As we continue to watch both from the sidelines and the interior of the Coronavirus tragedy, there exist lessons learned and lessons yet to be learned. Mistakes made past and present. But in looking at history and researching the aftermath of past global tragedies there is evidence of subsequent innovations along with lucky breaks that surpass the imagination.
From the perspective of a person who for 20+ years has managed people’s financial lives, there have been hundreds upon hundreds of conversations with hard-working, real people in both prosperous and difficult times. A large proportion of these conversations are around the topics of:
- income stability of various jobs
- businesses and industries that carry more and less risk
- among other things.
Here are a few findings from recent conversations related to the abrupt shut-down of businesses, along with details of the possible brighter side for various industries and jobs amidst a coming global economic slowdown (as told by friends and clients).
Logistics. Here is the quote,
- “…while the first responders and many of the service industry are the true heroes, let’s not forget the warehouse workers and truck drivers of America that keep all of the essential food and consumables in our homes and on our tables… Without these, our lives and the world as we know it today comes to an end!”
- Note: Logistics may be an under-rated career – perhaps never as valuable as today. And certainly, fairly recession-proof. Plus, pay for certain jobs in this space reflects the high value of skills and experience required.
- Goes hand-in-hand with logistics. Ever been to the warehouse of a major distribution center?? Hint: they are typically 1 million square feet. Requiring specific skill sets. Not Mom-and-Pop operations. Indispensable.
- Goes hand-in-hand with Logistics and Warehouse Management. Trucking is not small-scale. Certainly, a successful trucking business can start small, but the successful ones grow and grow leading to indispensable businesses transporting fresh produce and other foods all over huge regions. Hired personnel often work as contractors, adding to flexibility to scale up and down depending on economic environment. Owners of trucking businesses are scaling UP as we speak and have been for weeks.
- Out of sensitivity for the above-and-beyond going on currently in the healthcare space, all that needs to be said is that Doctors, Skilled Nurses, Nurse managers, medical technicians and related professionals (including procurement managers) are simply indispensable to the world – in good economic times and challenges like today.
Ingenuity will be a result of the grit currently required of all affected by the current coronavius crisis. And in recent conversations with professionals in these highlighted areas, ingenuity will lead to expansion of certain job and service areas. Stay tuned.
Please also stay safe, healthy, and cautious.
P.S. See next week’s edition for all those stuck at home with spouses: “Warm-Up for Retirement”.