Robert Scoble has a great post about surviving a possible recession next year. It struck a chord with me because I am having to think about my future at the moment and one of the things that I am taking into account is a recession.
Personally I have to say I think a recession is inevitable. Unfortunately my current contract is due to end early next year and I am currently looking at my options, I have a number of ideas floating about at the moment.
One of which involves me starting up my own company and going contracting, I think joining a new company and contracting are probably just as risky in a recession and I have often thought about contracting but never had the guts to do it, the current climate is making me think less about the risks.
Other things I would like to do is get into writing for magazines such as SQL Server Magazine and MSDN magazine. My final idea is to create a Pro account at Smug Mug and try and sell some of my photos as I am an avid amateur photographer.
These are some of the things I am doing to diversify. What are you doing to lessen the risks of a recession to you?
For one, I am going back to school to see if I can get my Masters in Business Administration. I’ve found that good leaders and business staff are harder to out-source and seem to have more stable positions. But, I know I have to prepare to be able to be a good leader.
Recognizing your weaknesses and working on improving them is the first step to success, and we all need to evolve or disappear.
That sounds like a good plan to me and I certainly hear you about recognising your weaknesses, how on earth can we progress if we think we are perfect.
I’m trying to sell all three of my investment properties. I bought them starting back in 2003 with the intention of long-term investment. Taxes rose, interest rates adjusted, maintenance costs went up, and now the rents don’t even pay for the mortgage. One way or another the houses are either going to be sold or they will be foreclosed on.
I’ve gone back to renting. I’m cutting expenses as much as possible. I moved close to the city so I don’t need to drive to work. The real goal to surviving is not having excessive expenses. I canceled my Cable TV service because I realized that what I was watching wasn’t worth $45 a month. I never spend more than $40 - $50 per week on food and I only buy food for that week.
The recession can come. I’m a software engineer who also has the skills (and tools) to build/repair houses. If you have skills and you know how to live a simple, low-expense life, a recession shouldn’t be a problem. Of course, if you have kids and a family to take care of, or you can’t give up your expensive car or fancy place to live, then you’ve got to be careful.
I found your site in a comment you posted on Coding Horror.
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