Econ advice for my son...

[Bigmack]

.. He's 30...lost his job (got another that's lower-paying), married, no kids, bought a small house. He's asking me for advice about what to do to survive economically for the next 4 years. He got active enough in politics/economics during the election to know why the deficit, trade deficit, oil situation, tax policy, and all that good shit can hurt him, so he's scared.

He's looking for specifics on what to do to survive. I have a few, but any suggestions from DU'ers?

[JVS]

1. Be a plumber.

Plumbers will be in demand until civilization collapses and we no longer get the shit pumped out of our houses.

[jdots]

2. the plumbing thing is a good idea

we all should become more self reliant and have some trades that are needed when things get tuff.

[el_gato]

3. get rid of any debt he has

don't spend money on anything he doesn't need

[theboss]

4. Get a better job...

Sorry if that sounds harsh, but why is he worried about the deficit when he should be updating his resume? Where does he live? What is his education level and his experience level? What was his prior job? When did he buy the house? What is the housing market like there? Does he have any savings? Is there a community college near him? Can he afford a headhunter?

This is just a really vague question.

[raysr]

5. Run for office!

[mhr]

10. Unemployed 53 Months Here - Get A Better Job - You Must Be On Dope!

Over 2,500 resumes out the door.
15+ years of professional work experience.
BSEE
MBA
Commercial Pilot
Honorably discharged Naval Officer.

Ger a better job - Where?

[wakemeupwhenitsover]

6. make sure his mortage is fixed, not adjustable

n/t

[Protagoras]

7. Yep basic trade skills...and move to Europe

The EU is going to go like gangbusters when our economy crashes. Have a basic skill and take it abroad and he'll be better off than all of us sitting here.

Avoid the tech sector...short term pay off is ever giving way to long term automation. But no robot is gonna fix that leaky toilet.

[buckettgirl]

8. Is he college educated???

Either way, while he still can, He can go back to school...
I'd tell him to get into health care! There will ALWAYS be sick and injured people. He could be a nurse, an x-ray tech, paramedic, whatever. Healthcare does offer some security. But if he isn't a people person, I don't know what he could do then... :(
it sure is messed up, ain't it.

[TrogL]

9. Keep the house

Cut expenses to the bone. You don't need:

• cell phone
  
• Starbucks coffee
  
• fancy car (or any car at all if there's proper busses)
  
• cable TV
  
• anything more than basic telephone
  
• takeout food
  
• organic food
  
• bottled water
  

I know, I should talk.

[taught_me_patience]

11. he should

1) save enough money to have 2 months float in case of another lay-off.
2) do not pay off debt if his interest is low and fixed.
3) cut unnecessary expenses.
4) if his wife isn't working, encourage her to work.
5) look for a new job while he's at this "temporary" lower paying one... there are good paying jobs out there.
6) don't have any kids until economic situation is settled.
7) possibly sell the house and start renting again until his economic situation is settled (if not make sure he has a 30yr fixed loan).

taught.

[newyawker99]

12. Hi taught_me_patience!!

Welcome to DU!! :toast:

[patdem]

13. Well, if he is 'deliberatly childless' he may need to leave his wife???

the new xian values....one cannot be married and 'deliberately childless'..a sin against?? oh, I don't know................. FUCKING RETARDS!!!