Which Jobs safest when the economy is bad

As we steadily approach the edge of the long-anticipated ‘double dip,’ the Great Recession continues its third straight year as the central topic of economic discussion in our country. It has affected, and continues to affect, everyone in the US in one way or another – whether through unemployment, defunding of state and government institutions like school and infrastructure, or the violent fluctuations of the stock market. Unemployment, in particular, has long been pinpointed by numerous economists as the number one economic problem in our midst.

Though unemployment has been wide-reaching across industries, some have clearly been hit worse than others. Certain professions, such as mail sorting and photo processing, are being phased out by emerging digital technologies rapidly rendering them, arguably, obsolete. Others businesses, such as independent record stores, are in decline because of the way their respective industries have radically become transformed – once again, thanks to digital technology.

Other jobs, however, against all odds, are on the rise. The steep rise. And while everyone knows that the tech giants are constantly hiring the best and brightest, you might be surprised to hear about a few of the others. Any interest in becoming a performance makeup artist? Now’s the time, with 40% projected job growth into 2016. Or how about dabbling in mental health counseling? There are more than societal benefits to this job, with a remarkable – though somewhat unexplainable – projected growth of 30%. So if you’re sick of your job and craving a new profession, now might be the time to head back to school and get that secondary degree in one of these 10 specializations. These jobs, according to data, have nowhere to go but up.

Some interesting jobs with good salaries:

• Mental Health Consellor $37,840
• Forensic Science Technician $48,150
• Financial Analyst $77,280
• Dental Hygienist $62,430
• Skincare Specialist $29,550
• Computer Software Engineer $87,250
• Database Administrator $67,460
• Veterenarian $89,490

And don’t even think abou becoming a lamp lighter, type setter, lector or elevator operator – these jobs are facing extinction.

For more infographic career fun, check out How To Get a Job at Apple, Facebook and Google

Five Strategies For Surviving Tough Times

When economic times turn tough, governments urge their citizens to spend. Economists think of citizens as "consumers" and rely on them to put their "disposable income" to work. By doing this they will support the economy, which translates into higher stock prices.

However, in times like early 2008, when consumers were reeling from the perfect storm of inflation, a global credit crunch, a global housing market in decline and concerns about stagflation, there is often a conflict with the governmental cry for consumers to spend. It's a bewildering scenario. What's the best course of action for a concerned consumer to take? The following five strategies provide a road map for surviving economic downturns.

1. Don't buy what you can't afford.We all want that designer sweater, leather handbag, or cute sports car, but most of us just can't afford to make the purchases. There's a simple solution to this dilemma. If you can't afford it, don't buy it. This is often the easiest point to understand, but it is one of the hardest to implement when all those goodies are staring you in the face and all your credit companies are telling you it's OK.

2. If you can't pay cash, you probably can't afford it.In our credit crazy world, amassing debt no longer carries a social stigma. Everybody has a car payment, a house payment and credit card payments. Well, remember what your mother said about everybody jumping off of a bridge? Just because "everybody" is doing it, doesn't make it a good idea. Buying something you can't afford now, especially when the economy is unsettled, can double the pain of paying later. For example, if you purchase a $450,000 home today and the market goes into a slump and devalues your home by $200,000, you will be paying the bank twice what the home has come to be worth. Just because it was easy to get the credit to buy that home, doesn't mean it was the right time for you to buy in.

3. Paying interest on anything makes somebody else rich.When you pay interest on a purchase, you are overpaying for that item for the luxury of getting to use it now. The simple act of paying interest means that the price you are paying to make the purchase is greater than the sale price of the item. You are giving away even more of your hard-earned money in order to own that item than the manufacturer thought the item was worth. For example, if you buy a car for $25,000 with a loan at 7% interest for five years, in the end, you will pay almost $30,000 for the car. Once you factor in depreciation, you're left with a very cheap car that cost you thousands more than it should have.

4. If you are in debt, stop spending money.Sometimes, such as when purchasing a home, the cost of the item is so great that you simply cannot afford to pay cash. This should be the exception rather than the rule. When it cannot be avoided, you need to close your purse and stop spending. Getting yourself further it debt doesn't help your financial situation. Making a realistic budget in this case is the key to success. Once you know how much you're actually spending on those daily trips to the grocery store and coffee shop, you'll be able to find room to cut costs realistically. (Keep reading about the benefits of budgets in Six Months To A Better Budget and The Beauty Of Budgeting.)

5. Don't count on somebody else to save you.In times of economic uncertainty, people often think the government will be able to help them, but unfortunately this is often the time when the government has the least amount of money and freedom to help its own citizens. In most cases, the government won't save you, so you'll have to save yourself.

When the economy is in a downturn, you can't just look at what you are spending, you also need to look at where the money is coming from. Your employer is facing the same difficulties you are: trying to make bill payments, balancing the flow of capital, all while sales are slowing. Just like you, your employer will be looking to reduce its costs, which could be in the form of layoffs. You could be in big trouble if you haven't planned for this possibility.

The plan here is to start saving now for that eventual rainy day, and prepare an emergency fund for yourself. If it is too late to start saving and you already need the money, many financial institutions will let you defer a payment or two if you prove you have a smart financial plan to eventually pull through. (To keep reading about emergency funds, see Build Yourself An Emergency Fund and Are You Living Too Close To The Edge?)

 Live Now Like You Face Tough TimesThese five strategies work equally well when times are good, so there is no need to wait until you are in trouble to start making smart decisions.

Your lifestyle will be characterized by things you can actually afford, such as a house that won't get repossessed, a car that might not impress the neighbors but will still get you to work and back, and long, restful nights free from financial worries. It might not be the fairytale lifestyle of the rich and famous that corporate marketers having been trying sell you, but at least you won't have to worry about how to keep up on the payments for a lifestyle you can't afford.

If you're still struggling with how to make budgeting and credit work for you, check out our Budgeting 101 and Debt Management special features.

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Bulawayo flea markets fall on hard times

One of the seasoned flea market operators Samukelisiwe Ngwenya said the tide was currently going against their type of business.
“Flea markets are no longer viable because most people are not working and they prefer to buy on credit than cash,” Ngwenya said.
“There are many cross-border traders who find it better to sell their stuff at home than flea markets due to high rentals.
“Customers that are supposed to come to the flea markets are buying from those people who sell their stuff at home because they allow their customers to take the goods on credit,” she said.
She said the rental for a single stand at $120 was expensive, considering the prevailing liquidity crunch.
“The charge itself is too high and we hardly make a profit here and this has forced many to abandon the markets.

Flea markets in the second largest city are feeling the pinch of  an underperforming economy.
The markets have for years provided alternative sources of income for many households struggling to make ends meet as industries closed throwing thousands out of jobs.
  While various mainstream businesses have been wilting under the effects of the stressed economy, the informal sector has also borne the brunt of shrinking incomes
     The customers have gone with the wind.
A survey conducted by this paper in Bulawayo shows that all is not well for the flea market operators.
A tour within the city’s popular flea markets also revealed that there are many vacant stands, a development which signified that the situation was not getting any better as people struggle day in day out to earn a living.
Affected flea markets include Fort 11, Unity Village, West Side, Indoor, Sky Top, OK Bazaar and SDA, among others.
 “Generally, money is not circulating; people do not have money out there. We incur a lot of costs, including duty and transport which makes it difficult to survive.”
Flea markets have for years been the choice for many fashion lovers as it was known for bringing latest imported clothes at relatively competitive prices in the process beating traditional retail outlets.
With the changing times it seems the clothing shops have also adopted fresh strategies like introducing zero deposits and long repayment periods from consumers who naturally depended on flea markets.
Precious Nkomazana, 43, said she was forced to reduce the number of stalls she was operating in town due to the decline in business.
“There was a time when we used to make a lot of profits from these stalls, particularly during the inclusive government’s period but to be honest things are falling apart,” Nkomazana said.
“I used to have about six stalls that I rented in town at different flea markets but now you can’t believe that I am only left with two which I am also struggling to sustain”.
Nkomazana appealed to the Bulawayo City Council to intervene and try to reduce costs that are forcing them out of business.
Theresa Chikanhi, 32, a former secretary at the Zimbabwe Cross Border Association said running a flea market nowadays was almost a luxury. “You really have to be strong these days because the conditions and the environment is way unfriendly. The rentals at the flea market are something else,” Chikanhi said.
She said most people are now relying on the second hand section popularly known as Khothama (bend down) just opposite the Tower Block in the city centre.
Unfortunately, the Khothama open air flea market is only open on weekends and public holidays making it difficult for those who survive solely on selling second hand clothes.
The Zimbabwe Chamber of the Informal Economy Association (ZCIEA) Matabeleland Region president Edward Manning said the situation was dire in the informal sector.
“Like every other sector, we are also facing hard times following the closure of companies in the city. There is no dollar power here. Money is not just circulating as it should,” said Manning.
He said it was disappointing that the Zanu PF government was concentrating on their internecine squabbles at the expense of the economy which is on a free fall.

Residents at Flea Market outside Bulawayo City Hall