The Top 7 Skills You Need for a Recession

Tim Denning

These skills will determine how the recession treats you.

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Everything can look pretty messed up during a recession. It’s easy to panic or sit helplessly not knowing what to do.

You can’t control the economy but you can control your skills. The skills you have will determine how the recession treats you.

So, if there’s one thing you can do during this recession it’s work on your skills and invest in yourself by building new skills. Here are the top seven skills that you can use in this recession to come out on top.

Making Money Online Skill

A recession first and foremost is about the economy taking a hit and your ability to make a living or maintain your lifestyle being negatively affected.

If you’re in a recession with one income stream, you’re at risk.

It’s like being in a plane crash and ending up on a deserted island, hoping one single flare you found in the wreckage will help you be found, and ultimately survive. It’s an incredibly risky strategy. You’ve placed all your bets on one way to make it out alive.

Without selling you ‘hopeium’, making money online is a way out in a recession. It’s how you can cap the downside and supplement your main income if it reduces or is wiped out by unemployment. There are many ways to make money online and you only need to start by choosing one of these:

  • Blog posts written for money
  • Coaching people 1–1 based around your hobby or day job
  • Writing an eBook
  • Speaking on webinars or digital summits for a fee
  • Consulting to companies about storytelling and social media
  • Ghostwriting
  • Creating an Online Course
  • Writing on a platform that pays you to publish
  • Charging for a paid newsletter using platforms like Substack
  • Creating a monthly Mastermind Call and curate guests that add value to member’s lives
  • Setting up an eCommerce website and sell physical items (huge in this recession because of the need for contactless delivery)

Are you exhausted from the possibilities yet? Excellent — pick one and get started.

A Basic Investing Skill

You might think this skill in a recession is crazy. Invest? How the heck do you know what to invest in? Isn’t that risky?

These are all valid questions and they can be solved with a basic financial education that Youtube and Google can give you for free.

You need an investing skill because a recession creates discounts and you can take advantage of them during this time. You also need to understand investing to protect yourself and ensure you don’t have 100% of your money in a single stock that could go to zero.

My tip when studying investing is to look at both sides. Read the work of doomsayers like Robert Kiyosaki and Mike Maloney, and then consume the optimistic view of someone like a Tony Robbins or Mr. Money Moustache

Looking at the good, bad and the ugly will help give you a balanced perspective and prevent you from lying to yourself about your investments.

The key to investing is to know it’s okay to be wrong; just don’t have 100% of your money in whatever you end up being wrong about.

Insane Amounts of Transparency

This one is a little odd and it became apparent to me yesterday. I was chatting with a well-known Silicon Valley Investor for the first time. We were getting to know each other and talking about potential opportunities.

Something turned me off like a cat that smells a rat. He started bragging about vanity metrics and making huge claims without showing me the evidence. In short, there was no transparency. I began using Google to look up what he was saying. One of his claims was that he had 200,000 subscribers viewing his content. It was obvious that wasn’t correct. When I questioned him, he said: “I mean 200,000 users.” That was also a lie. I think what he meant to say was 200,000 views and even this was an exaggeration.

So at the end of the call when the ask came of “let’s work together,” there was no option but to politely say no with as little ego as possible.

During a recession, we seek insane amounts of transparency. This is because we become more skeptical than ever after being numbed by all the bad news and inevitable conspiracy theories such as “Bill Gates is trying to kill us,” which is clearly ridiculous.

In a recession, focus on being transparent and back up your claims with facts.

Public Speaking Skill

Billionaire, Warren Buff Man, has spoken about public speaking plenty of times and he’s onto something.

Communication skills and a recession separate the children from the adults. Being able to articulate a message beautifully, in person, helps you to get the buy-in of more people. Whether you are speaking publicly through a webinar or in person (post the apocalypse), public speaking helps.

The real reason public speaking is so powerful is because of the effect it has on yourself.

Public speaking breeds confidence.

When you master the skill of public speaking you naturally have more confidence. Confidence in a recession is like having guns in a war. It helps you win the battle being raged on all fronts.

A Small Niche Audience

The rage is to have millions of followers and be popular. That won’t help you in a recession though. Followers are not owned by you and they don’t have to pay you a dollar.

The point of having an audience has nothing to do with your ego.

Having a niche audience allows you to be useful.

You can go deep in one field and bring incredible value to that small audience which they’ll be happy to pay you for. A niche audience also gives you an army against the recession.

You find experts from other fields and new friends in a niche audience. This audience can be like an experiment: you can test new ways of thinking and alternative ideas without actually taking the supposed action.

A niche audience is a lifeline of support, potential income, and experimentation.

A Writing Skill

Even if you are not a writer, a writing skill is needed in a recession.

Whether you are writing emails for work or social media posts for enjoyment — writing can help you.

For some, like me, writing can change your life in a recession. Writing has helped me relax during these uncertain times and communicate with people on a human level. It has given my life meaning and brought me immense fulfillment that I’ve reinvested into others to help them develop.

Writing is a platform.
Writing is a voice.
Writing is expression.
Writing is a collective power for good that we all have.
Writing is healing.
Writing is therapy during uncertain times.
Writing is beauty in a world gone mad.
The skill of writing in a recession is like a vaccine for a pandemic.

Radical Self-Awareness

Self-awareness in a recession helps keep you accountable.

It allows you to judge what you’re saying and how other people are interpreting what you say. It shows you whether you’re being entitled, ignorant or plain crazy.

Self-awareness happens when you measure your actions against your values.

If your actions are out of alignment with your values then you’ll feel off. You may not know why and this feeling will be compounded during a recession.

Knowing why you do what you do will stop you from destroying yourself in your own head.

The skill of self-awareness in a recession stops you from burning everything to the ground when the inevitable tidal wave hits your little village in paradise. It’s not ‘if’ the recession will hit you but ‘when.’ You can be prepared using self-awareness.

Final Thought

First and foremost, acquire and nurture skills that help you build digital assets in the form of an audience, newsletter, social media page, website, or app. Then take the skills of investing, being transparent, public speaking, writing, and your own self-awareness and invest in them, heavily.

If you invest in your skills during a recession, you will come out better than most. You will prevent yourself from sitting on the couch and believing life happens to you, not for you. You’ll go from feeling sorry for yourself to feeling like something is possible for your life beyond your current circumstances.

Optimism in a recession is a powerful drug that enhances your skills.

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Aussie Blogger with 100M+ views — Writer for CNBC & Business Insider. Inspiring the world through Personal Development and Entrepreneurship www.timdenning.com

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