As the IMF report says “Coronavirus-induced recession is way worse than 2008 financial crisis, nearly $90 billion investments have already flowed out of emerging markets.” As everyone is actually scared of recession because it lasted for a year and a half when it happened previously.

We have Mahesh Jadhav and Shashank Udupa to find you a way. This internet entrepreneurs have found a way out to manage your existing debt, safeguard yourself from recession and prevent future loses, including tips to find and actually get into a recession proof job for upcoming situation if any.

1. Upskill (Learning a new skill).

What Mahesh has to say is recession proof companies are the ones in Tech, Agro, and pharmaceutical industry, he addresses the company which are still running in this pandemic are Netflix, 1mg, Facebook, Netmeds, Google, Digital Marketing companies, Influencer marketing agencies etc. which are purely based on the online traffic and their internet audience, finding a way to get into it is to learn a skill which will be relevant according to that industry like ability to manage the code/making yourself efficient in online marketing or SEO, which gets you engagement among the audience present on the internet.

According to him, we have to think on the basis of Logic + Data, logic of determining if it’s a recession proof company and the amount of work/data you will be able to handle if you get into it by depicting your value.

2. Immediately Saving after the Quarantine

As soon after the quarantine and the national lockdown ends, people will be immensely looking to buy goods and spend on unnecessary services like its normal, here Shashank wants to bring the unpopular formula of saving money which is a 50-30-20 rule, this ratio sums up our daily life spending to Needs, Wants, and Savings respectively. He wants to focus on saying that “Don’t fall into EMI debt., when you consider spending for wants.”

3. Figuring out a new company to get shift

As if the recession would hit you, you won’t be able to even realize where your spending went and especially if you are working in a company where you are unsure if it will get affected by a financial crisis someday, here in this case you must have your savings ready to survive for nearly 3 months to get into a new company/job. If you are getting a salary cut today, its more likely that your current company won’t be able to handle the situation effectively in future.

If you are still from a tech background you can leverage the growing vacancies for Data analyst for Basic necessities company like supermarkets, you have a better chance to survive the recession.