How to recession-proof yourself (whatever that means)

Hey guys, great to see you back here!

Since the last episode of the Data Diaries, I traveled across the world…for a cancelled Taylor Swift concert ):

Oh and I just started my Youtube channel!

I was laid off a little over a year ago, and I thought it was my worst nightmare come true.

3 weeks of unemployment and 7 months of a job that was NOT the right fit later, I realized I was so wrong.

Let me rewind.

I remember in the months leading up to my layoff, I prepared myself for that possibility. It was that time in 2022-2023 when tech companies were doing layoffs left and right.

While I knew it was a very real possibility, part of me was in denial it could ever happen because I was at a 6-person company. They couldn’t afford to lose 1/6 of their company…right??

So when it finally happened (no notice beforehand, and in fact I received a raise right before it happened), it felt so surreal. Like how could the universe let my WORST case scenario actually happen?!

During the 3 weeks when my only job was to job search, I lost so much sleep from the anxiety that it literally felt like my brain was going to explode.

But the intensity with which I job searched paid off, because I landed a role that paid me 50% working at a seemingly perfect job where I reported directly to the CEO and was flown around the world monthly.

When I signed that offer, it felt like I could finally breathe again. At the same time, I promised myself I would never ever let myself get to this vulnerable state again where one company had a monopoly over my mental and financial wellbeing.

I started investing more time into my side business of content creation, taking online courses to get back into upskilling mode, and actively nurturing my network through conversations on LinkedIn.

I was doing all of this ON TOP OF trying to prove myself at a new job, so I was so overwhelmed. But at least I wasn’t jobless…right?

Well I ended up investing too much time into my side business, so much so that I realized doing that made me way happier than the new job ever could.

So 7 months into the cushy job, I quit. I was back at “my worst nightmare”—jobless. Except this time, I welcomed it.

Of course, I wasn’t actually jobless. My content creation business took off, and I became my own boss. And if I were to ever return to the 9-5 life, I know I have the skills and network to do so.

I would have never gotten to this “future-proofed” state if I didn’t actively invest in these 3 things:

Of course, the first two are easier (relatively) to invest in than the last one, especially if you don’t know what you want to build side incomes around.

Here are my top tips if you currently don’t have any side income streams and don’t know where to begin:

Begin by writing down your interests and skills to help you pinpoint areas where you can leverage your existing knowledge or passions. For instance, if you enjoy teaching, creating an online course could be a great option.

Find a platform that resonates with you. Whether it's a blogging site, a video platform like YouTube, or a course creation site, selecting a medium you enjoy will make the process more engaging and sustainable.

Consider starting with zero investment options. There are many ways to generate income without upfront costs, such as offering consulting services based on your expertise or creating digital products like eBooks or printables.

Look into passive income ideas that can be started up with minimal effort. For example, you could create an online course or write an eBook. These can generate income over time with little ongoing effort.

As you start to earn, consider reinvesting your profits into more substantial income-generating activities, such as real estate or dividend stocks. This can help you build a more robust income stream over time.

Don't hesitate to reach out to your network for support or collaboration. Sharing your plans with friends or colleagues can lead to new opportunities and insights that you might not have considered before.

Investing in your side income streams is the best way to future proof yourself in a job market where companies are still doing mass layoffs left and right. When you give one company the power to feed you, you’re also giving them the power to starve you.

That’s it for this week’s newsletter! See you for the next episode of The Data Diaries soon 👋

- Megan

And in case you don’t know who I am, I’m Megan Lieu, Data Scientist-turned-Developer Advocate who has helped thousands of job seekers through my content on LinkedIn and Instagram, as well as my courses on LinkedIn Learning. I’ve learned a lot from the ups and downs of my data career, and sharing the lessons has helped me build a community of 225k+ tech and data professionals.