Shark Tank star Mark Cuban recently said in an interview that he believes a recession is imminent amid slowing economic growth, rising unemployment, weaker consumer spending and mounting national debt. The billionaire investor stressed that layoffs often lead to lower revenue for businesses, and when consumers cut back on spending, sales decline.

As a result, business owners begin to feel the impact, creating a domino effect across industries. Cuban pointed out that when the next recession hits, sectors such as traditional media, restaurants and dining, government-funded companies, and platform-dependent businesses could be among the first to struggle.

He also highlighted in a 2025 Bluesky post that massive government cuts could trigger a ‘red rural recession,’ given their disproportionate impact on small towns, cities and states. Although Cuban recently warned of an economic downturn, he shared his recession playbook years ago.

In 2019, an X user tagged Cuban to ask: ‘With all the talk of a recession coming, what do you think will help someone going through it for the first time?’ Cuban responded with seven recommendations for navigating economic upheaval by safeguarding finances and jobs.

Debt Refinancing

Cuban believes that refinancing debt, including credit card and student loans, at a lower interest rate can help save significant money. For instance, credit card debt can be refinanced using a 0% balance transfer credit card. However, student loan borrowers should carefully consider refinancing options, particularly for federal loans eligible for automatic forgiveness after 20 or 25 years.

Prioritise Saving, Live Frugally

Cuban urged individuals to save as much as possible. ‘The greatest opportunities come when you are one of the few with cash,’ he noted. While financial advisers generally recommend saving six months of living expenses, renowned personal finance expert Suze Orman recommends eight months. Cuban added that living like a student, with lower monthly bills, can considerably reduce financial strain on the household.

Understanding How a Slowdown Impacts Employers

Cuban thinks it is important to understand the economics of the company you are working for and how a recession could affect your job. Workers can begin to consider factors like whether their employers are quick to lay off or reduce pay during margin pressures. Upskilling and improving networking skills beforehand could help prepare you in case a recession puts your job at risk.

Cuban urged workers to be great at their jobs and warned that employees without self-awareness are usually the first ones to be fired. He also suggested that you should work to reduce the stress for your co-workers and superiors.

Don’t Listen to ‘Experts’ Forecasts About When a Recession is Coming

Lastly, Cuban said that there are many forecasts of a recession and when it will hit US markets, and one should avoid making financial decisions before scrutinising these financial models. ‘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 little things will make things better or worse till they happen,’ Cuban wrote.