I’ve been hearing rumors of a pending financial collapse ever since we got over the last one. It seems there’s always some financial guru or other who’s ready to say that the nation is ready to go over some financial cliff, if X, Y or Z doesn’t happen. At some point, one of these guys is going to be right and the thing they think will fix it doesn’t work. When that happens, we’re all going to be feeling the consequences.
Contrary to popular belief, everyone won’t lose their jobs when the next financial collapse happens. The worst that we’ve ever experienced has been the Great Depression and about 25% of the workforce lost their jobs then. That percentage seems to be about the same as what has happened in other countries as well.
Of course, how many people lose their jobs isn’t merely an academic discussion if you’re one of the people who lose. All any of us would care about in that situation, is where we’re going to come up with another job, so that we can feed our families.
Unfortunately, most people actually have a rather limited skillset. They might be true experts in their own field; but once you get them out of that field, they don’t have any idea what to do. So if there are no jobs in their chosen field, they’re sunk. That’s going to hit a lot of people hard, when the financial collapse comes and their field no longer exists, because it is an unnecessary luxury.
The solution to that problem is to either have a side gig that can still operate in such times or have other skills that can be used to make a living. The more skills someone has, the greater the chance that they will be able to find a job, even if it’s not the job they’d rather have.
So, what sorts of jobs are most likely to remain or even grow during those times?
- Mechanics – People will be keeping their cars longer, because they won’t be able to replace them during the uncertain times. This will increase the amount of repair business, providing opportunities, either working in someone else’s shop or starting your own.
- General Repairs – The old “fix it” shop of yesteryear is no more, because pretty much everything is disposable now. But when money is short, paying 50% of the cost of a new one makes sense, if that will get your old one working.
- Building Trades – While there will most likely be a slump in the building trades, along with everything else, the building trades will be one of the first industries to recover. Not only do people need a place to live, but construction projects have historically been one of the key ways that the government has stimulated the economy.
- Medical – Any sort of medical skills will probably be in demand, as there will be a lot of sick people.
- Government Services – Many of the services which local, state and federal governments offer will continue, as the government tries to deal with the situation. While a government job may not be 100% secure, it will probably be more secure than anything else.
- Growing food – No matter what, people need to eat. There’s always a need for farmers. Not only that, but growing food in your backyard can turn into a lucrative side gig, while helping to keep your own family fed.
- Bartering – With high inflation making money virtually useless, much of the economy ends up turning into a barter economy. While this might not get you a job, knowing how to barter will probably help you get much needed supplies.