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Lessons From Past Recessions

Success

For anyone who lived through the fear and uncertainty of the 2008 financial crisis, hearing ‘recession’ from news anchors and pundits can bring up anxiety and fear. The most recent recession was in 2020 and only lasted a couple of months, whereas the 2008 recession lasted about 18 months. Beef up your emergency fund.

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You Will Survive: 8 Strategies to Overcome New Entrepreneur Anxiety

Success

This panic arrives the moment we realize we’ve strayed too far from the paycheck mothership and feel compelled to run back to the salaried womb. There is an escape from the Money Panic, and it doesn’t involve selling off retirement investments or increasing your credit card limit. Congratulations! Secure a “consulting” gig.

Salary 363
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I'm back!!

Laughing all the Way to Work

In 2008 I took a job as an Executive Assistant and Corporate Secretary to a non-profit corporation. I was calling it early retirement for lack of a better term. I gave them lots of notice and was going to 'semi-retire' in three months. This position was certainly different than anything I had ever done.

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Do You Know Your Lifestyle Ratios?

Stephanie LH Calahan

You might have interest income, rental income, and investment income along with your business income or salary. In the example below, this person is well on their way to retiring. She is the former Treasurer for the International Virtual Assistants Association serving on their Board of Directors for the term 2005-2008.

Lifestyle 100
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Customer satisfaction getting worse among large retailers

Service Untitled

The American Customer Satisfaction Index (ACSI) shows customer satisfaction dropping to a level on par with the recession of 2008. This cuts down on the overhead; no more expensive medical or life insurance coverage required, pensions, paid holidays or high salaries.

Salary 40
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Customer satisfaction getting worse among large retailers

Service Untitled

The American Customer Satisfaction Index (ACSI) shows customer satisfaction dropping to a level on par with the recession of 2008. This cuts down on the overhead; no more expensive medical or life insurance coverage required, pensions, paid holidays or high salaries.

Salary 40
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The Structural Shift to a Contingent Workforce

Small Business Labs

  It was also a key factor in our 2008 forecast that the number of small businesses would increase during the recession - a forecast that met with a lot of skepticism but proved correct (OK, I admit to patting ourselves on the back on this one).  Cheaper, too, because with flatter organizations, less management is involved.

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