Let me set the stage. In 2024, interest rates are high because inflation has ravaged the American economy. Businesses have cut jobs at record numbers because the price to finance and maintain debt has skyrocketed.
The average person is dealing with a home insurance crisis, inflated property taxes, elevated rents, and high gas prices. To sum it up, things are a mess.
How can a person survive? More importantly, how can a person thrive in this wasteland economy? In this series, I will discuss how the average person can build wealth above and beyond everyone around them.
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It’s not only about building wealth but protecting the livelihood of those you love. If you learn how to profit in the worst circumstances, you can share this with the few who will listen.
Evaluating your skill sets is the starting point of any discussion of avoiding a personal recession. This simply means, what value do you bring to the world? What value can you monetize?
How’s your job treating you? Jobs are scarce. Are you worried that your job may lay you off? What would you do if you lost your job? Would you start an online business (hint: no), join the military, or go back to college?
Does your skill set match what the economy needs? With artificial intelligence coming online very quickly, what jobs will remain?
Robert Kiyosaki says you should reevaluate your skill set every eighteen months; I agree. You cannot be the one left standing when everyone grabs the musical chairs.
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How do you transfer to a new job market or build new skill sets? With the advent of YouTube and online courses, you can build a new skill set at night and on weekends.
I had a full-time career as a US Marine when I started writing and publishing books. Robert Kiyosaki convinced me that having one stream of income is the most risky situation.
Looking at recession-proof and A.I.-resistant careers. You want your main career to be recession-proof and A.I. resistant, so let’s start there.
If you are young, join the military. There is simply no better way for the lower and middle class to become solidly middle class—even upper class.
I joined the Marines in 1999 with $10 in my wallet (and no bank account). I retired in 2023 with enough pension income to never work again. I also own four homes and a business. I am living the American Dream solely because I worked my butt off in the military.
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Trade schools are the new four-year college. It will be decades before robots can fix your sink, rewrite your electrical, and put a roof on your house.
Trade schools and the military are the best options for young people because they help avoid student loan debt. In fact, I am currently attending Pensacola State College, and the government is paying my tuition and giving me an additional $1,800 per month. Life is good.
Avoid student loan debt at all costs. As I sit in my American history class at PSC, I see so many young faces burdened with student loan debt.
The highest priority about going to college is avoiding student loans, even higher than getting a degree. How do you prevent acquiring student loans?
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You can start by picking a profession that will pay off in the long run. If you are not planning on being a scientist, engineer, lawyer, nurse, or doctor, reevaluate why you are in college.
You cannot leave college riddled with student loans in this recessionary environment—it will eat you alive. The new elites are those without student loans and a reasonably-priced place to live.
Stay with your parents as long as possible. Do right by them and add value to them and the household. Nobody wants to kick out a person who adds value to their lives. Plus, you’ll pay reduced rent and can attend a community college.
What if you are middle-aged and already have a job? If you are 30 or 40 with a career, how will the recession affect you? Well, you have already seen the higher prices, but most careers are at risk of being overrun by robots.
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The best thing you can do for yourself is lower your expenses, which I will cover in the next article. This is not the time to purchase a new vehicle or go on a destination vacation.
Now, should you change your career? Information is the new economy. You can monetize something you have learned or do daily. With all the talk about the internet, there is a severe lack of practical knowledge and information flowing through the economy.
For example, let’s talk about my writing business. My best-selling books discuss trading options, investing in dividends, renting rooms, and writing for passive income.
These are all things I learned four years ago. Put on your thinking caps. What can you learn today that you can share tomorrow?
Let’s say you have a full-time job as a nurse, and your partner is a cop. You can both share your path to success in these fields. There are no more mentors; mentorship is now behind a paywall.
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You can add value and create a stream of income by letting young folks know the ins and outs of your profession, but, more importantly, why they should investigate following in your footsteps.
Or you two can take an entirely different route by starting a new business and talking about that process. For example, you could start a dog-walking service.
You can document everything you did, from finding clients to adding premier services to rising rates to hiring employees.
You want someone to be able to follow in your footsteps. True wealth comes from teaching someone something new—at scale.
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Double-dipping your knowledge. Going into the recession, those who learn new skills will be the winners. Those who stay in place (or “mark time,” we call in the Marines) will be the losers.
I started trading options two years ago. I make money in the options market, but more importantly, I write about my experiences.
Now, I make passive income from my trading knowledge. The more things I learn on the options market, the more I write, and the more money I make. This is the new knowledge economy.
The average person has no idea how to make $100 consistently outside of a W-2 job. They want to learn but want the information presented by someone they trust. The average person does not want to read a book.
Therefore, you should make it a goal to learn something new that pays you money. This new skill can be creating a garden, renting a car, becoming a DJ, starting a traveling bartender gig, etc. It can be anything.
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Then, you share your experience with the world. Over time, you can give step-by-step advice and seasoned insight with a personal flair that people love.
Conclusion. Once you have an audience, you can move on to the next knowledge topic. You don’t need a big audience to be successful; even 1,000 Superfans is enough.
Let’s recap what we need to do in the recession. First, avoid student loan debt at all costs. The military and the trade school are ideal for anyone but doctors, engineers, and lawyers.
No matter what you do, learn something new that earns income. Document your daily journey, along with steps you wish you had known.
Build a small audience that follows you through the process of starting a business, learning a trade, or creating an income stream.
The knowledge economy will be something the robots cannot take away from us. There will always be a new way to make money in a capitalist society, and you want to be at the forefront. That’s how you prepare for a recession. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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