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bury-me-in-books t1_jeearre wrote

So a recession is kind of a general condition of the bigger, national economy, but it doesn't always affect every industry or job. The rate of unemployment goes up, people get laid off as companies try to save themselves costs, and as a result of people being unemployed, they try to cut back their own spending, or need to take government assistance. Usually the government should try to increase spending on aid programs in these times, and will also do things like raise the base interest rate they charge on lending to decrease the amount of people taking out loans. Then, when the economy responds and moves back out of a recession, companies who had laid off employees will often hire on more people, people get jobs again so they spend their money again, and the government will have less people needing its aid, so hopefully it would keep taxes the same or increase them slightly to recover the financial losses it took to keep people cared for and prevent a repeat of the dirty thirties.

Recessions don't matter.

Well, unless you live somewhere like I do, where your provincial economy is way too centered on one resource. When OPEC puts their oil prices down, lots of the people here get laid off and it causes a big jump in unemployment because our oil industry is the biggest thing and it's very volatile with market changes.

I really like the YouTube channel Two Cents for basic explanations of most financial stuff. They're American, so depending where you live, they might be a little different from your country, but most of the general info and concepts are the same, and they make it make sense.

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Theperson3976 t1_jeeb0na wrote

You explained this so well. Thank you. So I suppose the TLDR is to focus on incomes that are recession proof.

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bury-me-in-books t1_jeebzyc wrote

I wouldn't worry too much about recessions, because the jobs that are recession vulnerable also tend to pay more. I would think more about what you are interested in, and weigh it against what it might pay you and how long you can do the job physically, as well as what education requirements the job has. For example, lawyer jobs can pay really well, but you have to go to school for so long that the debt from that might outweigh the benefit. Construction jobs also pay super well, and they need minimal to no education, but they might only be able to be done some of the year, which means in that time, you'd have to work 16 hour days, sometimes, and then for a few months you'll be unemployed or job searching again, and you can only do that type of job until a certain age, at which point your body will be too sore for you to keep doing the job.

Ate you going into college or university, or are you working and thinking of searching for a career?

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