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I’ve been seeing the same two headlines lately. You probably have, too.
One goes like this: “Stocks have more than doubled in the last four years. They look expensive now. We’re due for a crash.”
The other goes something like this: “Stocks are only up because the Fed is printing so much money. But that printing is going to end soon. Look out below when it does.”
Put these two together, and it looks scary. The odds of a market crash seem about as high right now as they have since 2008.
Now, no one can forecast the market in the short run with any accuracy. But let’s assume this fear is all accurate. Let’s assume the market is due for a crash.
What should you do about it?
From the The Motley Fool November 2013
Well. To start let’s have a look back at 2008-2009 and this time let’s try not to make the same mistakes we made back then.
Mistake # 1- We are too valuable an employee to be laid off.
I thought that too. I was the company’s best performer in my field yet when the downsizing came I was let go. Point learned? Being the best at your job doesn’t guarantee you’ll survive the next round of cuts.
Mistake # 2- I’m very good at what I do and have excellent references.
Again so was I. But what I hadn’t taken into account was I needed a grown-up job. One with benefits and a salary big enough to support a family with kids in school. Point learned? Kids fresh out of college are still living with their parents, they don’t need health or life insurance and are eager to ‘work their way up’ not realizing that their new job is actually a combination of the jobs of 2-3 downsized former employees.
Mistake # 3- It’s okay to take a minimum wage or low paying job until the market improves.
Point learned? No it’s not. If you do you get branded as a fry jockey or janitor or security guard. All honest and decent professions, but not high paying and you have a family to support so…
All economic indicators predict a continuingly difficult and competitive job market for the middle class. So that leaves you with two choices. If you’re the type who enjoys the corporate atmosphere then you need to beef up your skill set so you’ll be the person who has access to the most chairs when the employment game of Musical Chairs begins.
And NOW is the time to start. Because you don’t wait until the ship starts sinking to begin taking swimming lessons.
And if you’re over 50, or your employer’s place of business has closed down, moved operations to an emerging nation or automated your position or you simply can’t take the daily grind anymore; then you need to start looking into starting your own business. And, as a person who has done just that, the quicker you start learning how, the better off you’re going to be because regardless of what anyone tells you of how wonderful it is, the truth is a successful business requires an enormous amount of work, dedication and the willingness to learn and persevere.
But the rewards are incredible!
Imagine not having to listen to that arrogant jack-ass of a boss constantly criticizing your work, underpaying you and always alluding to the possibility that you’re always just a hairsbreadth away from the unemployment line.
I have done both and the truth is both have their advantages and disadvantages. I never realized just how easy working for corporate was. It boiled down to this. I showed up on time, did the work I was hired to do, made my boss look good, made friends with influential coworkers and as long as I never said anything that could be misconstrued as sexual harassment, then it was all good. I received a livable wage, had health benefits and a solid 401K plan. I never worried about sales, or the roll out of new products, or packaging & shipping costs or really anything not related to my job.
The commute was horrible, it required that I get up at 5:30 am. I had to wear a suit, and continuously teach a parade of new bosses their job, a job I was told I wasn’t qualified to hold myself because I didn’t possess a bachelor degree or possess high end computer skills.
I can’t provide you with a bachelor’s degree BUT you’ve come to the right place for Increase your Job Skills courses and Start a Business courses. Just click on the toolbar above.
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