1. Invest Your Money – Now is the time to throw your savings account into the stock market. Consistently performing companies like Apple and Microsoft are significantly undervalued. Once the market makes it’s cyclical burnout prices will return to pre-crash levels. Quick and safe gains can easily be made by investing in any company that will survive.

2. Expand Your Network - Spend time meeting new people, start Twittering, attending local business meetups, and growing your contacts. During tough times people are more open to meeting new people, collaborating, and sharing ideas.

3. Help Others - Do favors for those who are hurting, especially those in your immediate network. When they are back on their feet they’ll remember and lend you a favor when you need it most.

4. Learn - As businesses are downsizing and employees are taking forced vacation, more free time than ever is available. Don’t waste it and instead increase your value by taking classes at a local college, apply to MBA programs, read instructional books, or even consider completing the Personal MBA.

5. Expand Your Business - During recessions companies are liquidating assets for pennies on the dollar hoping to live another day. An example is Sirius Satellite Radio which was forced into a very high interest rate loan to stay afloat. Look to acquire office equipment, divisions of a business, whole businesses, and even top performing employees all at significant discounts as businesses aggressively downsize.

6. Take a Vacation – Your opportunity cost is at its smallest during a recession, and your time is least valuable. Take the time to explore and take those trips you’ve always been holding off, and look for deals as tourist destinations are offering substantial discounts off regular rates as they seek to remain at operating capacity.

7. Look for Ways to Earn Extra Cash – Desperate times call for desperate measures. Dust off your old toys or unwanted possessions and list them on CraigsList or eBay, donate plasma to the Red Cross for $20-30 per visit, list your freelance services on CraigsList, participate in scientific experiments at local universities or research labs, donate sperm for $30-200 per vial, or donate an egg for $5000+, or sign-up as a mystery shopper. There are plenty of ways to pad your pocket and compensate for that reduced bonus, cut hours, or lost job.

8. Create an Emergency Fund – Avoid using a credit card for those rainy days and hopefully you have an emergency fund already in place. If not, put aside a set percentage of your paycheck to prepare for the drop in income.

The last two recessions averaged eight months and while they certainly aren’t fun, knowing how to navigate the choppy waters can make for a bearable, or even successful recession. While others might be hurting, this is an opportunity to succeed for those who are prepared.