My Bloomberg column on Monday was headlined, “How to Invest and Profit in the Next Recession.
I discussed 4 things you should do in anticipation of whenever the next economic contraction happens to come along:
1. Clean out your portfolio
2. Pay down debt
3. Be ready to buy when stock prices plunge
4. Check and clean up your credit score
There are lots other things you can and should do (e.g., review your insurance policies; max out your 401k contributions. etc.), but I did not want to make the column too “personal finance-y.”
There was one other big thing that is worth thinking about along those lines. It might comes as a bit of a surprise, but here it is: Look for a Job.
That’s right. Smack dab in the midst of a boom, albeit one that sector/geographically specific, you should hit the interview circuit. I say this as someone whose firm is constantly hiring new people and always on the look out for fresh talent.
Note: I am not suggesting you quit your present job – but rather, imagine what you will have wished you already did 1 if you need to find a new gig in a hurry:
1. Punch up your resume;
2. Do some networking;
3. Expand your presence on LinkedIn,
4. Add some new skills,
5. Build/round out your reputation.
No joke: These preparatory items done in advance will make it that much easier if and when you start looking for reals.
But the key to planning for the future is to do things when you choose to, not when you have to.
The bonus of job hunting when it is not necessary is that you get to meet new people in your industry, and create a network of potential future employers. (Hey, remember that guy we made an offer to who didn’t take it in 2019? We can grab him now!)
You will also get a much better sense of your true market value, how competitive your space is, and what shortcomings you as a potential hire might have. Any job applicant that has cleaned these issues up in advance will have created a huge tactical advantage for themselves.
Oh, and maybe, you just might find that dream job that will intellectually challenge you, give you a bump in salary, and even a much better work environment.
What are you waiting for — a recession (and all of the related layoffs that come with) or something?
Get busy. Look for a job . . .
1. Preparation and anticipation is my version of time travel. Imagine yourself in a future situation, think about what might occur, and figure out in advance what you are going to wish you did prior to prepare for that moment.
Its something I have been kicking around for a while — one day soon I will expand on this idea . . .