Tips to Protect Your Career and Income During a Recession

This episode questions whether you have the ability to fully "recession-proof" yourself. While complete protection is unrealistic, there are steps that can be taken to help safeguard your income and career stability.

A recession is typically defined as two consecutive quarters of economic decline. However, with current indicators being mixed, awareness becomes more important than panic. Camille suggests proactive financial planning, such as creating an emergency fund, cutting unnecessary expenses where possible, and maybe even seeking financial advice. Instead of reacting to fear-driven headlines, she encourages taking small, practical steps now to help strengthen your financial state. 

This may be an opportune time to invest in the stock market, particularly as prices fluctuate. While she does recommend professional financial guidance, you may find stocks or mutual funds at lower prices than usual, offering those potential investments you’ve been considering.

Beyond investing, Camille also suggests you consider diversifying your income sources. Instead of relying solely on a traditional job, you may want to explore freelance work, a side business, or doing contract work. By balancing your current employment with independent work, you can create a more flexible and resilient income structure that will allow you to pivot as needed.

One of the best things Camille says you can do right now is to work on your skills. Skills are one of the best ways that you can get closer to recession proofing. Enhancing your skills is an excellent strategy and investing in new skills, such as AI or digital tools, can boost not only employability but can help future-proof one's career.

Also, diversifying your experience by branching out and exploring adjacent roles or industries can help to create more opportunities. By building a strong professional network, especially on platforms like LinkedIn, you can help yourself open doors to new jobs and clients if you have a business or service. Strong job performance is important because positive reviews and recommendations are valuable assets. And lastly, developing a personal brand helps create credibility and visibility in your industry, putting you in a better position for long-term success.

Key Takeaways:

• Consider Market Opportunities – Stocks and mutual funds may be available at lower prices, but it is recommended to consider seeking professional financial advice.
• Diversify Income Sources – Freelance work or side businesses can help to provide stability alongside current employment.
• Enhance Skills & Adapt – Learning new, in-demand skills such as AI and digital tools, can help increase job security and earning potential.
• Expand Professional Networks – Connecting with professionals within your industry can help lead to new opportunities.
• Maintain Strong Performance & Branding – Consistently delivering quality work and building a personal brand can help in providing career security.