Successful people prepare themselves in prosperous times so they are well off in times of recession.

Similar to all four major seasons that bring in crucial changes to the weather pattern of the Earth, humanity is exposed to various stages of the economic cycle; expansion, slowdown, recession and recovery. It would be alarming while the new reports reveal that there awaits an economic recession starting this time of the year. Symptoms have previously appeared indicating that the world economy started shrinking and there is less probability to restore or raise the economy back to former level with any sort of known pecuniary steps. 

Employment situation will get badly affected soon, since many employees will be mercilessly thrown out from their jobs. Corporate Giants are in the process of reducing their workforce worldwide to less than half of their total strength. Global output will get comparatively less and consequently, avoiding a global recession would become more difficult. Recession is a time of pessimistic feeling emerging from a sustainable period of poor economic growth. 

An economic recession can be a challenging time for many individuals, but there are several steps a common man can take to prepare and withstand the unpredictable consequences that may arise: 

1. Educate how to face challenges: Enlighten yourself and all other members in the family about the worries and concerns of recession and organize certain established ways of do’s and don’ts that will encourage them to follow precisely. 
2. Create a budget: Creating a family budget can help you better understand your spending habits and identify areas where you can cut back if necessary. Discontinue or reduce all unnecessary expenses on luxury purchases and stick to spend on basic essentials of life. 
3. Build an emergency fund: Having an emergency fund can help you survive unexpected expenses and job loss during a recession. Aim to save enough money to cover at least three to six months of living expenses.
4. Pay off debt: Reducing or paying off high-interest debt can help lower your monthly expenses and reduce financial stress.
5. Consider multiple streams of income: Having multiple streams of income can help ensure a steady flow of funds during a recession.
6. Build up your skills: During a recession, competition for jobs may increase, so consider investing in new skills or certifications to make yourself more attractive to potential employers.
7. Stay informed: Stay informed about economic news and trends, and be prepared to adjust your financial strategy if necessary.

Remember, preparation is key, and it's important to start making these changes well in advance of an economic downturn to give yourself the best chance of weathering the storm.