Prosper in Bad Times
A calm, practical playbook for recessions, layoffs and rough economic stretches.
Economic downturns come and go. The people who come through them best usually aren’t the richest — they’re the ones who prepare early, move quickly when things change, and stay flexible.
Here’s a step-by-step playbook and checklist you can use whether a recession is on the horizon or already here.
The recession playbook
Know your “bare-bones” number
Add up only the essentials: housing, utilities, food, insurance, transportation, minimum debt payments. This is what you must cover each month.
Build or boost your cash cushion
Direct any extra money into savings now. Even a few weeks of bare-bones expenses gives you options.
Cut costs before you’re forced to
Trim subscriptions, renegotiate bills and pause nonessential spending while you’re still earning.
Strengthen your job position
Be visible, reliable and hard to replace. Learn adjacent skills that make you useful in more roles.
Update your resume and network
Refresh your resume and LinkedIn, and reconnect with former coworkers — before you need to.
Start a small side income
A second income stream is insurance against layoffs.
Know your safety nets
Learn how unemployment works in your state and what help programs exist, so you can act fast.
Avoid panic moves
Selling long-term investments in a downturn or taking high-cost loans can lock in losses. Get advice before big decisions.
Recession-ready checklist
Opportunities that often show up in downturns
Repair over replace
Demand for repair, maintenance and handy services often grows as people hold onto things longer.
Budget-friendly services
Affordable options — meal prep, tutoring, resale — can do well when people trade down.
Free training
Many public programs expand job training during downturns. Check your local American Job Center.
Negotiating power on some purchases
Sellers may be more flexible on big-ticket items and rent in slower markets.