ITR Economics most often provides economic forecasts that extend out two to three years. Our leading indicator methodology provides a window into the future for business leaders. We are also helping people prepare for the coming Great Depression (see Prosperity in the Age of Decline by Brian and Alan Beaulieu, Wiley Press). Preparation doesn’t just mean survival, it is the means to success.
When ITR economic speakers are on the road, we are frequently asked to give advice to the younger generations (i.e. the kids and grandkids of the business owners and managers that we typically speak in front of) to help them prepare for the projected Great Depression of the 2030s. Millennials will face a difficult economic environment in the prime of their careers. Our response is as follows:
- Live below your means. The fact that we, as a country, continue to ignore this advice and go further into debt means that individuals must be even more diligent in saving for the future.
- Learn a second language. In an increasingly interconnected global economy, being able to speak French, Spanish or Mandarin will serve you well when job opportunities in the US are limited.
- Each household should have multiple, and if possible, diverse income streams. This will enable the spread of unemployment risk, as you will likely be in a different industry than your partner.
- Choose careers oriented toward the “opportunities”. The healthcare, education, and technology fields, for example, will still have a demand for talent when many other industries are struggling.
- Pay off as much debt as possible by 2030. Minimizing debt should always be a priority, but doing so before the great depression sets in will leave you much less vulnerable during the crisis.
Young people that heed this advice will be prepared to move through these deeply troubled waters, and some will even thrive because of it. For more on the upcoming Great Depression, check out blogs from our CEO Brian Beaulieu and economist Connor Lokar, or this recording from our President Alan Beaulieu.