With the American economy completely ruined with tens of millions of jobs wiped out, my analysis shows that it will take a long time before jobs return. Past recessions show that it can easily take a several years before a full recovery is achieved. In the process, some jobs are eliminated forever, while others change. Plus, some people are never able to find jobs again because they were out of work for too long or their skills became obsolete. In other cases, companies are able to find cheaper/younger workers and get rid of their older workers.
That is my story too. After September 11 attacks, while it took some time since I was in the middle of working on long-term projects, I was eventually laid off. I looked for jobs but for reasons stated above, they preferred someone who was a lot cheaper than me. It so turned out that my wife was making money running websites. This was still the early days of the Internet and not knowing what the result would be, I too started to launch and run a few websites, and to our pleasant surprise, they were successful. Within about two years, we were able to bring our income back to the level of my corporate job. It was great since we worked from home and had no bosses.
This lasted until 2012 when Google changed it algorithms and drove publishers crazy. It completely destroyed our business. Thankfully, I was able to get back to consulting. There were a few tough years but I was able to yet again rebuild our income. 2020 appears to be a difficult year due to the Coronavirus pandemic-induced depression and I am afraid that companies will not be spending money on consultants, but as more and more executives have been forced to work remotely, it will indicate to corporations that they really do not need everyone in their offices, and can easily get rid of these workers and rely more on contractors and freelancers. So, this is good news for gig economy and self employed workers like me who abhor the idea of going to an office and are well positioned to work remotely. I will patiently wait for the US economy to pick up in 2022 and I encourage you to also explore if you want to be inspired by my story and start looking at becoming a freelancer.
That is my story too. After September 11 attacks, while it took some time since I was in the middle of working on long-term projects, I was eventually laid off. I looked for jobs but for reasons stated above, they preferred someone who was a lot cheaper than me. It so turned out that my wife was making money running websites. This was still the early days of the Internet and not knowing what the result would be, I too started to launch and run a few websites, and to our pleasant surprise, they were successful. Within about two years, we were able to bring our income back to the level of my corporate job. It was great since we worked from home and had no bosses.
This lasted until 2012 when Google changed it algorithms and drove publishers crazy. It completely destroyed our business. Thankfully, I was able to get back to consulting. There were a few tough years but I was able to yet again rebuild our income. 2020 appears to be a difficult year due to the Coronavirus pandemic-induced depression and I am afraid that companies will not be spending money on consultants, but as more and more executives have been forced to work remotely, it will indicate to corporations that they really do not need everyone in their offices, and can easily get rid of these workers and rely more on contractors and freelancers. So, this is good news for gig economy and self employed workers like me who abhor the idea of going to an office and are well positioned to work remotely. I will patiently wait for the US economy to pick up in 2022 and I encourage you to also explore if you want to be inspired by my story and start looking at becoming a freelancer.