Recession

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shadow
Posts: 42
Joined: Sun Aug 19, 2018 1:18 pm

Recession

Post by shadow »

Hello everyone,

For those of you who don't know colleges around the US are pretty much at a standstill right now due to coronavirus fears. This has left me with some spare time for formulating plans. From what I can gather we will be seeing a recession soon; and if not there is a reasonable chance that one happens within the next few years. I have read that the general mindset of ERE is by nature resistant to recession (have multiple income sources, invest in skills, don't rely on spending $).

Because I am aware of that I am not exactly in fear of a recession. I am, however, wondering about the best specific application of the general principles given the current situation. I am approaching this from the perspective of someone who is not currently in the labor force or the market (no savings). If I plan on entering the workforce during a recession/economic slowdown, what should my preparation be? So far I have considered building income sources outside of my intended career, focusing on getting into the health/education industry, getting an unskilled job in the immediate/short term to build up savings, and attempting to find some kind of training role for a useful skill (ex. mechanic). I think all of these ideas have some pros and cons so I was hoping to hear some analysis, and of course there are an infinite amount of plans I haven't thought of. I am already practicing some of the "standard" advice of budgeting, spending as little as possible, learning about the items I use, avoiding use of a car, and cooking, so I was looking this question mostly from the angle of building buffers against loss of income as opposed to lessening dependency on income itself.

edit: This was written in the first person, but answers related to what you are doing/ will or would do/ would do in my situation are much appreciated.

Lucky C
Posts: 493
Joined: Sat Apr 16, 2016 6:09 am

Re: Recession

Post by Lucky C »

When in college you only have a set amount of time to get the skills needed to snag your first job in your field, and if you expect a recession (or just exiting a recession) around when you graduate, competition for most jobs could be very high. If you adopt the ERE web of goals approach, you might risk trying to form too broad of a web of goals and that could hurt your chances to stand out as a candidate trying to enter a specialized field.

So I would say think of a narrower web of goals to that will set you up to compete in an employer's market. After you start your 9-5 job you will have plenty of years to expand to the broader Renaissance ideal. For now, a narrow web of goals doesn't just include the academic knowledge taught in your courses, but soft skills as well - networking with teachers and successful students, working on your speaking/presentation skills, time management, writing, and interpersonal skills. Basically if everybody knows you and likes you, that will greatly help your chances of getting a job you want straight after graduation, even if you aren't at the top of your class. Of course these other skills beyond your coursework will continue to help you in other ways in your career and life too.

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