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Is your job recession-proof? Even if you own your own business, unless what you provide is a core NEED and not discretionary to your customers, you risk getting stucco (bad pun intended). By "need", I mean plumber, roofer or ER doctor.
Abrupt reductions in income happened to hundreds of thousands of biz owners during the Great Recession. Happened to a couple million professionals as well. We don't know how the next recession will trigger, but it probably will not be how the previous ones triggered. Hence, income continuity strategies based on prior recession events may or may not work for the next one. Remember, there's still a couple of hundred trillion $ in derivatives contracts out there.
If it were me, I'd get out of the contract, PRONTO. You're not liquid, and the next recession could force you to your knees.
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