I have an unfortunate advantage over most readers, I’ve experienced more bear markets and recessions than most of you. Having started my career in Dallas, TX in the early-mid ’80s, it was RECESSION PROOF! Houston was on life support because of oil, and the Rust Belt was…well, the Rust Belt. And inflation and interest rates were almost illegal (ie.15-20% mortgages). But I lived in Dallas, TX where NOTHING COULD GO WRONG! In fact, by the time I was 25 I owned two homes and was looking to invest in more. What could go wrong???
Yikes…Didn’t see that coming!
Within a few years and after legislative changes to banking that no one could predict, the stock market and people’s lives crashed! While I made it through the 80s cash neutral, I considered myself lucky and fortunate. From that time on, I’ve learned to NEVER say NEVER…just as I did 6 months ago.
The economy is still in favor of the employee but leverage is evaporating depending on the industry. Wages have increased 4% in 2022 and chances are you won’t be out of a job long but may have to make a few more concessions. But, if you thought the recession in 2008 was a “one-time thing”, I urge you to learn a lesson I learned early in life…. NEVER say NEVER! With mortgage rates nearing 6%, gas prices exceeding $5-6/gallon, and GDP going “Stupidly” high, companies have less in the coffers to invest and grow. The natural reaction is to cut or quit posting new jobs. And the government and world economy can always throw a legislative curveball that can swing things in a different direction (aka Russia/Afghanistan??)
3 Strategies To Future Proof Your Career
- Focus on the BIG MONTHLY EXPENSES! Small stuff (daily coffee at your favorite barista) adds up but it’s pennies on the dollar compared to the BIG stuff (rent/mortgage/utilities/car payment/insurance premiums, etc.). Focus and create strategies for any expenses over 10% of your monthly take-home pay.
- Quit jobs if you must BUT on good terms. It’s a small world and bad exits have a way of creeping back into your life at the wrong time.
- Find what you love best and be the best at it. If the pandemic has taught us anything it’s that life is short, can change on a dime, and regrets are no fun. Get a mentor/coach or someone that can guide you to being THE BEST VERSION OF YOU!
And remember, NEVER say NEVER! Trust me on this one! There will be multiple highs and lows throughout your career. Just be PREPARED in either cycle!
Love to hear your take or experience especially if you’re thinking of pivoting in your career, starting a business, or aspiring to reach the next level! Please reach out at Sgibson@oxygen-plus.net!