Recession! Is it here? Did you feel it, yet?

Photo by Vijay Sadasivuni on Unsplash

As students of Economics in college, we were exposed to terms - recession, depression, etc. Way back in 2008/09 we felt the tremors. Some of it came back to us in 2011.

Is it here, again?

You read about it in newspapers, you hear about it in defiance. It's happening! They say. (Well the exclamation mark doesn't reflect mere joy each time it's used.)

So what's the way out if it's here. Hollywood films show you scenarios where the end of the world has arrived. But hold on! This is not a film. It can be scary for most of us who really aren't used to such a show!

What should you be doing in such a situation?

A few steps:

1. First, assess all what's at your disposal - money, anything else? (If the daily grind leaves you with some assets) No one's going to run away with your money, just have an assessment.

2. Liabilities - reduce these, limit  these, stop going for more. Don't just swipe the card, each time, like you do usually. Think before each unit goes out of your bank savings or adds on to your debt in form of fresh credit. Both things are drop-by-drop phenomenon, but makes a small pool at the end.

3. Budgeting: One thing that you read everywhere, but still hesitate to follow.

4. New sources of income? Haha. Yes you may laugh, but don't stop looking for more!

5. Investments: It may be time to take a stock of existing ones and eye for assets going low. Check with your investment advisor.

Recession, if it comes, don't be surprised. If it's in and you haven't realised, perhaps you are a rich person :-)