A reader suggested that we buy locally to create local jobs. He calculated that 200 people spending $20 a week would create 1 job at $12 per hour. I don't know if it would work, but it shows the kind of creative, out of the box thinking that is needed to move this economy forward.
As I mentioned in The Freelance Economy, the best way to create a job is to make one for yourself. Nearly 80% of Americans agree that entrepreneurs are more important to job growth than big business, scientists, and government. Between 1980 and 2005, start-ups (less than five years old) created all net new job growth.
A recession is a good time to start a business. More than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market. Similarly, nearly half of the fastest-growing companies on the 2008 Inc. list were started during down times. (Source: The Kaufman Institute)
What It Means to You
The best hedge during turbulent times is a well-diversified portfolio. This applies to your source of income, as well. Things are changing so fast, it is difficult to tell what will be successful. Therefore, try several approaches and see what works the best. Perhaps one of them could be a hobby you love that will also make money.
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Comments
I agree. The government has lost all control of give and take with countries that can produce cheap products because of cheap labor, but we all as Americans have choosen to give up producing products in order to buy on the cheap. Sure we all want a good deal, but look at the prcie we have paid now. Was it worth it. I think not. I say raise import taxs on all goods, use it to retrain and reschool those with no job and no hope of one. Bring back made in America.