In my last blog post, I discussed how you can take the first step in preparing for the recession that’s quickly approaching. This is going to be a really tough next few years and I’m already seeing it in real-time.
“Well people, this is your pilot speaking and it is time for you to brace for impact!”
One instance of the recession hitting everyone’s pockets (including mine) is evidence-based on an email I received from a brand I was in contract to work with.
I posted a video on Instagram (you can watch it here, instagram.com/zachrancey) about how I was supposed to be partnering with a supplement company to do a paid post for their new vitamin launch. I was really excited about this brand deal because it was a company I have been wanting to work with and when they reached out to me to collaborate I jumped on the opportunity. Here’s what happened next…
How do I know the recession is here?
Unfortunately, I received an email from their marketing team that said they are no longer moving forward with the campaign. After doing my due diligence, I found out that they canceled all of their partnerships with all of their influencers. Why did they do this and how does the recession play a role in their decision?
Inflation has taken a toll on almost everyone and everything. Food, rent, gas, utilities, and just about everything under the sun have gone up in price. Because of this uptick in the cost of goods business’ raw materials, packaging costs, utility bills, and other items on their balance sheet have gone up in price resulting in a much higher bottom line just for them to break even. I see a ton of other brands doing the same and after discussing with my agent it’s clear that brands are pulling back on their marketing budgets.
So what should your mindset be going into this recession…
The most important mindset shift here is living like you are broke. You must have the mindset that every dollar matters and live as if you are broke. Having the mindset that you don’t have any money will give you the ability to save all the money you currently have because maintaining is all we are trying to do here. I myself, have been reeling back on all my spending including canceling a recent vacation, (airfare and hotels have skyrocketed in price in the recent weeks and months.)
With all that being said I’m going to keep it short and simple:
“Live as if you are broke.”
If you do this you will put yourself in a good spot to get through these hard financial times.
Sincerely, authentically, genuinely,