Are you looking for a recession-proof job? Check out these careers for some money-making ideas that are most likely to withstand a recession.
- Certified Public Accountant (CPA)
If one thing remains the same throughout any economy, including recessions and depressions, it’s the legal requirement to pay taxes. Everyone is required to pay income tax on their earnings regardless of the state of the economy. This alone means CPAs will earn money in a recession.
Although recessions and depressions hit economies hard, there are always people who thrive during hard times. Those people will need financial services that include some of the tasks CPAs perform:
- Tax advice
- Tax preparation
- Tax planning
- Audit services
- Financial management and consulting
- Forensic accounting or fraud auditing
- Managing payroll
- Long-term financial planning
- And more
For businesses that survive down economies, financial services will still be needed. Although taxes are volatile during a recession, as long as income is being generated, businesses will need to manage their books and pay taxes.
- General management
You may not think of general management as a major skill, but good managers are hard to find. Managing a team of people, whether it’s two people or two hundred people, requires strong skills. Any business surviving in a down economy will need a strong general manager to run the show.
If you have existing management training and/or experience, it’s worth honing those skills. If the economy moves into a recession or depression, which many experts predict, you’ll have the skills and experience to get leadership jobs that are off-limits to the average worker.
- Farming or food production
Growing food during a recession is the ultimate gig. Everyone needs to eat and if anyone has any money, they’re going to spend it on food first.
While there are government regulations that govern how people can sell food and food products, in a true emergency it won’t matter. That doesn’t mean you should ignore any laws regarding food production. However, in an emergency situation, if your neighbor needs food, you can teach them how to grow a garden and sell them some of your produce in the meantime.
Most people don’t think about growing their own food until it’s too late and their cupboards and bank accounts are empty. If you start learning how to grow food and make storable meals, you’ll be an asset to your community if the economy does go downhill. Even if people can’t pay you with money, you can barter for goods or services.
- A medical professional
People will need medical care in a recession or depression. Most jobs in the medical field will remain necessary, although there will probably be layoffs to eliminate excess positions.
If you pursue a career in the medical field right now, you’ll need to generate some experience before an employer will consider keeping you over others. However, if you have the right attitude and are an asset to the team in other ways, your inexperience may not be the deciding factor if cuts are needed.
Some of the most protected jobs in the medical industry include:
- Nursing in general, but especially in nursing homes and assisted living facilities
- Alternative medicine
- Naturopathic medicine
- Functional medicine
- Traditional Chinese Medicine (TCM)
Specialized care of any kind will also be needed. For example, adult daycare centers, in-home caregiving services, wound care, and lab testing are all medical needs that won’t disappear in a recession.
- Law enforcement or security
During a recession or depression, law enforcement will be needed. Unfortunately, many people resort to stealing and destroying property during hard times. Police will be needed and so will private security.
Those who have enough money and assets saved to get through a recession will have the funds to hire private security. This might include businesses and individuals.
If law enforcement isn’t your thing, consider a career in security. With training and experience as a security guard or even a bouncer, you might land some small gigs within your community during hard times. It may not be an official position, but if things get really bad you can trade your services with someone else who has what you need.
Full protection isn’t guaranteed, but these careers come close
While there are no guarantees, the best way to protect your income is to work in a field that people need in any economy. Anything else will be considered a luxury.