I’m happy(?) to report that the state of the economy has meant very little to me in the past. I still do not fully have a grasp on the impact of a recession. Having an undergraduate degree in liberal arts, I was happy to avoid economics classes. Sure, I’ve heard the news all these years about recessions. But, aren’t they always saying that?
Now that I’m in the working world the impact of economic downturn has become more clear. The way I see it, it is affecting me in 4 ways.
- Investments - I was a little surprised to find my 403(b) account was below the amount of money I put in. I like to make money on investments. I don’t mind my money sitting still. But, I’m not so thrilled about losing money. Apparently, my first venture into investing came at a poor time.
- Job Security – Recession means people get laid off. I currently have a cushy non-profit job (with steady funding). This means my job is relatively safe in comparison to people in the corporate world. It’s especially good that I don’t work in any fields related to housing/mortgages.
- Money - A recession isn’t going to change the way I spend money. However, the government thinks it will and they’re going to give me some money. I’m not sure this is a good economic plan, but hey I could always use an extra $600.
- Recruitment - Everyone else is getting laid off. It’s unfortunate. On the one hand the amount of applicants I see will go up. On the other hand, I’ll be receiving more resumes from unqualified people. I’m not sure if this is good or bad yet.
I wonder what other Millennials think of the recession. Are they as concerned as the Baby Boomer’s? Probably not. I think many will end up like me and not curb their regular habits unless they find themselves unemployed. Millennials are just a different breed.
