What you can do: Recession Survival
Everyone is wondering: are we in a recession? Is one on the horizon? How do we survive it? If you are running a business, this is an even more vital question because more people depend on you for their livelihood. What makes most middle and working income people anxious is they are scared there is nothing they can do about it.
But I would like to think, if you could do something to get through a recession: what would you do?
Gary Stevenson, Garys Economics
An economist might say; remake the global tax structure.
What you can do is:
Double down on donations to your local charity to reduce your income tax.
Claim every business expense that you legally can to reduce your business tax.
Don’t freak out at the CRA bill! Recognize that paying taxes can be done in installments. Negotiate the installment plan that works for your actual life. You may have to demonstrate your income, essential expenses and show what’s left but be truthful about what you can and cannot manage.
A financial advisor might say; buy low, sell high on the stock market.
What you can do is:
Ignore the fluctuating values of consumer stocks and invest a missable amount of your (self-care, skincare, style maintenance) money into boring and stable S&P 500 stocks. You’ll never get a windfall but you will have money that retains its value longer and if worse comes, you can always sell and cash out a little something if you need it.
Invest time, effort, energy into your community. Reach out! Your employees, colleagues, contractors, neighbours, friends and family members are all part of your social capital and they are worth more to you than money, honey. Double down on your relationships: what can you do for them, and what can they do for you? Avoid transactional behaviour, but do remember business and life are team sports where your survival is dependent on the people around you.
