Recession-Proof Jobs and Financial Protection
Do you have a recession-proof job?
Economics professors say there are industries that offer strong job security during economic downturns. Those are health care, government, computers and information technology, and education. These occupations added tens of thousands of jobs during the ‘01 and ‘09 recessions, according to data from Zip Recruiter and the U.S. Bureau of Labor Statistics. Jobs that depend on consumer spending will be the most threatened. Can you recognize signs of trouble in your industry? Observe layoffs, wage freezes, or cutbacks. Is inventory accumulating? Has massive spending stopped and are sell-offs taking place? These are red flags you should not ignore.
Avoid leaving a job until you have another in place. Make yourself a valuable team player and work as unto the Lord. Gain new skills and seek certifications that will solidify your current position or aid in a future one. Don’t complain, gossip, or make impulsive moves. At home, track your income and expenses and make a financial plan otherwise known as a budget. Reduce your variable expenses and pay down high interest-bearing debt. Make sacrifices now so you can build your emergency fund. Consider ways to diversify your income. Maybe pick up a side job or start something on your own. Finally, pray for guidance, give thanks, and seek wise counsel.
And if job insecurity has created credit card debt, I recommend Christian Credit Counselors. They’ll create a debt management plan that will work for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.