4 ms·

Have multiple streams of income. Know a "trade" you can do with your hands - string rackets if you have to. Sadly I've neglected this part for a while.

brutus1213 9y ago
Do you have suggestions for good trades for tech people? Software is pretty different than other things. I'm decent at sw. Not sure what trade I'd have a chance at and that would be recession proof.
- googletazer 9y ago
  Installing/configuring security systems is a thought I had a long time ago. Seems like a intersection of working with your hands + setting up technology, and I suppose the need for security goes up in uncertain times.
  - tapatio 9y ago
    Actually, the first thing to go on a budget during a recession is security. The last things to go? Maintaining plumbing and electrical.
    - googletazer 9y ago
      Never thought about that way! By security I do mean camera systems and physical security mostly.
      - tapatio 9y ago
        Yup, I had buddies that had camera system companies. The last recession wiped them out. I'm unsure about physical security companies.
- aaavl2821 9y ago
  In California if you are a plumber, roofer, HVAC, electrician etc you can make six figures. If you own a small contracting business in one of the above fields you can clear $400K a year, tax free, for like 6 months of work. The real estate boom in CA combined with a shortage of skilled blue collar labor means that if you have these skills you literally have a 2-6 month waitlist for your work I know some people who grew up in very low income situations, in and out of jail, but took an HVAC or plumbing course and are now making $150-200K at age 25-30 Of course this is definitely not recession proof but I was super surprised to learn this
  - JoeAltmaier 9y ago
    Definitely not recession-proof. Would suspect a very high recession correlation due to drop in housing starts, deferral of maintenance on existing homes in hard times. So maybe not the recession occupation of choice?
  - dver 9y ago
    With the North Bay fires toss in several billion dollars of insurance money as well. It's going to be a construction Gold Rush up there. As far as later in life activity we just utilized a local older guy who does minor home renovations work to keep busy. $80/hr, could charge more, turns down work all day long.
    - brutus1213 9y ago
      https://www.ecao.org/become-an-electrician https://www.ecao.org/become-an-electrician According to this website, in Ontario, Canada, it seems becoming a licensed electrician requires five years of apprenticeship. Talk about a barrier!! I think other trades are similar :(
  - mywittyname 9y ago
    Trades are the opposite of recession proof. If anything, they are the canaries in the coal mines. When people/businesses/governments are flush with cash, they go on building sprees. Nevermind the cost because income growth has been crazy the past few years and will obviously continue. Of course, reality sets in and people/business/government's incomes stop their crazy growth (or even go down), and they start cancelling projects. Slowly that six month waiting list goes to three, then one, then you're cold calling everyone you've quoted in the past year, offering discounts just to get your guys some work. Your guys got use to all that OT pay and they have $50k truck notes due next week. They are desperate. A solid indicator of an imminent recession is cold-calls from tradesman you got quotes from six+ months ago.

brutus1213 9y ago

Do you have suggestions for good trades for tech people? Software is pretty different than other things. I'm decent at sw. Not sure what trade I'd have a chance at and that would be recession proof.

googletazer 9y ago
Installing/configuring security systems is a thought I had a long time ago. Seems like a intersection of working with your hands + setting up technology, and I suppose the need for security goes up in uncertain times.
- tapatio 9y ago
  Actually, the first thing to go on a budget during a recession is security. The last things to go? Maintaining plumbing and electrical.
  - googletazer 9y ago
    Never thought about that way! By security I do mean camera systems and physical security mostly.
    - tapatio 9y ago
      Yup, I had buddies that had camera system companies. The last recession wiped them out. I'm unsure about physical security companies.
aaavl2821 9y ago
In California if you are a plumber, roofer, HVAC, electrician etc you can make six figures. If you own a small contracting business in one of the above fields you can clear $400K a year, tax free, for like 6 months of work. The real estate boom in CA combined with a shortage of skilled blue collar labor means that if you have these skills you literally have a 2-6 month waitlist for your work I know some people who grew up in very low income situations, in and out of jail, but took an HVAC or plumbing course and are now making $150-200K at age 25-30 Of course this is definitely not recession proof but I was super surprised to learn this
- JoeAltmaier 9y ago
  Definitely not recession-proof. Would suspect a very high recession correlation due to drop in housing starts, deferral of maintenance on existing homes in hard times. So maybe not the recession occupation of choice?
- dver 9y ago
  With the North Bay fires toss in several billion dollars of insurance money as well. It's going to be a construction Gold Rush up there. As far as later in life activity we just utilized a local older guy who does minor home renovations work to keep busy. $80/hr, could charge more, turns down work all day long.
  - brutus1213 9y ago
    https://www.ecao.org/become-an-electrician https://www.ecao.org/become-an-electrician According to this website, in Ontario, Canada, it seems becoming a licensed electrician requires five years of apprenticeship. Talk about a barrier!! I think other trades are similar :(
- mywittyname 9y ago
  Trades are the opposite of recession proof. If anything, they are the canaries in the coal mines. When people/businesses/governments are flush with cash, they go on building sprees. Nevermind the cost because income growth has been crazy the past few years and will obviously continue. Of course, reality sets in and people/business/government's incomes stop their crazy growth (or even go down), and they start cancelling projects. Slowly that six month waiting list goes to three, then one, then you're cold calling everyone you've quoted in the past year, offering discounts just to get your guys some work. Your guys got use to all that OT pay and they have $50k truck notes due next week. They are desperate. A solid indicator of an imminent recession is cold-calls from tradesman you got quotes from six+ months ago.