There are many things a financially savvy person will do to prepare their portfolio for a predicted market crash like carefully diversifying your portfolio, calculating your expected total return or incorporating gold, bonds or real estate into your investments. Setting aside cash in an emergency fund in case the worst happens and you’re laid off is always smart, but especially so in advance of a suspected market crash. There’s no downside as you can always re-invest the cash savings when the market is more stable. But did you know there are some jobs that are, while not market crash-proof, much more safe and stable in the event of a crash? Some of these professions require years of study and training, like those in the medical and mental health fields, but some incorporate skills you probably already have and could capitalize on to ensure you maintain your income. Below we’ve detailed five jobs you could get before the market crashes.
Big companies are likely to cut their marketing budgets during a recession, so we’re not suggesting you join forces with an advertising agency. Instead, you can brand yourself as an independent marketing consultant and charge a reasonable hourly rate. If you have been in the business world for a while, you likely are familiar with some marketing basics like SEO (search engine optimization) and social media. Maybe you’ve even been responsible for approving or collaborating on campaigns.
Put together a portfolio using any marketing material you’ve worked on in the past. Indicate on your social media and job search websites that you’re available as an independent consultant and approach small companies or start-ups with proposals for how you can help them meet their marketing goals on a budget.
During a recession, businesses will be looking to use money-saving language to attract their customers, so keep this in mind when you create your proposals. Not only is the company on a budget, they are trying to sell a product to consumers who are also on a budget.
IT professionals are another field that is recession-proof as maintaining internal systems, software and hardware isn’t an area where companies can cut their budget entirely. Similarly to marketing, this is an area where you may have an advantage if you have existing skills you can capitalize on rather than trying to get a part-time job working for a company that places IT departments. Focus on skills you have or could strengthen that are less likely to be outsourced: jobs that require you to be hands-on with equipment, manage the internet security system or to respond quickly to a staff member who’s having computer trouble that prevents them from doing their job.
Remember: IT staff is amongst the highest paid professionals who are not required to have a specialized degree. Often in IT, experience with a system is more highly valued than formal credentials. Compile a list of tech skills you have (think about the software you’ve used for a while in your current position and can easily navigate) and look for areas where a little informal education could help put you in a position to consult. Fill in the gaps by using free, online tutorials to strengthen your knowledge (there are many of these like Alison, which offer a wide variety of flexible online classes). Then, look for opportunities for you to put your skills to the test.
Bonus Tip: Learn to Code
You can code for websites freelance, in addition to your full-time job, or offer your services to startups.
Law enforcement officials actually see some job security in the first years of a recession. Unlike the above options, this obviously isn’t something you would be able to do on the side while you wait out the recession. However, if you think your job will be made redundant in a recession and you’re unsure if the position and/or the company will be able to bounce back after the recession, you may be considering a career shift in order to ensure you can provide for your family long-term.
In order to join the force, you’ll need a high school diploma (or GED), pass an entrance exam (you can practice online), and attend a police academy for roughly 6 months. There are certain certificates and degrees that will help you obtain a higher-earning job within the force that you could look into during your training, but they vary depending on the state where you live.
Professors and teachers may not be known for their high salaries, but in a recession, this won’t matter if you need a job. K-12 teachers must have a special degree and a teaching certificate that is valid in a state where they are seeking a job, but many universities, community college, and online colleges will hire teachers or professors who possess a Master’s degree or have proven extensive knowledge in their field. Check the requirements at your local colleges or do some online research.
Many business professionals who lose their main source of income in a recession will also try to find jobs teaching at business school, so our best tip is to begin your relationship with an institution early. Teach an online course or night-school part-time while you’re current job is still safe. Not only will you build emergency savings, you’re also more likely to retain or build that teaching job down the line.
About the Author:
Marco Baird is an aspiring writer of both fiction and non-fiction, most interested in business with a particular emphasis on marketing and entrepreneurship.