Some industries in America are considered recession-proof industries by economists. The goods and services produced by their recession-proof industries have a stable demand and business involving them remain relatively stable, even despite the fall in income that occurs during an economic recession. These industries mostly produce soft goods which are necessities. Recession-proof industries are in contract to those industries that produce high-priced and luxury goods such as automobiles and jewelery.
Corporations that are associated with recession-proof industries have included Kraft, Procter & Gamble, and Gillette. The reason these types of companies are called recession-proof is because they produce and sell goods and services that consumers use on a regular basis, regardless of their economic status or income level. People need to wear clothes, have shelter, feed themselves, and take care of their health. Anything that is an everyday necessity has a promise to link to a recession-proof company.
Some of those industries are medical services and health care, pharmaceutical companies, education and entertainment, home and vehicle repair and maintenance, debt collection, tax preparation and CPAs, life coaching and counseling, energy (electric, oil, and gas), security and alarm services, the weapons industry and self protection, tobacco liquor gambling drugs and pornography, insurances, emergency services (police, fire, paramedic), auctions and selling, and air conditioning and heating.
Even if you feel you have a stable job close to or even within one of these fields, the best financial (and investment) advise is to deversify. Meaning, having multiple streams of income. It is always a good idea to create a stream of income in an additional niche market than you are already involved in now. If you have a skill or experience that you can monetize, now is the best time to do so. This brings added money to you so you can create an emergency cash fund and as the economy starts to improve, you’ll come out ahead of the rest.
How do you plan on thriving during the recession? What’s your “Plan”? Find out what you can do today to begin to save money and even make extra money! Receive a free report on 20 ways to improve your gas mileage at the same time!
By Shawn Rill