Recession proof jobs
According to Peter Schiff in his book “The Little Book of Bull Moves in Bear Markets,” the 10 strongest professions and industries over the coming decade and beyond are:
1. Engineering, because the abandoned U.S. industrial base will need to be re-tooled.
2. Construction, to rebuild the American infrastructure.
3. Agriculture, as we wean ourselves from imported foodstuffs.
4. Merchant marine, to transport goods to foreign markets.
5. Commercial fishing, because demand for fish is increasing in the U.S. even as foreign supply is declining.
6. Energy, because we’ll need to develop alternatives to fossil fuels.
7. Computers and high technology, one field in which the U.S. continues to lead.
8. Entertainment, another industry in which the U.S. should continue to dominate the world market.
9. Automotive repair, small appliance repair, and the like. It’s going to become more costly to replace items, making repair a viable option.
10. Tailoring and textiles, because imported clothes will become scarcer and more expensive.
He also lists jobs which are at greatest risk of decline:
1. the service economy
2. banking and finance
3. real estate
4. health care
5. travel and tourism
6. retailing.
Hence, he recommends those who are working in any of the above industries to consider moving ship.
However, JD of getrichslowly.org compared this list with the opinions of 3 other experts, and concluded that the 4 came up with different lists and hence:
Nobody can agree on which jobs are best for riding out a recession. As we’ve seen time and again when people try to predict the future, everybody has a different methodology, and everybody comes to a different conclusion. Nobody will be 100% correct.
So what ARE the most recession-proof jobs out there? He said:
I believe that in general, the most recession-proof job is the one you already have. If your current career is fulfilling and pays well, then do what you can to make yourself indispensable. Develop your skill-set. Be a valuable contributor. Keep a positive attitude. Network your way to job security. These things won’t help if your company undergoes massive lay-offs, but they will protect you from casual culling.
Good advice indeed.
Source
getrichslowly.org
