Choosing careers in recession is never easy. You have to thread that tiny needle of what you are good at, what you are passionate about, and what the market will bear.
Sometimes, the best course of action is to choose a career path that will allow you to have a good lifestyle and one that will weather any type of changes in the economic climate. If you were starting a career today with all the talk of economic downturns on the horizon, wouldn’t you want to choose a career that would give you the opportunity to maintain balance between lifestyle and economic necessity.
How do you find that balance?
The Recession Might Be Coming
The economy goes through boom and bust cycles. The better the economy does, the closer it races to a recession or even a depression. Rapidly heating economies scare off investors. That fear ripples through the entire economy while economies that have been down a while and start to look up are prime for investors.
Bond yields briefly inverted last week, causing panic and sell-offs in the stock market as many thought the next recession was upon us. Before that, subprime auto lending led to a serious problem of people being three or more months behind on car payments. Then, subprime housing loans came roaring back just like they did before the Great Recession.
Unemployment is inching up and the cost of living is outpacing wage growth by 14%. There are numerous indicators pointing to a looming recession, but usually we have to be in a recession for a few cycles before we realize it.
Recessions come and go and it always pays to be prepared for whatever comes. That’s not to say you can’t choose careers in recession based on your interests. Sometimes, it pays to have a side hustle you can scale up or fall back on.
Careers in Recession: How To Prepare Yourself
No matter what kind of career you are currently in, you can do a lot to prepare yourself for a recession. Make sure your resume and LinkedIn profiles are up to date and start working to build relationships within your network if you have not already.
Learn new skills and take advantage of any job training available to you. Setting yourself apart can make a huge difference when that first round of layoffs comes around.
If you are just entering the workforce or thinking about making a career change, choosing a career path that can withstand cycles in the economy is a smart move. Things like cosmetics, beverage alcohol, and tattoos continue to do well no matter the economic situation.
There are also certain career paths such as federal government workers, medical professionals, and those in the financial services industry who continue to do well and remain employed no matter the economic climate. But even if you don’t have the resources to train for one of those positions, learning to prepare taxes will always have job security.
Nothing Certain But Death And Taxes
As the old saying goes, there’s nothing in life that is certain except for death and taxes. You can start a funeral business or you can prepare taxes, but preparing taxes is going to keep you busier.
Everyone has to pay taxes or risk going to prison. Many people will always need help preparing their taxes, thanks to the complicated nature of the tax code which is estimated to be anywhere between 4000 and 70,000 pages long depending on who you ask.
Contrary to popular belief, you do not need to have an accounting degree to be a tax preparer. This means anyone with basic math skills can learn tax preparation and become certified with the federal government. It can be a highly flexible career option with good pay.
Recession Proofing Your Career Now
Are you ready to weather the next economic storm?
Whether you think a recession is coming or not, and there’s certainly no definitive science behind the answer, you’re better safe than sorry. Taking a few simple steps now to ensure you can work in any economic climate can ensure your family is financially secure.
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Author: Brian Wallace
Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, and hosts the Next Action Podcast. Brian has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019.