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My question is for someone in tech, but of course, please feel free to chime in even if you are not in tech
1. What are the obvious Dos and Don'ts?
2. Were you around during the last one? How did you survive it / What got you through it?
3. What did you learn from the last one? Any dumb mistakes you made last time that you wish you didn't? What are some of the common mistakes people make?
I quit my job during the last recession to do a startup (which ultimately failed). A lot of people thought I was crazy, but in hindsight it was the right move, as I learned a lot of things that I was able to parlay into a 2nd startup.
I quit my job during the last recession to do a startup (which ultimately failed). A lot of people thought I was crazy, but in hindsight it was the right move, as I learned a lot of things that I was able to parlay into a 2nd startup.
Wow, that's a ballsy move. Did the startup fail because of the recession time/lack of funding?
A little bit of inflation isn't too bad, either. It helps people pay off debt with less valuable dollars. Bottom line: A little bit of inflation is OK, and periodic business retrenchments are OK. A whole lot of inflation, or a deflationary spiral, is horrible.
2. Don’t lose your job.
3. Network in case #2 doesn’t pan out.
(lessons learned from the 2001 and 2008 crises)
I would say though; be careful with with spending cash. Depending on your situation, it might be harder to come by. Many people I know who got fired in 2001/2008 and who had too high mortgages, debt and little cash fell on hard times for a few years.
I don't see what's unhealthy about our economy besides the fact that super cheap money may be gone for awhile. Alright so companies like PLTR go down, whatever.
However recessions have been getting shorter and shorter every time they occur.