How experts say you should prepare for next economic recession

Would you be in a good financial position if you suddenly lost your job today?

General Motors recently announced it plans to slash thousands of jobs.

Experts say that the best time to plan for when things get rough is when everything is going well because as technology rapidly changes markets, layoffs can be unexpected.

So, how do you prepare?

Experts say the first step is to learn from the past.

If you're unsure of your position within your company is safe, ask people who were in that same position what happened during the last recession.

Improve your position: Experts advise you try to become more central to your company's future.

Finally, be flexible. A recession may force you into a new career, and that's OK.