Tradeoffs: Beware What You Wish For
6 months ago, we were all griping about the high prices of gas and how that was causing inflation. Now we are griping about everything else. However, 6 months ago at least we had more jobs. Every time you pick up the paper now or turn on the news you hear about someone laying off employees or another firm going bankrupt. Its sad that we are actually missing the days of months past where we had no pocket money but at least there were more jobs. So what is a person to do?
Is school the answer? Many people are taking this opportunity to go back to school hoping that by the time they graduate the market will be better. However, things haven’t been great for awhile so there are already plenty of people back in college now for an additional degree who are now graduating. If you want to get an MBA and have been thinking about it for awhile, I am not trying to talk you out of it, but going back to school is not a sure answer to finding a job, it just postpones the search.
Should I start my own business? The first thing to consider is whether you have capital. You may not have heard but there is a credit crunch and getting financing is difficult. Many new businesses take a couple of years before they make enough money for the owners to live off. To start a new business, you should have other sources of income for the first two to three years.
I can’t give a definite answer, I can only tell what I see and know, which is this: yes, things are bad now but they will get better. It probably won’t be this year and maybe not next year but it will get better. For now, just do what you can to reduce your cash outflow and expenses in order to survive.
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