The Economy is BAD, what you should do in these times?

by Nathan Nguyen   March 09,2003

The US economy is definitely in bad shape.  The states are running huge deficits.  We are about to go to war and yet people haven't asked, "Where is the money coming from."  Once interest rates rise, the housing market will shrink much as it did with the stock market (although not as much). 

Tons of MBAs are out of work and there seems to be a desperation in those who are unemployed.   People who have jobs are finding themselves insecure about the future.  Here are things you should do to prepare yourself once you are in college and once you are out of college.

If you are going to college in your hometown, live at home with your parents.  Free food and rent are just some things you will save if you live with your folks.  It could mean that you will save about 10 to 20 dollars off your bill once you get out.  Ask yourself how long it will take to pay off that money even if you get a $40k/year job?

While in school, keep focused about your education and on your career objectives.  Try to keep your options open by exploring graduate or professional school options.  You don't want to graduate to a economy where no one is hiring.  If you are graduating and are going to look for work, ask everyone you know about possible job openings.   My experience is that a lot of the jobs that I have had have been through referrals and are not listed on the internet or newspapers.  Keep an open ear and be creative in your job hunt.  There is a lot of competition out there.

People have always been saying that the baby boomers are retiring.   Guess again!   A lot of people lost their retirement savings in the last stock market crash.  Productivity is on the rise as more and more have advanced school degrees.  My general experience is that it is going to be harder for the youths of America to buy homes and to fund their retirements as time goes by.  It will get better as the economy and its people start to reconsider their positions in life.  There will always be money to be made, but it will take a lot of creativity, persistence and ingenuity of its people.