AFF-USA/Shutterstock/AFF-USA/Shutterstock
Commitment to our readers
The GOBankingRates editorial team is committed to providing you with unbiased reviews and information. We use data-driven methods to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our review methodology for products and services.
20 years
help you get rich
trusted by
millions of readers
Billionaire Mark Cuban rose to fame as the owner of the Dallas Mavericks and a longtime shark on ABC’s “Shark Tank.” But she’s also a serial entrepreneur and an outspoken social media influencer, with nearly 10 million followers on X and Bluesky alone.
A fan once tagged Cuban on X and asked, “With all the talk of a recession coming, what do you think would help someone going through it for the first time?”
Cuban responded to a post offering seven suggestions for dealing with the economic downturn. That was in September 2019. However, Cuba expressed concern that in 2025 bluesky post Sweeping government cuts could lead to a “red rural recession” because of their disproportionate impact on small towns, cities, and states.
The tips Cuban offers in the 2019 poster are good advice for those who want to protect their finances and their jobs before the next recession begins.
1. Refinance your loan
You can save a lot on interest by refinancing credit card debt with a low-interest personal loan or 0% balance transfer credit card. But consider student loan refinancing options carefully, especially if you have perks like federal student loans. Income-Based Repayment Plans And automatic forgiveness after 20 or 25 years.
2. Save aggressively
Cuban said those with cash have the most opportunities. Experts generally recommend saving for three to six months of living expenses, but personal finance experts Suze Orman Doesn’t seem like it’s enough. She suggests you save up to eight months as soon as possible.
3. Know how the recession will affect your employer
Does your employer immediately make layoffs, or reduce hours or pay? Consider expanding your skill set and increasing networking efforts.
4. Live frugally
Cuban advised readers to live like a student because fewer bills mean less stress. Don’t wait until you’re under financial pressure to take these steps.
- Stop all but one streaming subscription at a time.
- Make cheap, uncooked or almost uncooked meals instead of ordering out or eating out.
- Find free entertainment.
- Buy used when possible.
- Take advantage of discounts from your employer, your credit card, and the organizations you’re associated with.
5. Ignore recession predictions from ‘experts’
economic forecasts are extremely incredible.
Cuban wrote, “We live in a global economy, whether we like it or not.” “The butterfly effect applies. We don’t know what combination of big and or small things will make things better or worse until they happen.”
6. Be great at your work
Cuban said this requires you to be honest with yourself because employees without self-awareness will be the first to be fired.
a blog post on In fact The website recommends building your game by listing the things you do well. This way, you’ll know how you can make the strongest contribution while also identifying the skills you can improve.
7. Reduce stress for your employer and coworkers
Great employees are often those who cause the least amount of stress to their employers and coworkers. Here are some desirable qualities recommended by Indeed that make you easier to work with and manage.
- positive attitude
- open to constructive criticism
- learns from mistakes
- strong communicator
- flexible
- problem solver
- reliable
final thoughts
As Cuban said, it’s impossible to know what’s going to happen until it happens. You will benefit from acting now to increase your savings, reduce your expenses, and give yourself the best chance of keeping your job during the recession, no matter what happens next.