We came out of the 2008 recession in 2010. One of the markers was the bull market that began in March 2009.
The 2008 recession was not a normal recession.
We went through what is known as a secular recession. It marked permanent shifts in our economy that alter supply and demand in very fundamental ways.
Mothballed Jobs
With the 2008 recession, jobs weren’t simply mothballed, only to be called back once things picked up. Many jobs were permanently eradicated.
Jobs, and whole sectors, were made obsolete.
This was especially true for Manufacturing sectors.
Bull Markets or Bear Markets
It took awhile for the markets to course correct, but they started to in March 2009. That particular bull market lasted until February 2020.
It was the longest bull market we’ve ever had.
Resilience In Times of Economic Loss
There may not be more urgent goals for almost anyone than the following 2 things:
Career Investment
Keeping your skills current. Not assuming that because you are wanted in your workplace today that it will continue indefinitely. Take a look at the recent college hires (if there are any) in your workplace. What are they bringing that you don’t have? Going to school isn’t just for your kids, it’s for you too if you want to keep relevant.
Technology is everyone and no one’s friend. Make sure you are on the right side of that equation.
Retirement Readiness
Save as much you possibly can. There’s no taking out a loan for retirement. You must plan on living longer than you think you will. You must also plan on unexpected costs in retirement.
A worst case scenario = You are unable to work and have to retire before you are ready.
You are unable to work either because your skills are obsolete or because your health won’t allow you to.
Not everyone likes the trade-offs required of them today to invest in their career and their retirement readiness.
But, they should envision their older self and which older self they prefer: The one who still has options available or the one who is living a marginal life as a result of not making those tradeoffs during their working years?
Next Step
Ready to take the next step and work with a fee-only CFP? Reach out to schedule a Discovery Meeting to learn more.