Not many jobs out there are recession proof. Some are more at risk than others. If you work in the industry that started the recession like I do then your job security can be in even more danger. My list below is not a recommendation for a career change, but instead a helpful reminder that in down markets certain industries do very well. These industries are essentially what help keep the money in our economy flowing in a recession while you keep all your cash in a coffee can.
5) Repo
All those people that over-extended themselves with credit will have their stuff taken once they can’t pay the bills. We always focus on cars, but you can repossess anything, like jewelry, chrome wheels, TVs, and homes. Whatever your specialty, credit offices have you on speed dial.
4) Repair
Auto repair, home repair, computer repair. Whatever you fix, people will need help fixing it. In a down market people hang on to expensive items longer, opting to repair instead of replace. Then there are the dead broke people who can’t afford to pay $400 for new breaks, but the rear-end a car and now need $1400 worth of work plus new breaks. You make money by the hour, and you now have more hours to bill for.
3) Lawyer
When jobs are lost crime goes up. (Most) Criminals need representation in court. You’ll also benefit from the civil battles between businesses or foreclosure hearings. Regardless, in a down market, your services are needed even more.
2) Advertising
I’m not talking about work at the big advertising firms around the country, they’re screwed. No I’m talking about the low cost folks. This could be billboards, sign designers, and especially internet publishers. I’m in that last category. Because of a lack of funds, traditional print and media advertising just doesn’t fit the bill anymore. Money is getting pumped into these other formats because, frankly, we’re a lot cheaper.
1) Government
Always run to government, that’s what we do in a down market. But you can’t just get any government job. Only the top dogs that decide the budget are truly safe from a depression. Of course I’m talking about Congress. 6 figure salary, lifetime pension (after a lofty 5 years of service) and benefits, and people will pretend to like you. Being in Congress is the most recession proof job because once you lose your job, you still get paid for the rest of your life. Your backup plans are writing memoirs, giving speeches, and getting an honorary PhD to guest lecture at a local university. Bonus: Since you decide on the budget, you also vote on your own raises. I’ll bet a dime our Congress will give themselves a big pat on the back for doing so well in preventing economic collapse by giving themselves a nice raise.
 By The Weakonomist |
The Weakonomist is the founder of Weakonomics. Clicking the picture of the puppy will tell you more about him. If you like what you're reading consider subscribing to the blog, following him on Twitter, and checking out the related posts below. Please consider a donation if you really enjoy Weakonomics. Also keep in mind that nothing I say can be construed as financial advice. |
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