Albuquerque, NM

In earlier recessions, older workers were often bought out. If you can garnish any stable income, do it now before the option runs out. My father was “bought out”. He found it was less expensive at that time to not work. Less $$ on clothing, food, transportation. Less stress. For awhile he did real estate, and was doing quite well. He quite because he did not like the taxes he had to pay. He did have a pension and savings which many workers don’t have now. He also spent about one decade more gardening which supplemented his food budget.

Today: If you had some stable income, then you have a part time adventure, preferably doing something you love. One school teacher I knew built a craft business. It actually earned more than her full time income. Some people could tutor. Consult. Perhaps you could actually do a job you yearned to do: government work, a flower shop, landscaping, writing…you make the list and create multiple strategies.

In Japan elders step down to create new openings for the next generation. Many still have to work, and retool their skills elsewhere.

Restructure lifestyle.

I have chosen to live a somewhat simpler life (a complicated story). When I went to art school (in my 30’s)I realized that I may never be able to retire. Later I thought if I worked really hard at a new career, that I would create my retirement fast, nada. Along the way I’ve discovered that i can do a lot of different things. I have multiple projects where most depend on my creating jobs. This has gown into a purposeful strategy. If one job fails, I can create another. My Part time regular job is working at a health food store. Not big bucks. However, it is in the food industry, in a hot market, and dramactically reduces my food bill.

Re-structuring your lifestyle can be easier than you think. Buy a used car next time you need a car. Pay it off quickly. Save $200-$400 a month. Travel less. Reduce daily travel. Shop localy, or on-line. Buy used clothing. Learn new job skills. Work from home? Work close to home. Rent a spare room, or remodel and create a small apartment to rent. Buy a rental property. Start a community garden. Buy less expensive clothing. Stop buying gadgets. What is really important to you? Sell old stuff. Reduce debt. Cut the grocery budget. Buy less junk food, beer, soda, etc.

If you were to do half of these ideas, you could shave $10,000 or more a year, and even perhaps create new incomes. If you are paying on your house, an extra $10,000 could reduce your mortgage fast. If you added a rental income from your present house of $6000 a year, you could also pay off the house sooner or build a retirement income faster.

Perhaps those savings would mean you could work a job nearby, or start a business and be your own boss, or even work less. YOU HAVE MANY CHOICES!!!

Identify industries that won’t completely fail.

Research recession proof industries and tactics. There are a lot of old books from the 80’s that address these topics. Governemnt jobs also include benefits. Schools. Day care, and now elder care. Health related jobs. Food industry. Transportation. Now add green jobs. Internet jobs.

In the early 80’s I left a state job (which was going to be eliminated) to go to advertising sales. If I could sell something, I could always be employed. Then I grew tired of that. Computers were becoming the hot thing. I knew nothing about computers. So I sold computers where I had a very fast education process. My heart yearned to do art. I worked as a housing coordinator at the college I went to. (First I worked in the library work study, next as an administrative assistant, then Housing Coordinator). I never would have imagined that I could do any of those jobs. Please Note that I had tuition rembursement when I was was a full time college employee. Find something that could be your fall back, if you need to get a job. Educate yourself in advance, one course at a time.
Thus you will be prepared and ready as needed.

Study history.
There have been lots of busts and booms throughout our history. THese bad times are great times to create new businesses, re-build old towns, seek new industries. Settle open lands, grow food, work together with communities to help one another. Prepare yourself and thinking. Also stock up the pantry with essentials. You may have to cook more, and you can plan so that you’ll seldom go hungry. Add to your local food pantry for the poor too. grow some of your own food. Buy a freezer and stock up. Buy from local farmers.
Education.
Above I talked about education some. When I went back to school in the eighties, there were several books about how to afford schools. The easiest way is to take one course at a time. Especially at community colleges. Also you might teach one course at a time. As the world changes we need to learn more new skills. A terrific book that gives great strategies for change is “What Color Is My Parachute?” It’s updated continually. It actually shows how to change occupations without more school. It also opens the mind to how to approach work and what you WANT to do. This book frequently appears in thrift stores. You can pick it up for as low as 50 cents.

Can’t afford school? Go to thrift stores and buy books cheap and teach yourself. Or create a reading group to do the same.

Teach others. Education can be a lucrative business. If you have skills to share, then workshops, classes, newletters, magazines, books are all ways to make $$$. Need a part time job? The local high school may hire you to teach a continuing ed course, ditto colleges. Or in the local paper list a class and find a space where you can teach it. Go online and learn all the ways people are teaching and offering classes. Copy and earn money. If you are good at this you could replace your job by helping others.