recruitment firms – Zeta is an expert in unlocking human potential. Passionate about helping people discover their strengths, talents and motivation, Zeta lives to inspire others to dream big and create the life and career they really want. A "LinkedIn Top Voice" and voted one of the "Top 50 Most Impactful People On LinkedIn" two years in a row, Zeta has a LinkedIn community of over 250,000 people, and is dedicated to sharing her knowledge, experience and insights to anyone who might benefit from it. You can gain access to those insights by following her here:?Zeta Yarwood, LinkedIn.

For further information on coaching and general career/life inspiration, please visit?www.zetayarwood.com

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