The Day Everything Changed
It was January 2009. I was living what seemed like the perfect life—a great-paying job at a company where I thought I’d retire, an apartment in NYC, and frequent travel opportunities. I would proudly tell friends and family how much I loved my job.
Then came the calendar notification that changed everything: “Mandatory Discussion” from someone I barely knew. I still remember that day vividly—being called into the office when I normally worked remotely as a traveling consultant.
The subway ride was miserable; I was physically sick but pushed myself to go in. As I sat in the office throughout the day, anxiety building with each passing hour, I somehow knew what was coming. Finally, on the dreaded call, I heard those words no one wants to hear: “We have decided to let you go.” Two weeks’ notice. Go home. HR will be in touch.
What followed was eventually called the Great Recession, and I spent six months unemployed—at the time, the most terrifying experience of my life.
Wisdom from the Other Side
Now, 15+ years later, I want to share what 40-year-old me would tell 27-year-old me about navigating layoffs and recessions. While everyone’s circumstances are different depending on their stage of life, these principles helped set me up for where I am today as a family man.
1. Slash Those Monthly Subscriptions
We live in a subscription economy that didn’t exist to the same extent in 2009. Take inventory of all your recurring payments:
- Streaming services
- Online apps
- Subscribe and save programs
- Monthly memberships
- “Coffee of the Month” clubs
The best approach? Cancel and see if you actually miss it. If you do, you can always resubscribe later.
For essentials you can’t eliminate, negotiate aggressively. Insurance premiums, internet access, cell phone plans, even rent or property taxes—nearly everything has room for negotiation if you’re persistent.
With today’s inflation, this step is more crucial than ever. Many monthly expenses have silently crept upward while we weren’t paying attention.
2. Find Your Side Hustle
Maintaining work motivation is critical when you’ve lost your main source of income. A side hustle, however small, provides that sense of purpose and accomplishment. Consider:
- Creating content on social media
- Bartending weekend shifts
- Leveraging skills like woodworking
- Opening an Etsy shop
- Driving for rideshare services
The goal isn’t just supplemental income—it’s keeping yourself engaged and preventing that downward spiral of negative thinking. Plus, you might discover entrepreneurial talents you never knew you had.
3. Invest in Yourself—Finally
We all have that mental list of “if only I had the time” dreams. Guess what? Now you have the time. Use it wisely:
- Start that gym routine you’ve been postponing
- Explore that MBA program you’ve been considering
- Research that career change you’ve been contemplating
- Spend quality time with your family
Losing a job isn’t inherently negative—though the financial stress certainly is. Consider it an unexpected sabbatical. The key is reframing this period as an opportunity for growth rather than a setback.
4. Become a Deal-Hunter
Limited funds doesn’t mean stopping your life—it means living more strategically. Google “recession special” and prepare to be amazed at what you’ll find, especially in places like New York City:
- Restaurant promotions
- Retail discounts
- Reduced gym memberships
- Entertainment packages
Remember, businesses are struggling too. Many will offer substantial deals to keep customers coming through their doors.
5. Remember: This Too Shall Pass
Having lived through both 9/11 and the Great Recession in New York, I can promise you—there is always light at the end of the tunnel. The job market was brutal during both periods, but when things turned around, opportunities flourished.
Keep your head up; staying positive is crucial. Don’t abandon your job search. While you’ll never forget the challenging times, they make the good times that much sweeter when they return.
Moving Forward
Economic cycles are inevitable. What matters isn’t whether recessions will come, but how prepared we are to weather them when they do. By implementing these strategies early, you’ll not only survive economic downturns but potentially emerge stronger on the other side.
