What is this recession talk about and should I be concerned. If so what can I do to prepare. TY

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The talk is real. Cost of living and supply chain problems are hurting consumer spending. Rising inflation makes it harder for companies to borrow money. Rising interest rates make life more expensive for consumers and businesses. All of which means an economic downturn. Build up your savings, cut down on borrowing, update your portfolio, be useful on client work.

helpful

But also CEOs are still making 300x our wages, while some companies are missing growth targets many are still seeing record profits. Also the Trump tariffs are still alive.

So yeah, in preparation…I looked for a second career while doing freelance…what was the second career? PPO armed security/personal protection officer. Plus side, I get to observe how objects and events affect people in their environment like design…Negative side: My mom doesn’t know!!😬🥺😅 (The armed security work required additional training and certification btw and is not for everyone, you need strong common sense)

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We are already in one. Don’t let them fool you. Keep cash on hand, and keep your portfolio handy. You’ll make it. Won’t be as bad as 2008.

likehelpful

Bill a lot of hours and produce work.

likesmartfunny

That’s what they’d like you to think.

likesmart

Get healthcare experience. It’s the only industry in advertising that’s almost recession proof.

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I agree with freelance 1 and acd 2. I'm sad

Pay those credit cards!

likesmart

If I have intro rates till a certain date, they can't raise the rate from 0% to something higher right? I have like an 8k balance due in a year

You should always be concerned and pay attention to news and how it’s affecting the clients your agency does work for. Bad earnings, sales reports, or even the types of assignments you’re seeing (demand gen vs. brand work) are indicators you want to watch. And more locally with your own shop, watch for big pushes on new business, etc.

likehelpful

Being your own boss, being nimble and agile is going to help massively. Agency side, brand side aren't the safe havens people think they are. Keep your money in a SEP IRA if you choose to strike out on your own. Also pay down any debts that you're over leveraging.

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Will there be mass layoffs like during COVID?

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Layoffs like Covid? The pandemic that stopped the entire planet?

No. It’ll be a recession. You’ll be alright.

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I don't know that we can really prepare. If it happens, it happens.

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How long does a recession typically last?

3-5 years

I already started my second career (that is working almost parallel to Design)

Forget recession we heading into a depression 😂😭

Very good 👏

I think the recession concerns everyone, everywhere. Our lives and jobs could be greatly affected by this.

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