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bury-me-in-books t1_jeearre wrote

So a recession is kind of a general condition of the bigger, national economy, but it doesn't always affect every industry or job. The rate of unemployment goes up, people get laid off as companies try to save themselves costs, and as a result of people being unemployed, they try to cut back their own spending, or need to take government assistance. Usually the government should try to increase spending on aid programs in these times, and will also do things like raise the base interest rate they charge on lending to decrease the amount of people taking out loans. Then, when the economy responds and moves back out of a recession, companies who had laid off employees will often hire on more people, people get jobs again so they spend their money again, and the government will have less people needing its aid, so hopefully it would keep taxes the same or increase them slightly to recover the financial losses it took to keep people cared for and prevent a repeat of the dirty thirties.

Recessions don't matter.

Well, unless you live somewhere like I do, where your provincial economy is way too centered on one resource. When OPEC puts their oil prices down, lots of the people here get laid off and it causes a big jump in unemployment because our oil industry is the biggest thing and it's very volatile with market changes.

I really like the YouTube channel Two Cents for basic explanations of most financial stuff. They're American, so depending where you live, they might be a little different from your country, but most of the general info and concepts are the same, and they make it make sense.

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Theperson3976 t1_jeeb0na wrote

You explained this so well. Thank you. So I suppose the TLDR is to focus on incomes that are recession proof.

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bury-me-in-books t1_jeebzyc wrote

I wouldn't worry too much about recessions, because the jobs that are recession vulnerable also tend to pay more. I would think more about what you are interested in, and weigh it against what it might pay you and how long you can do the job physically, as well as what education requirements the job has. For example, lawyer jobs can pay really well, but you have to go to school for so long that the debt from that might outweigh the benefit. Construction jobs also pay super well, and they need minimal to no education, but they might only be able to be done some of the year, which means in that time, you'd have to work 16 hour days, sometimes, and then for a few months you'll be unemployed or job searching again, and you can only do that type of job until a certain age, at which point your body will be too sore for you to keep doing the job.

Ate you going into college or university, or are you working and thinking of searching for a career?

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ElementPlanet t1_jeea6vt wrote

This submission has been removed because it does not meet the subreddit submission guidelines (rule 1). Other subreddits are better equipped to address these topics:

  • /r/AskEconomics is good for questions related to economics or economic analysis.
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alexm2816 t1_jeea7cf wrote

Economics is a field that spans so far and so wide that no person can explain it in a reddit post. How we deal with scarcity (everything is scarce to some extent) is fascinating and has far more to do with our own value systems on a personal basis than anything to do with macro/micro economics.

The next recession will occur in the future. And then another one will happen. And another. On average recessions are likely every 7 years give or take and we're overdue. All the while things will likely trend up and like a boat in the ocean there's not much benefit to fighting it.

Read the wiki. Understand 80% of the 'what' by understanding the prime directive. Come back with actual focused questions that you haven't found an answer to as opposed to blanket statements asking for

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Theperson3976 t1_jeeagr8 wrote

I don’t know what specific questions to ask because I’m not sure what the focal points of economics are. I want to learn what points matter more than others and how I can use it for self improvement in regards to future planning.

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alexm2816 t1_jeeawz9 wrote

If you read the wiki and review the sidebar information to give yourself a baseline you can then ask questions. If you want to study economics go study economics. Khan academy/youtube have plenty of videos.

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Theperson3976 t1_jeeb3o2 wrote

I thought Khan was just for math oh my goodness. Thank you lots. I didn’t know they had other subjects.

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bury-me-in-books t1_jeeb3ba wrote

Hey, I know the post got taken down, but I recommend the YouTube channel Two Cents for basic explanations of most financial ideas and stuff.

If you want some ideas about budgeting and how to save some money, I would recommend the channel The Financial Diet for ideas on how to set up a budget and plan for your future financially.

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Theperson3976 t1_jeeba8u wrote

Ok. I will for sure binge those tomorrow. I think that will help me alot. I am a visual learner so I will try to also see if they have social media sites or blogs that provide diagrams. I’m sure they do I mean they have to.

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bury-me-in-books t1_jeec6ka wrote

I know tfd has a website but I'm not sure what is really like, and I haven't even checked if two Cents has one, but it's worth a look.

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