Lately, there have been talks about a recession looming. So is another recession coming? Right now, the officials are telling us not yet, but technically, a recession may have started in early 2022.
For the remainder of this post, I’ll go over some background of what’s happened this year. From there, I’ll go over what you can do about it. In my opinion, it’s about taking control of your future through entrepreneurship.
I believe that a recession is a great time to start a business. If you want to start one (or you’re running one right now), it’s more important than ever to level up your game.
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UPDATED: DECEMBER 16, 2022
- How Soon Is The Next Recession?
- What Does That Mean?
- What Can You Do About It?
- Start A Business And Strengthen Your Skills For Tomorrow
- How Can I Get Started?
How soon is the next recession?
As mentioned earlier, it’s not a matter of “if” but “when” a recession will take place. It’s possible that we’re in one at the time of this writing. So in that case, it’s currently underway and could go on into the next year ahead.
But real numbers show that a recession likely started in early 2022. One organization, the National Bureau of Economic Research (NBER), officially declares if a recession is taking place. Here is a short chapter on what the NBER defines as a recession.
The common definition of a recession is a temporary(slow) decline in economic growth. If the Gross Domestic Product (GDP) numbers come out negative for two consecutive quarters, then it’s technically a recession.
What does that mean?
As of July 2022, GDP growth came out negative for both the first and second quarters of 2022. In that case, it would make sense to say the global economy is in a recession.
However, the United States (US) government has said we’re not in a recession yet. One reason includes strong employment reports in recent months. Although those numbers are questionable as well.
What Should You Do Before A Recession?
Whether it’s before or during a recession, the best piece of advice is to focus on your current conditions. Focus on learning or strengthening your skill set, and start a little side business. Even better, create multiple streams of income if your financial situation turns south.
There are other reasons why it may not be the case. But regardless, it’s unclear what the officials are deciding on to go about it.
Whether the government is correct or not, let’s assume that we’re in a recession right now. We’re not sure how it will go about, or when people will start feeling the financial effects as a result.
Who knows what the catalyst will end up being? It could come from Europe or China, and then move its way to the U.S.
Consider the last two major recessions around the world:
- 2007-2009 Great Recession: Lehman Brothers, a former investment bank, went bankrupt in September 2008, which triggered global markets to crash right afterward. This case happened to start in the U.S.
- 2020 COVID-19 recession: The coronavirus originated in Wuhan, China, and then the virus made its way to Europe and into the U.S. The initial COVID outbreak led to the shutting down of most of the global economy, and lockdowns taking place around the world.
We could go into depth about the last two recessions. But for this post, it’s important to know how the last two recessions began. But at this time, it’s unclear what will trigger the next recession to accelerate and worsen.
What can you do about it?
To be honest, there’s not much you can do about stopping what’s going to happen in the near future. We can hope for the best and those bad things won’t take place, but hope does not always work out well.
Good and bad decisions are going to be made, and that’s the unfortunate reality. In the world we live in, whatever happens, is mostly out of your control.
The best thing you can do is to focus on your own conditions. If that means improving your financial situation, then that’s what you have to do.
My best advice that anyone can do is to start a side hustle, or I like to call it a business. Even if it’s only part-time, start working on it today.
Start a business and strengthen your skills for tomorrow
If there’s something you’re very good at, work on strengthening your skill set. Or if you want to learn new skills, make the most out of it now.
I’m a major proponent of increasing your human capital, as that can make you more valuable tomorrow. If that’s starting a business (and eventually growing it), take that leap today.
How can I get started?
If you’re interested in starting an online business, might I recommend a place that helped get started in business? I’ve had quite some success over time, along with many other members as well.
Not only will you get help from me, but this platform is a large community of people who are ready to help you get going. Our community is one of the best groups for support and guidance, and I love the positive environment as well.
If you’re ready to build financial independence, I encourage you to check out my top recommendation today. In addition, you can sign up for free and start right away on the first level of the core training.
Training lessons are free during the first ten lessons, so you can get a feel for what it’s like.
One thing I know for sure is a recession will take place soon (if we’re not in one now). I believe that we’re at the start of difficult times ahead around the world. It’s not to be negative, but I believe things will get worse before it gets better.
Time will tell, but in the meantime, it’s necessary to get ready before or during the next recession. If that’s building an extra stream of income (to support you and your family), do what it takes to make it happen.
The sooner you start, the better prepared you will be during difficult economic times. It is important for us to prosper in both good and bad times.
If you’re on board with this message, don’t wait until times get worse for you. Start now and take action today.
Your Turn: Do you think a recession is coming soon?
I would like to get your thoughts on this matter. Do you believe a recession is coming, or maybe it’s already started?
Do you think it’s necessary to focus on your success, despite what happens around the world? How will you take on the challenges of the next recession? Will you start a business to take control of your future?
Feel free to share your thoughts by leaving a comment below. I look forward to reading your responses, and I’ll gladly respond promptly.
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Eric is a content writer and the site owner of notimekillers.com. He takes great pride in helping people manage their time and grow their businesses. Eric is a firm believer in time freedom, as he believes in taking ownership of time. “Time is your most important asset. It can be your best friend or worst enemy. How you use your time can shape the future you desire to have.” In his leisure time, Eric loves to write and read whenever possible. He enjoys going for long walks outdoors while doing in-home workout videos every week. You can follow Eric on LinkedIn.